...some of the nation's largest financial firms have been accused by the government of cheating or misleading clients and ripping off tens of thousands of consumers of their investments.Here is where President Obama is a victim of his own know-it-all arrogance, for, in surrounding himself with NOTHING BUT Golddamn-Sachs banksters and financial fraudsters, he has bought into the absurd notion that some banks are "TOO BIG TO FAIL." This is an absurd notion, because if the United States could recover from the smashing defeat and wreckage of the Japanese Navy's suprise attack on Pearl Harbor on December 7th, 1941, much less all the other great WWII wartime collapses, failures, and losses (such as the loss of Philippine Islands and the entire US army there; and the many other great losses in the savage naval battles that followed in 1942), then the US economy could certainly recover from the failure and fraud prosecutions of a handful of banks which have been OPERATING FRAUDULENTLY. Golddamn-Sachs in particular has been committing every financial crime known under the sun, including DEFRAUDING investors by selling them Grade-F "toxic" securities, WHILE BETTING AGAINST THOSE SAME 'securities' in 'derivative' markets, writing CDOs, CDS's, and other "securitized" INSURANCE FRAUD vehicles, of which Goldman's "DOUBLE DIPPING" from the AIG bailouts is only the most obvious example.
Despite these findings, these financial giants got, sometimes repeatedly, special exemptions from the Securities and Exchange Commission that have saved them from a regulatory death penalty that could have decimated their lucrative mutual fund businesses.
Among the more than a dozen firms that have gotten these SEC get-out-of-jail cards since January 2007 are some of Wall Street's biggest, including Bank of America, Citigroup and American International Group.
SEC rules permit corporate lawbreakers to apply for what are known as Section 9(c) waivers from one of the agency's harshest penalties — effectively shuttering the violator's mutual fund operations — but regulators never rejected any of these firms' applications. While the firms were punished in other ways, they were spared from what some claimed would be "severe and irreparable hardships."
For the feds, some Wall Street firms are too big — to punish
By Chris Adams, McClatchy Newspapers, December 8, 2009
Mr. Obama simply doesn't understand that, if you have the power of taxation and money creation, then you DO NOT NEED predatory, fraudulent bankers inserting an ADDITIONAL level of power and profit-siphoning bureaucracy, on top of the US government's own taxation, money creation, and spending powers.
In short, and to put it in plain English, America WON WWII, in less than four years flat, from the wreckage and despair of Pearl Harbor, and despite the tremendous losses in men and material to come, WITHOUT banking and insurance executives taking home BILLION DOLLAR PAYCHECKS, without THIRTY-PERCENT credit card rates and BILLIONS of dollars of consumer gouging, predatory bank fees..... and WITH confiscatory, OVER 50% INCOME TAX RATES on the top-tier incomes!
Mr. Obama is now so deluded, that he actually believes that FINANCIAL FRAUD is a productive enterprise for the US economy and his legacy!
He simply has NO ECONOMIC VISION beyond becoming a partner to the high & mighty, as former President Clinton "earned" $100 million dollars GIVING SPEECHES and acting as a "broker" or facilitator in financial deals, that often rewarded dictators, and sold opposition and human rights groups down the river.
Indeed, crushing democratic movements, and DEALING WITH DICTATORS, is the PREFERED ECONOMIC MODEL for Obama's Golddamn-Sachs gangsters - witness the recent murderous COUP in Honduras, and how swiftly the Obama White House and Hillary Clinton State Department rushed to give their STAMP OF APPROVAL to the murderous coup leaders. (Here Hillary once again making Obama look subtle and suave in comparison, Hillary again exhibiting her ham-fisted willingness to do whatever her Neo-Con paymasters ask of her. Speaking of, the Neo-Con New York Times practically DROOLING with lust over the prospects of "exporting" those murderous coups to... Bolivia, Nicaragua, Venezuela, and every other nation in Central & South America, just as Henry Kissinger and Milton Friedman supported bloody, Pinochet & etc. dictator coups in the region during the Cold War back in the 1980s.)
