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Forum Post: Things Wall St. Did Were Not Illegal

Posted 3 years ago on Oct. 10, 2011, 7:58 p.m. EST by EndTheFedNow (692)
This content is user submitted and not an official statement

So Obama said the other day in response to a question about why nobody had gone to jail.

Really Mr. President? None of the following is illegal?

Laundering drug money. Wachovia admitted to doing it in court. They got a "deferred prosecution agreement" and not only did nobody go to jail nobody other than a few bloggers like myself raised hell about it until days before that agreement expired. Then, magically, it got news coverage. This is a clear black-letter felony; where are the handcuffs?

The former chief risk officer for Citifinancial testified under oath before the FCIC that the company knowingly sold loans on to investors that did not meet their quality guidelines and published claims. In fact, he testified that by 2007 80 percent of those loans were defective. This is functionally identical to selling you a car and rolling back the odometer, peddling tainted medicine or selling melamine-laced baby formula. There is nothing complicated about this and there is under-oath testimony establishing that it was not an accident or an "error in judgment" as it continued for more than a year after it became known and was the subject of internal memos to corporate officers. This is not my conjecture or analysis, it is factual sworn testimony before a government body. Where are the damned handcuffs?

more - http://market-ticker.org/akcs-www?post=195649

8 Comments

8 Comments


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[-] 1 points by Expotera (23) 3 years ago

Obama/Microsoft Illegal Presidential Campaign Contributions 2008

http://expotera-ceo.blogspot.com/2010/05/microsoft-illegal-campaign.html

[-] 1 points by randallburns (211) from Washougal, WA 3 years ago

Obama is a constitutional scholar. He has never worked major corporate investigations and probably. does not know anyone who has.

I worked the riscorp scandal.

[-] 1 points by EndTheFedNow (692) 3 years ago

He is not a constitutional scholar. That was part of his Manchurian candidate profile concocted by his handlers.

[-] 1 points by NintyNiner (93) 3 years ago

It takes two to screw us! Politicians to hold us down, so then the Corporations can do the screwing!!! Politicians need better rules to follow to prevent lobbying! We tax payers should also fund important elections, so the best person wins and not the one with the most money!!! Top 2 demands in my book! Write it down!

[-] 1 points by gawdoftruth (3698) from Santa Barbara, CA 3 years ago

but it all would have been illegal if they hadn't switched over to crooked laws.

http://occupywallst.org/forum/thetruth-socialismcapitalismcommunismmarxism/

http://occupywallst.org/forum/capitalism-versus-corporatism/

http://occupywallst.org/forum/no-war/

http://occupywallst.org/forum/help-me-understand/

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http://occupywallst.org/forum/energy-101-solution/

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[-] 1 points by EndTheFedNow (692) 3 years ago

Read the posted link. Things they did WERE illegal.

[-] 1 points by gawdoftruth (3698) from Santa Barbara, CA 3 years ago

agreed, but other things they did were no longer illegal only because they changed the laws. if they commit 10 thousand real crimes but only 100 of them are actually still crimes because they changed the law- what is that? they would claim it means they didn't break the law. A systems theory and game theory answer would be- thats one more crime- changing the laws.

[-] 1 points by BringBackGlassSteagallAct (67) 3 years ago

Exactly, it's all legal now. I feel the only way we can get back on safe financial footing again is to close the Enron Loophole for oil speculators and bring back The Glass-Steagall Act of 1933, which prevented the current banking and insurance scams/loopholes. After all, it worked great until late 90's when Congress threw it out. Since then, like prior to 1933, we are experiencing what our country went though then, total Wall Street greed with no penalties, its all legal now...Thanks to the architects of our new system in 1999, President Clinton and Senator Gramm. Cheers to all that are involved! Jim

Why we need Glass-Steagall to be reinstated:

http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wXj http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act/

Why are oil prices high?

http://www.youtube.com/watch?v=waL5UxScgUw http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel