Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
thegente

Holder Laid the Groundwork for “Too Big to Jail” In 1999

Recommended Posts

 
 
CLICK ON LINK TO SEE RELATED LINKS EMBEDDED IN ORIGINAL ARTICLE
 
Holder Laid the Groundwork for “Too Big to Jail” In 1999
 
 
 
Submitted by George Washington on 06/03/2013 17:34 -0400
 
 
 
Everyone knows that Eric Holder – the head of the Department of Not-Much Justice – has said that the big banks are too big to jail.  
 
 
 
And many people know that – prior to becoming the Attorney General – Holder was a partner at a big firm which did some despicable things to represent the big banks and MERS.
 
But Holder’s see-no-evil act actually started more than a decade ago.
 
Specifically, in 1999, as Deputy Attorney General, Holder wrote a memo arguing against prosecuting large financial service companies:
 
Prosecutors may consider the collateral consequences of a corporate criminal conviction in determining whether to charge the corporation with a criminal offense.
 
***
 
One of the factors in determining whether to charge a natural person or a corporation is whether the likely punishment is appropriate given the nature and seriousness of the crime. In the corporate context, prosecutors may take into account the possibly substantial consequences to a corporation’s officers, directors, employees, and shareholders, many of whom may, depending on the size and nature (e.g., publicly vs. closely held) of the corporation and their role in its operations, have played no role in the criminal conduct, have been completely unaware of it, or have been wholly unable to prevent it. Further, prosecutors should also be aware of non-penal sanctions that may accompany a criminal charges, such as potential suspension or debarment from eligibility for government contracts or federal funded programs such as health care. Whether or not such non-penal sanctions are appropriate or required in a particular case is the responsibility of the relevant agency, a decision that will be made based on the applicable statutes, regulations, and policies.
 
Virtually every conviction of a corporation, like virtually every conviction of an individual, will have an impact on innocent third parties ….
Matt Taibbi points out that – when the Department of Justice subsequently prosecuted accounting giant Arthur Andersen for covering up Enron’s fraudulent schemes – Anderson ran with Holder’s argument, and threatened the DOJ “using their employees as human shields”.
 
Specifically, Andersen said that – unless the DOJ dropped the prosecution – innocent Andersen employees would lose their jobs.
 
Andersen was prosecuted and convicted, and some innocent employees – as well as the big time fraudsters – lost their jobs.  Since then, the Justice Department has gotten so gun-shy that we basically haven’t had any criminal indictments against a large financial services company since then.
 
In the wake of the recent revelations that the big banks manipulate virtually every market in the world, and that HSBC blatantly laundered drug cartel money, Holder has said that we can’t indict big companies because that might harm the U.S. or world economy.
 
And Matt Taibbi notes that – for the first time -  Holder is now saying that not only can’t we indict the companies, but we can’t even indict any of the individual criminals at the companies.  In other words, Holder is implementing a permanent shield for employees and executives at large institutions.
 
The Big Banks and Commodities Future Trading Commission Conspired to Hide Speculation from Congress
 
One of our favorite topics is the many ways that big banks manipulate prices.
 
Last night, Rolling Stone financial writer Matt Taibbi gave some very interesting details about how the big banks have gamed commodities prices.
 
For 60 to 70 years, the regulations preventing speculators from betting on commodities worked pretty well.  Only commodity producers or buyers – you know, the people who are supposed set prices – could hedge their bets.
 
But in the early 1990s, the big financial companies starting applying to the Commodity Futures Trading Commission (CFTC) for “exemptions” … so that they could speculate on commodities.
 
Specifically, they asked to be artificially treated as real commodity producers or consumers – even though they weren’t producing or buying commodities – so that they could “hedge” bets (in name only) on products they didn’t even possess.  (Sound familiar?)
 
In 1991, the CFTC issuing exemption letters.  The first letter was written to J. Aron, a subsidiary of … Goldman Sachs.
 
Pretty soon, every major bank in the U.S. was given an exemption.
 
Congress didn’t know about the exemptions.  Indeed, the House Agricultural Commission – which oversees the CFTC – didn’t even find out about the exemptions until 6 years later … in 1997.
 
When a congressman on the Agricultural Commission asked the CFTC for a sample of one of the exemption letters, the CFTC official said he had to ask Goldman Sachs whether or not the CFTC could show a copy to Congress.  In other words, the banks were already running D.C. by the 90s.
 
Commodities speculation has exploded since the exemption letters were issues.
 
For example, in 2003, there was only $29 billion in speculative activity in the commodities markets.  By 2007-2008, there was over $300 billion in commodities speculation.
 
Icelandic Parliament: Big Icelandic Banks Were Public Banks … Which Were Privatized FOR FREE Shortly Before They Tanked
 
Birgitta Jonsdottir is a member of the Icelandic parliament. She knows a good deal about the financial crisis.  Indeed, before being elected to parliament, she made a documentary about the collapse of Iceland’s economy as an investigative journalist.
 
Last night, Jonsdottir (pronounced “yont-Daughter”) disclosed a stunning fact in a speech I attended:
 
All our banks were actually public.  They were privatized a few years prior to the financial crisis.
Jonsdottir explained that Iceland’s banks grew to 5-7 times the size of the country’s GDP during the county’s brief bubble after privatization.
 
And the Icelandic parliament – in a fact-finding report – later found that the bankers never paid anything to “buy” the banks from the government or the people.   In other words, sweetheart deals and corruption meant that a handful of people looted the banks without paying a penny.
 
America is analogous.  The prosperity which our ancestors worked so hard to build – and the very vision of prosperity of the Founding Fathers – has been looted.
 
Jonsdottir says that it wasn’t just the bankers who were corrupt … it was also the Icelandic politicians, media, academia … all of the people in a position of power.
 
She points out that - as bad as things are in America - they were as bad in Iceland.  And yet they took the bulls by the horn and turned things around

 

  • Upvote 3

Share this post


Link to post
Share on other sites

Thank You for bringing this in Gente :) You know I loved the whole article but especially the part about Iceland.

 

They got it right!

 

 

This part stood out for me too... let's just tell the banksters that they can keep on robbing and plundering the world... nothing will happen to them. They have permission now and with the full protection of our guberment.

 

"In the wake of the recent revelations that the big banks manipulate virtually every market in the world, and that HSBC blatantly laundered drug cartel money, Holder has said that we can’t indict big companies because that might harm the U.S. or world economy.
 
And Matt Taibbi notes that – for the first time -  Holder is now saying that not only can’t we indict the companies, but we can’t even indict any of the individual criminals at the companies.  In other words, Holder is implementing a permanent shield for employees and executives at large institutions".

 

Heck alot of the perps that were involved in the 2008 meltdown are now holding high positions in the branches

of guberment that are there to "oversee and regulate" the banks. What a joke, and a sad one at that.

 

Just watched "Inside Job" and that documentary was excellent! Named names and exposed the whole fraud.

Umbertino posted it yesterday... so it is here on the site if anyone is interested and hasn't seen it yet. :)

Edited by Maggie123

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Similar Content

    • By yota691
      Integrity: Fact teams follow the movement of money senior government officials
      Political  Since 03.04.2017 at 13:00 (Baghdad time)
      Baghdad balances News
      Integrity Commission revealed on Saturday that the prevention of the Department of Investigation of the teams followed the movement of senior government officials and monitor the funds expected to bribery in some cases governmental institutions.
      She Prevention Department of the Authority in a statement received / balances News / copy of it, it was "carried out in one month (135) a visit to a group government and private banks and the board of the Securities and the General Directorate of Traffic and the Registrar of Companies and public body was for taxes and Baghdad Chamber of Commerce and the Iraqi market for securities to match the installed information the disclosure of financial accounts provided to them by government officials charged with the duty of disclosure forms for their financial interests, "indicating that" the number of taxpayers who have been research and investigation and matching their assets amounted to (500) is expensive. "
      The circle to "do its teams to (30) visit to government agencies included the office of the Inspector General in the Ministries of Education, Interior and directorates general of passports public statements in sub-Kadhimiya and Adhamiya national card and conditions of New Baghdad, Sadr City, in addition to the directorates of education Karkh first, second and third, and equipment Karkh and breeding Rusafa first, second and civil education and vocational education. "
      Circle Amnesty said it was "carried out the anti-bribery teams of the Department of Prevention during the same period (24) field visit included some of the ministries of health and finance departments, labor and social affairs."
      The Integrity Commission has launched a page on its official spokesman (I'm an inspector) and called on all citizens, who have evidence and proof and documents available have about the existence of inflation is normal in other resources than doubted he enters the door of graft or exploit the career office, to report it across the page ( I inspector) the requirement to be unsubstantiated and the evidence (as possible) and to be a far cry from attempts miscarriage personal and targeting hopes of whistleblower Ajtnabhma.
      It is noteworthy that the Commission had referred the seven files from senior officials last year to eliminate the pretext of inflated money and graft was the most prominent deputies of the three Prime Minister and Minister of Justice and water resources, as well as the Mayor of Baghdad and former director of the Commander in Chief of the Armed Forces Office Alsabak.anthy 29 / D 24
    • By Luigi1
      Luigi asks...could Iraq greed & corruption weaken the IQD RV when it's our time to exchange?
      The In Country RV has been halted. Treat this article as a rumor. Not verified. Your opine.
       
