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 Inside Job-The 2008 Financial Crisis 
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Post Inside Job-The 2008 Financial Crisis
This is a must see Video folks :clap :clap :clap :clap :clap :clap :clap

The first film to expose the shocking truth behind the economic crisis of 2008. Inside Job traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia.'

'Narrated by Matt Damon,

http://vimeo.com/23086688

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Sun Feb 26, 2012 7:59 am
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Post Re: Inside Job-The 2008 Financial Crisis
Illume goobers up to their "old tricks" again :shakehead :drunks

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Sun Feb 26, 2012 6:15 pm
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Post Re: Inside Job-The 2008 Financial Crisis
Lynnwood wrote:
Finally, the unadulterated TRUTH breaks on the US propaganda media, signaling the con is finally too big to hide...


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Wed Mar 07, 2012 4:05 pm
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Post Re: Inside Job-The 2008 Financial Crisis
Legislating Greater Wall Street Theft



Political Washington is Wall Street's best friend. Whatever crooked bankers want they get. Their business model features grand theft. Wealth’s amassed through fraudulent double-dealing.

Lawmakers facilitate their racketeering. They're rewarded in kind. Only fleeced households, investors, communities and nations lose out.

Their dirty game continues unobstructed. New legislation enhances what's on the books. Another bill will become law when Obama signs it. Wall Street's again celebrating, and why not? Business is better than ever, courtesy of complicit lawmakers.

At issue is the Jumpstart Our Business Startups Act (the JOBS Act). On March 8, the House passed it overwhelmingly 390 - 23. On March 22, Senate followed 73 - 26. Doing what he does best, Obama will sign it into law. He'll again betray America's 99% in the process.


When everything comes up roses for Wall Street, ordinary people get scammed. It's the same every time like loaded dice let the house win.

Former bank regulator/financial fraud expert Bill Black explained what's at stake in his article headlined, "‘The only winning move is not to play’ -- the insanity of the regulatory race to the bottom.”



He called the imminent JOBS Act passage reminiscent of the "worst anti-regulatory travesties in the financial sphere (that) had broad, bipartisan support." Don't they all, especially in recent decades.

He reviewed some of the worst past legislation and congressional actions, including:

(1) the 1982 Garn-St. Germain Act that gave S & Ls a license to steal.

(2) the 1987 Competitive Equality in Banking Act (CEBA).

Reflecting on the double-dealing chicanery behind it, Black said his "psyche still bears the scars of this combined onslaught. It was the political equivalent of being on the receiving end of a B 52 Arc Light (carpet bombing) mission in Vietnam."

(3) the 1993 "Reinventing Government" scam. It was premised on the view that anything government does, business does better, so let it. Deregulation went wild.

(4) the 1995 Public Securities Litigation Reform Act (PSLRA) made it harder for fraud victims to sue. As a result, the financial sector became "more criminogenic." CEOs were licensed to loot with impunity. The 1998 PSLRA amendment was even more hostile to fraud victims.

(5) the 1999 Gramm-Leach-Bliley Act. It repealed Glass-Steagall. The 1930s law separated commercial from investment banks and insurers, among other provisions curbing speculation.

(6) the 2000 Commodities Futures Modernization Act. It's so bad, it was tucked away in an appropriations bill near the end of Clinton's tenure. It was his final public betrayal, and what a whopper to endorse.

It legitimized "swap agreements" and other "hybrid instruments" at the core of today's problems. It prevented regulatory oversight of derivatives and leveraging. It made Wall Street a casino operating on only the house wins rules.

Among other provisions, it contained the "Enron Loophole." Enron Online became the first Internet-based commodities transaction system. It rescinded regulations in place since 1922.

Derivative scams went wild. Enron fleeced investors and energy purchasers with impunity until its house of cards collapsed.

Alan Greenspan endorsed derivatives at the time. He lied calling them a way to share risks. They turned an economic downturn into the greatest Depression for most households. They're either impoverished, bordering on it, or heading for it before decade's end. A Clinton-Greenspan combo made it possible.

Black could have listed many more legislative and deregulatory public betrayal examples, including Obama's so-called financial reform only bankers could love. They should. They wrote it. It assures business as usual codified into law under a reform mantle.

Black moved on to the 2012 JOBS Act. He called it "the product of a feeding frenzy by lobbyists who are finally able to enact every fraud-friendly provision they ever dreamed of making law. The only kind of financial bill that can pass with overwhelming support is an anti-regulatory" one.

The criminal class in Washington is bipartisan. FIRE sector (finance, insurance and real estate) companies are their largest contributors. Whatever they want, they get. Through the ages, greasing palms worked like charms. In large enough amounts, they always work.

Black said financial crises embrace "three (bipartisan) 'de's' -- deregulation, desupervision, and de facto decriminalization." They create epidemics of fraud. Real reform's impossible. Greater crises are assured. Each time, looser restrictions follow. Economies, households, and lives are destroyed for profit.

Since the late 1970s, America "trashed a regulatory system that was the envy of the world." Now it's a travesty.

Black called the JOBS Act "insane on many levels. It creates an extraordinarily criminogenic environment in which securities fraud will become even more out of control."

It continues a regulatory "race to the bottom. The only winning move is not to play...." The bill's rationale is deregulatory madness must be won. Otherwise the City of London and/or other financial centers will surpass us.

Its passage ignored the Financial Crisis Inquiry Commission's (FCIC) findings. It was established to determine the current crisis' cause. It explained the three "de's" problem. It specifically condemned "regulatory arbitrage." It revealed destructive deregulatory madness.

The JOBS Act ignored expert anti-fraud input. The best, brightest, and most honest unanimously condemned the bill. Enacting it also bypassed others "who designed and implemented successful means to limit the crises, who prevented problems through effective supervision from becoming crises, and who held" criminal bankers accountable.

Further, people who got everything wrong earlier designed the Act. Failure's institutionalized. So is fraud. What succeeds gets trashed.

The unique aspect of today's crisis is that criminal bankers most responsible got off scot-free to steal again. They gained massive wealth and stand to gain much more.

Earlier fraudsters were prosecuted. Not a single Wall Street boss or top official faced charges this time. The JOBS Act represents "the sick face of crony capitalism."

Western-style capitalism reflects FIRE sector dominance over industry involved in making things. Financial giants are predators. We're prey. Parasitism describes their business model. In other words, the grandest of grand theft.

A system this bad can only get worse. Money power alone matters. It's fraudulently manipulated to make more of it at the public's expense. Jobs are destroyed for greater profits. So are economies and peoples' lives. They're expendable to be exploited and trashed.

The JOBS Act is "so fraud friendly that it will harm capital formation," create greater job losses, and raise poverty to record levels. At the same time, large-scale white-collar crimes are whitewashed. Instead of repudiating and prosecuting fraud, it's encouraged.

The Act's opaqueness makes it easier than ever. We know, said Black, "this increases fraud." Instead of living and dying by it, Wall Street crooks thrive on it, courtesy of political Washington.

Financial giants today are weapons of mass destruction. Freed from regulatory constraints, they extract wealth from households, investors, communities and nations. They operate like locust hordes consume vegetation with ease. Main Street feels their sting.

A Final Comment

In the 1980s, Russian comedian Yakov Smirnoff appeared on US television. His tag line about America was calling it "What a country!" In Soviet Russia, the "government control(led) corporations. In America, corporations control the government."

Profiteering is a way of life, especially on Wall Street. "What a country" indeed, and the worst is yet to come. Bet on it!

http://www.activistpost.com/2012/03/leg ... theft.html

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Sat Mar 31, 2012 12:32 pm
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Post Re: Inside Job-The 2008 Financial Crisis
FIRST SENIOR BANKERS ON THE PLANET RESPONSIBLE FOR 2008 ECONOMIC COLLAPSE FINALLY JAILED!

JULY 29, 2016 | THE FREE THOUGHT PROJECT | THE FREE THOUGHT PROJECT | 1,199 VIEWS

Wall St. sign is seen in New York's financial district
In April, Wells Fargo & Co admitted to defrauding the United States government for nearly an entire decade, which subsequently led to the housing market collapse — and the United States punished no one.
Bank of America Corp (BAC.N), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE) and JPMorgan Chase & Co (JPM.N), have all previously made the same admission and settled similar federal lawsuits — again, with no one being held criminally responsible.
While low-level bankers have been thrown in jail as apparent scapegoats in places like Iceland, not a single high-level CEO or officer has faced punitive criminal action — until now.
On Friday, three senior Irish bankers were jailed for up to three-and-a-half years for their conspiracy to defraud investors, subsequently causing the economic collapse of 2008.
According to a report in Reuters, the trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis.
Watching these criminal bankers use the governments of the world to fleece the taxpayers in a series of bailouts and scams to defraud the people has been infuriating.
As Reuters reports,
The lack of convictions until now has angered Irish taxpayers, who had to stump up 64 billion euros – almost 40 percent of annual economic output – after a property collapse forced the biggest state bank rescue in the euro zone.
The crash thrust Ireland into a three-year sovereign bailout in 2010 and the finance ministry said last month that it could take another 15 years to recover the funds pumped into the banks still operating.
Former Irish Life and Permanent Chief Executive Denis Casey was sentenced to two years and nine months following the 74-day criminal trial, Ireland’s longest ever.
Willie McAteer, former finance director at the failed Anglo Irish Bank, and John Bowe, its ex-head of capital markets, were given sentences of 42 months and 24 months respectively.
Unlike the bankers who remain protected in America’s legal system, the Irish have decided to lay down the law.
“By means that could be termed dishonest, deceitful and corrupt they manufactured 7.2 billion euros in deposits by obvious sham transactions,” Judge Martin Nolan told the court, describing the conspiracy as a “very serious crime”.
“The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions,” said Nolan.
In the United States, the people have been forced to file their own legal action against the criminal bankers as the government does absolutely nothing to stop their crimes.
Despite the bankers’ best attempts at foiling the private actions against them, the people have pushed through.
A newly revived antitrust lawsuit, according to the appeals court, could be devastating to these 16 banks, including Deutsche Bank AG, Royal Bank of Canada, Royal Bank of Scotland Group Plc, UBS AG, HSBC Holdings Plc, Barclays Plc, Credit Suisse Group AG, Bank of America Corp, Citigroup Inc., and JPMorgan Chase & Co.
“Requiring the banks to pay treble damages to every plaintiff who ended up on the wrong side of an independent Libor‐denominated derivative swap would, if appellants’ allegations were proved at trial, not only bankrupt 16 of the world’s most important financial institutions, but also vastly extend the potential scope of antitrust liability in myriad markets where derivative instruments have proliferated,” the U.S. Court of Appeals in New York said in the ruling.
Until the people wake up to the atrocities being carried out against them by criminal bankers who control the government, this fleecing of the citizenry will continue. To all those who bank with any of these huge banks — pull your money out today, move it to a local bank, or find another alternative.
Failing to do so only sustains their criminal behavior. Please share this story with your friends and family as it will most assuredly be a mere blip on their televisions and deliberately easy to miss.

http://thefreethoughtproject.com/finally-senior-bankers-jailed/

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