Too big to fail, too big to jail and the revolving door from Wall Street to the Office of Attorney General and back to Wall Street. Folks, your Grandpa’s Democrats wouldn’t recognize the new ones or if he did he’d swear they are Republicans. Below is a must read.
Slabbed was and remains an early innovator on this topic:
Thank God for Arizona Part 3: Blaming the surge in drug violence on the Mexicans. God damn the pusher man (and his U.S. banker).
The ultimate solution is to legalize Marijuana in the US. That one action would kneecap the drug cartels and their crooked bankers. We’d also save money not jailing Cheech and Chong (or the local equivalent in your area). Speaking of that:
Next up is the implosion of Prestige Title circa 2009 as its topical to the Bay Audit Presentation post: Continue reading “Churn baby churn”
Those of you without twitter accounts can follow the Slabbed Twitter account using the slider widget over on the right sidebar.
Way back in the day I knew someone that served on the PERS Board with Mayor Mary that always spoke very highly of her. Then again he was a notorious lecher and kleptomaniac so frankly I’m not sure what to make of this except I like to see competition for public office.
I would encourage you lifers to join me in comments encouraging Nowdy to come out of retirement for one last ride on the Wind-Water waves and Superstorm Sandy. Like Dizzy Dean said, “It ain’t braggin’ if ya can back it up” and Slabbed has sources on this that no one in the for profit media, national or local can touch. I can think of no better person to tell the story than Nowdy and it is a topic that is both true to our origins and ripe for examination. Continue reading “Tuesday open”
Thursday, February 21st, 2013
Baton Rouge, Louisiana
BIG BANKS AND THEIR CRIMINAL LEADERS GO SCOTT FREE!
After years of financial chicanery, federal prosecutors have decided that Wall Street manipulators are both too big to fail, and too big to jail. The most recent culprit, in what seems to be a conspiracy to “go soft” on financial shenanigans, is the British owned bank, HSBC, that was granted a criminal reprieve and monetary slap on the wrist for confecting the largest drug and terrorism money laundering scheme in U.S. history. To give the aura of being tough on crime, the Justice Department levied a fine of $1.9 billion, which amounts to about five weeks of profit for this international bank for highly suspect, if not outright criminal actions, quite possibly extending as far back as 2001.
HSBC is far from the only bank guilty of such deplorable dealings. There has been a pattern of the largest banks on Wall Street engaging in the most relentless and irresponsible behavior – and this has undermined the entire U.S. financial system. At a U.S. Senate hearing in Washington last week, Senator Elisabeth Warren from Massachusetts confronted bank regulators and ask if they could identify any example of Wall Street bankers being criminally charged and taken to trial. The regulators could only say: “We will get back to you.”
Financial columnist Matt Taibbi concluded in a recent column: “Nobody goes to jail. This is the mantra of the financial–crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth – and nobody went to jail. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom has ever been convicted.”
In the case of HSBC, it was the financial lapdog for a number of Mexican drug cartels, many of whom were suspected in thousands of murders during the past decade. The bank also had ties and handled money exchanges for groups linked to Russian gangsters, Hezbollah, Iran, North Korea and Al Qaeda. This was not your friendly, local neighborhood bank. So why wasn’t the bank and key employees charged with assorted federal crimes? Continue reading………….