Well, at least President Clinton actually CREATED JOBS, before his own Golddamn-Sachs gangsters (Robert Rubin, Lawrence Summers, their minions including then Treasury official Timmy Geithner) _assisted_ uber- Right-Wing Republicans PHIL GRAMM, DICK ARMEY, Tom DeLay, Jim Leach, Thomas Bliley, "Enron Ken" Lay, and other powerful financial 'conservatives' pass the Glass-Steagall crushing "GLBA" Gramm-Leach-Bliley Act of 1999, and the equally nefarious "Commodity Futures 'Modernization' Act' of 2000, which created among other things the "ENRON LOOPHOLE" and which effectively GUTTED nearly 10 decades of insurance regulations by allowing "derivatives" to be created for any PURE GAMBLING SPECULATION that the "financial innovaters" could dream up, under the intoxicating temptation of billion-dollar rewards. Actually, these financial monstrosities were nothing new: the eldest son (George W. Bush) of then Vice President George H.W. Bush had "DUMPED" his shares of Harken Energy stock for some $300,000 (in 1980s money, worth several million today's dollars) immediately before a revised Profit/Loss statement was issued by Harken's directors, the SEC had demanded a revised P/L statement because Harken had fraudulently tried to MAKE OPERATING LOSSES DISAPPEAR and look like PROFITS in its original P/L statement that year. (Bush would later get a wrist-slap for "dumping" his shares in advance of the revised "black to red" P/L statement, because his father, as president, had nominated the SEC Chairman whose SEC issued the reprimand. Martha Stewart, by contrast, would be indicted, tried, convicted, and imprisoned for "DUMPING" a lousy $55,000 of ImClone stock, a stock which she had NO fiduciary connection to. And the SEC under President George W. Bush - yes, that same Bush who had dumped $300,000 of Harken shares a decade before - didn't even prosecute Ms. Stewart for "dumping," Stewart was convicted of "lying to federal officials," BY WHICH STANDARD President Obama could clean Wall Street out of every two-bit financial swindler and Golddamn-Sachs huckster, in ten minutes flat!)
The means by which Harken TRIED TO MAKE DEBT LOOK LIKE PROFIT, would come to be called "ENRON ACCOUNTING" a decade later, and would become THE BASIC MODEL for "THE LOOTING OF AMERICA" a half decade after that... the Financial Crisis of 2008, was nothing but ENRON FRAUD writ large, frauds perpetrated over ENTIRE Wall Street financial markets, and President
So Mr. Obama is now effectively running a criminal fraud PROTECTION RACKET (and a trillions-dollars warmongering racket) - just like his predecessors, Vice President Dick Cheney and President George W. Bush. Needless to say, we could write another 10,000 pages on the premeditated frauds, and accounting fraud, of this economic crisis, and still leave half the frauds unexamined, but in our brief outline of 3 decades of financial fraud (in which we haven't even mentioned the "deregulation," subsequent collapse, and TOXIC "BAILLOUTS" of the original S&L debacle, which created the Bush-1 "Deficits & Deregulation" RECESSION of the late 1980s - early 1990s, which were an IDENTICAL PREDECESSOR of today's financial crisis), but we would be remiss in not pointing out Mr. Obama's role in all this fraud, that he KNOWINGLY is RUNNING A PROTECTION RACKET, while PRETENDING, to his "core supporters" who voted for him in droves, that he actually appreciates their financial plight.
Fortunately, Robert Scheer has done that expose -
Dear Barack, Spare Me Your E-MailsMr. Scheer's credentials here are impeccable, for he was FIRED from the Los Angles Times, for writing similar brutally honest condemnations of the Bush-Cheney presidency. Like Bush and Cheney before him, President Obama is now WHITEWASHING MASSIVE FRAUD and FINANCIAL CRIMES, that are DESTROYING thousands of American families' savings, home values, & incomes. Indeed, despite giving TRILLIONS of dollars to his Golddamn-Sachs, JPM, & Citi banksters, Mr. Obama's FORECLOSURE protections have been anemic at best... Mr. Obama is HELPING the banks DESTROY VALUE in homes that sit, abandoned, that DEPRECIATE THE VALUE of the communities around them. Mr. Obama is actually SPENDING TAXPAYER DOLLARS, to DESTROY value, at the behest of his insanely arrogant, entitled, failed, and fraudulent banksters.
By Robert Scheer
Dec. 8, 2009
Barack Obama’s FAUX POPULISM populism is beginning to grate, and when yet another one of those “we the people” e-mails from the president landed on my screen as I was fishing around for a column subject, I came unglued. It is one thing to rob us blind by rewarding the power elite that created our problems but quite another to sugarcoat it in the rhetoric of a David taking on those Goliaths.
(continued also at http://www.creators.com/liberal/robert-scheer/dear-barack-spare-me-your-e-mails.html)