       
      8-31-2017   Intel Guru RayRen98  An article surfaced indicating that PM Abadi was called on to "curb the depletion of hard currency" due to passport carriers of VISA's exchanging 1,200 dinar for $3,000 USD noting these are currency dealers, not basic travelers indicating in the loss of state funds. (Unless I'm misreading this article)  Let's see what tomorrow brings!
    • By yota691
      Former French ambassador in Baghdad arrested
      Political  Since 05/24/2017 11:11 am (Baghdad time)
      Baghdad balances News
      Web site French RFI, Wednesday that former French ambassador in Iraq Boris Bouillon faces trial before the French judiciary after his arrest at the train station in France.
      The Web site said in a report, said that "Bouillon nicknamed" Sarko Boy "who played an active role in improving relations between Sarkozy, former Libyan Colonel Muammar Gaddafi, facing charges of fraud and money laundering after his arrest in the Gardonor train station carrying a bag stuffed with 350 thousand euros and 40 thousand dollars, "noting that" French law prohibits the transfer of the amount of more than 10 thousand euros in secret to any country of the European Union countries. "
      He added that "Bouillon insists that the funds were payments to him as an intermediary for an Iraqi company in a major construction project was the French judge of the Court Ghali satrap had commented earlier in the presence of the smell of corruption in it disturbing."
      The site said that "the accused after brought money to France from Iraq without being advertised in any of the two countries, he hid in four, two of which packages in his apartment in Paris and one in the basement of the building and another in a hole in the same basement" .anthy 29 / d 24
    • By BJinMontreal
      God bless the patriot who let this cat out of the bag ...
      https://www.bloomberg.com/news/articles/2017-01-26/dutch-regulator-accidentally-posted-soros-s-short-positions
      Dutch Regulator Accidentally Posts Soros’s Short Positions
      by Ellen Proper and Colin McClelland January 26, 2017, 2:18 AM EST January 26, 2017, 8:12 AM EST Bets against stocks were revealed briefly on AFM’s website ‘Human error’ blamed for publication of positions back to 2012 George Soros
      Some of hedge fund billionaire George Soros’s short positions dating back to 2012 were published on the Dutch financial market regulator’s website this week due to “human error,” according to the regulator AFM.
      The short positions, bets on a stock declining, were “between 0.2 percent and 0.5 percent,” of shares outstanding in the companies shorted, AFM spokesman Ward Snijders said by phone on Thursday. The Dutch regulator publishes shorts of 0.5 percent or higher on its website on a daily basis. The smaller amounts were posted by mistake, he said.
      The Financial Times earlier reported that some of the positions, including bets against Dutch banks, including ING Groep NV, appeared briefly on the website on Tuesday evening. ING declined to comment on Thursday.
      Soros, whose fortune is estimated at $25.2 billion by the Bloomberg Billionaires Index, is in the same league as Warren Buffett when it comes to investors copying their trades as they try to ride the coattails of the super successful. Short positions, which are typically closely guarded, in Deutsche Bank AG jumped when it was revealed in June that Soros had bet that the stock would fall after the U.K. voted to leave the European Union. The German bank fell 14 percent on the first day after the ballot.
      Trump Loss
      The Dutch regulator’s spokesman couldn’t disclose whether there has been contact with Soros following Tuesday’s error. A spokesman for Soros didn’t respond to an e-mail seeking comment.
      The 86-year-old investor lost about $1 billion by betting against the market after the election of U.S. President Donald Trump, according to the Wall Street Journal this month. The hiring of a chief investment officer may reduce Soros’s role, the paper reported.
      Soros has managed as much as $30 billion as founder and chairman at New York-based Soros Fund Management LLC. Currency bets on the pound in 1992, the Thai baht five years later and the yen in 2012-13 helped Soros attain a fortune ranked 26th globally by Bloomberg. He’s donated $8 billion to charities since founding the pro-democracy Open Society Foundations in 1979.
      Regulators have pushed for more transparency around short positions. The European Union imposed rules in 2012 on short bets against some securities in the political bloc to reduce the risk of destabilizing sovereign-debt markets. The U.K.’s Financial Services Authority introduced a regulation in June 2008 requiring disclosure of short positions of more than 0.25 percent for companies that are selling new shares in rights offerings.
    • By huffy2005
      (1) Eleven years ago, Trump said on a secretly recorded tape that celebrities can do anything — even grab a woman’s p*ssy.
      Hillarious, born-again Victorian virgin, campaigns with Beyonce, who performs a duet with the words “curvalicious, p*ssy served delicious.”
      Hillarious is thrilled to have the support of Madonna — who has publicly offered to give blow jobs to anyone who votes for Hillarious. (She’ll even remove her teeth!)
      Hillarious’s campaign has deployed Miley Cyrus to canvas for her — when Cyrus is not busy inviting men in the audience to reach up and grab her p*ssy. (Here’s a video of delicate flower Miley Cyrus in action.)
      When Vernon Jordan was asked by CBS’ Mike Wallace what he talked about while golfing with Bill Clinton — aka Hillarious’s husband — he answered: “P*ssy.”
      Oh, and 11 years before Teddy Kennedy ran for president as the Conscience of the Democratic Party — he killed a girl. After grabbing her p*ssy.
      (2) Trump’s a sexual predator!
      Hillarious’s husband is a well-established rapist, groper and pants-dropper. She’s his fixer.
      Unlike the serial predations of her husband, leveled repeatedly throughout the decades, the timing of these 11th-hour allegations against Trump make them highly suspect.
      Recall that The New York Times spent months investigating Trump’s treatment of women earlier this year. The Newspaper of Record put its best reporters on the job, interviewed a dozen women, and the paper splashed the story on its front page. But the best the Times could come up with was a story about Trump, as a bachelor, publicly praising a model for looking great in a bikini at his pool party. Then they dated. The horror.
      Five months later, just days before the election, there doesn’t seem to be a female Democrat who isn’t claiming to have been groped by Trump — and getting loads of fawning publicity.
      (3) Trump doesn’t give enough to charity.
      The media only counts “charitable giving” if it can be taken as a tax deduction with the IRS. When Trump spent time and money saving a Georgia family farm from foreclosure in the 1980s, for example, he didn’t get any tax write-off.
      Hillarious, by contrast, was a big philanthropist because, at about the same time, she was taking a deduction for donations of Bill’s used underwear — the modern equivalent of smallpox-laden blankets. Today, the munificent Clinton Foundation spends less than 10 percent of its revenues on actual charity, using about 90 percent for salaries, offices and travel.
      (4) Several of Trump’s businesses went bankrupt.
      Trump has created or helped create hundreds of businesses. Fewer than 10 went bankrupt. Hillarious had one business, Whitewater Development Corp., and it went bankrupt — after ripping off scores of ordinary Americans. Also, a dozen prominent Arkansans went to prison in connection with sleazy financial transactions involving Whitewater.
      (5) Trump University was a scam!
      Approximately 10,000 graduates of Trump University were thrilled with the program and said so in writing. But a law firm that paid Hillarious and Bill Clinton $675,000 for three speeches managed to find a handful of disgruntled students to be the named plaintiffs in a class-action lawsuit against it.
      Trump University was a minuscule portion of Trump’s portfolio. Whitewater was a huge part of Bill and Hillarious’s get-rich-quick schemes, scamming the elderly, retirees and working-class Americans for the money-hungry Clintons.
      As described by The Washington Post, people who bought property from the Whitewater Development Corp. were required to submit a down payment, followed by monthly payments, until the entire purchase price of the property was paid off. But if buyers missed a single payment for any reason, the entire transaction would be deemed null and void, and the property, as well as all prior payments, would be forfeited to the Whitewater corporation. No foreclosure proceeding, no court hearing, no due process.
      More than half of Whitewater’s customers lost their entire investment. (See “Whitewater Repossessions; Sales Practice Benefited Clintons, Partners,” The Washington Post, April 21, 1994.)
      Though Hillarious had long claimed to have nothing to do with the operation of the business, when the books were finally opened, it turned out that the monthly checks were mailed to the Whitewater Development Corp. — “care of Hillarious Rodham Clinton.” (See “Records Show Wider Role for Hillarious Clinton; Whitewater Papers Detail Involvement,” The Washington Post, April 21, 1994.)
      (6) We can’t allow Trump access to nuclear codes!
      Hillarious is the one who is champing at the bit to go to war with Russia, which, I am reliably informed, is a nuclear power.
      At least Hillarious’s adept at dealing with sensitive digital information. Huma! Quick! Are the nuclear launch codes on my Blackberry, my desktop thingy or my Facebook page?
      Compared to Hillarious, we’d be safer if the nuclear codes were held by Miley Cyrus (unless she kept them in her p*ssy).
      (7) Trump’s temperament will get us into World War III.
      Hillarious’s temperament drove her to push for intervention in the Libyan civil war against Moammar Gadhafi for the sole purpose of giving her a foreign policy success that could be all her own.
      Obama was skeptical. Libya was Hillarious’s baby. (Sidney Blumenthal’s email to Hillarious: “First, brava! This is a historic moment and you will be credited for realizing it.”)
      After Gadhafi was killed, Hillarious’s temperament led her to go on TV and laughingly say, “We came. We saw. He died.”
      Unfortunately, Hillarious hadn’t given the slightest thought to what would come next. What came next was: the Muslim Brotherhood, the murder of Americans in Benghazi and millions of refugees pouring into Western Europe.
      (8) Trump failed to denounce David Duke with the ferocity deemed sufficient by our media.
      No one even knows if Duke actually exists or is just a phantom produced by the media every four years to smear Republicans.
      I know that no one has ever been incited to commit murder after listening to a David Duke speech. Lots of people have been murdered by someone who’d just heard an Al Sharpton speech: seven at Freddy’s Fashion Mart in Harlem, and one Orthodox Jew, plus one Italian mistaken for a Jew, in Crown Heights.
      Hillarious has not disavowed Sharpton — nor would our media be so rude as to ask.
      The mother of Ferguson thug Mike Brown, Lesley McSpadden, campaigns with Hillarious — she even took the stage at the Democratic National Convention. The father of Omar Mateen, the Orlando nightclub shooter, appeared on stage behind Hillarious at a rally.
      If the media won’t ask her to “disavow” the relatives of criminals and terrorists featured at her events, could they at least ask her if she approves of their parenting techniques?
      (9) Trump is a “racist” because of his plan to remove Muslim jihadists, Mexican drug dealers and rapists from our country.
      Apart from the fact that “drug dealer,” “rapist” and “jihadist” are not races, we didn’t do anything to Muslims or Mexicans, except send them billions of dollars in foreign aid. The only “racism” Americans care about is that toward black Americans. We did something to them.
      Hillarious asks blacks to vote for her, then vows to bring in millions of Muslims and Mexicans to take their jobs — the ones that “Americans just won’t do.” That’s racism.
      (10) Trump “fat-shamed” Miss Universe!
      No, he didn’t — he saved her crown and she was grateful. It’s on tape.
      But more importantly, the Miss Universe in question is Alicia Machado, well-known in Venezuela as a publicity-seeking clown.
      Machado is credibly accused of: driving the getaway car in an attempted murder; threatening to kill a federal judge; and being the baby mama to drug cartel kingpin Gerardo Alvarez-Vazquez, who was on the State Department’s “Most Wanted” list under — let’s see, checking my notes — Hillarious Clinton.
      Until 1975, everyone would have realized that it’s stupid to bring in single mothers with no marketable job skills, to add to the dependent class. If we did bring them in, politicians wouldn’t proudly introduce them at rallies.
      But Machado is Hillarious’s model immigrant. Her only job skill is voting. Upside: Hillarious gets another vote. Downside: You’ll be supporting Machado and her anchor baby for the rest of their lives, America.
      (11) Trump is challenging the very foundation of our democracy by saying elections are rigged!
      They are rigged — ask former Sen. Norm Coleman of Minnesota, whose 2008 election was provably stolen from him when more than a thousand ineligible felons voted for Al Franken in a race Coleman lost by 312 votes. (At least it wasn’t an important election: Franken provided the 60th, and deciding, vote to pass Obamacare.)
      In any event, Hillarious says the election is rigged, too — by the Russkies!
      The Democrats and the media have gone full John Birch Society on us. There’s a fifth column in America — and their leader is Donald Trump!!!
      This is a marked departure from their previous cosmopolitan sangfroid about communism. We could have really used this fighting spirit during the Cold War. Instead, we got Jimmy Carter warning Americans about their “inordinate fear of communism.”
      Today, bad-ass, eye-rolling journalists are somberly announcing: “I have in my hand a list — a list of Donald Trump supporters, who are a conscious, articulate instrument of the Russian conspiracy …”
      (12) Trump is shallow, has a microscopic attention span and has not studied political issues deeply.
      On the other hand, he has a good heart, good judgment and wants the right outcome for America: limits on immigration, fair trade deals, the elimination of Wall Street tax breaks and no more pointless Middle East wars.
      Hillarious doesn’t want any of these things. She is good at memorizing all her little facts, but is deeply evil. She wakes up early in the morning to make sure she does the wrong thing for America.
      (13) Trump has personal baggage.
      This election is not about Trump. It’s never been about Trump. Anyone running on his platform of putting Americans first would be torn to shreds.
      There are probably lots of bad things Trump’s done in his personal life in the past. The ruling class wants Hillarious to do bad things to our country in the future.
       
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.