Tag Archives: Too big to jail

Another Oligarch Wrist Slap: Citigroup Settles in Secret on Housing Fraud Charges

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Guess what just happened?  In case you forgot, the Federal Housing Finance Agency (FHFA) had previously accused Citigroup of violating securities laws and making misrepresentations of billions of mortgage bonds.  Unsurprisingly, Citigroup settled, which is just a euphemism for an “oligarch wrist slap.” What’s really disturbing is that the settlement amount will remain a secret, which takes cronyism to yet another despicable level.  After all, take a look at the man who runs the Treasury Department.  From Bloomberg:

The conservator for Fannie Mae and Freddie Mac was eager for publicity in September 2011 when it sued 17 financial institutions, accusing them of ripping off the two government-backed housing financiers. It isn’t so enthusiastic anymore.

This week the U.S. Federal Housing Finance Agency told a federal judge it had settled its case against Citigroup Inc. The agency won’t say how much money Citigroup is paying. Neither will Citigroup, which survived the financial crisis only because it got multiple taxpayer bailouts. The parties agreed to keep the terms confidential. The government has decided this is none of the public’s business.

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The Scorecard: 8,000 Wall Street Protesters Arrested, Zero Bankers

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America really has become the “land of the thief, home of the slave.”  While a minority of awake citizens desperately tries to shake their neighbors from their deep slumber, the masses continue to sit in front of the television, suck their thumbs and watch Desperate Housewives, while the oligarchs laugh incredulously at them all the way to the bank.

We all know that Attorney General Eric Holder couldn’t find a guilty banker if it came up to him and sat on his lap, but these statistics are pretty amazing and a testament to how apathetic and lost of a culture we have become.  This database of all the Occupy protestors arrested and where it happened is pretty cool.

From the Huffington Post:

Here’s a fact that may make your blood boil: Nearly 8,000 Occupy Wall Streetprotesters have been arrested in association with the activist movement, while not one banker has been prosecuted for the actions that lead up to the country’s financial meltdown.

The website OccupyArrests.com has tracked 7,736 in 122 cities nationwide since the Occupy movement began in September 2011.

“We want our attorney general, Eric Holder, to bring some accountability from the banks and put them in jail,” protester Vivian Richardson, whose home was foreclosed on in 2010, told The Huffington Post Monday.

The Department of Justice has long been a target of Occupy protesters for its unwillingness to take judicial action against those responsible for the financial crisis.

Calm down everyone.  We all know Mr. Holder is far too busy running assault weapons into Mexico and discarding the First Amendment to be bothered with trivial matters such as the prosecution of the most destructive criminals in U.S. history.

Full article here.

In Liberty,
Mike

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Elizabeth Warren Confronts Eric Holder, Ben Bernanke and Mary Jo White on Bankster Immunity

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Elizabeth Warren is one of the few Senators out there pushing to understand why the federal government has created an untouchable class of criminals in America that can do whatever they want whenever they want and, not only get away with it, but also get bailed out when they make mistakes.  In case you missed it, I highlighted a powerful video a few months ago in which she made regulators squirm when confronted on “too big to jail.”  Now she has written a letter to Ben Bernanke, Eric Holder and Mary Jo White.  My favorite line is:

“If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law.”

Indeed, which is why they don’t.  Full letter embedded below.

Of Course, J.P. Morgan is Right at the Center of the Latest Italian Bank Scandal

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This should come as no surprise to anyone paying even the slightest bit of attention to the ongoing theft and fraud being perpetrated by the “too big to jail” financial oligarchs.  J.P. Morgan in particular these days seems to have its grubby, crony paws in almost every degree of theft one can imagine.  From Vatican money laundering, to running the food stamp program, to ripping off U.S. veterans, these guys have all their bases covered.  The latest?  Well it seems they were right there in the center of the latest scandal at the oldest bank in the world; Italy’s Monte dei Paschi.   From Reuters:

Feb 6 (Reuters) – Monte dei Paschi lied to the Bank of Italy about the terms of the so-called FRESH 2008 hybrid instrument, worth around 1 billion euros, which it used to partly fund its acquisition of Antonveneta, prosecutors alleged in a document obtained by Reuters on Wednesday.

In the document, prosecutors alleged that Monte dei Paschi’s then chief financial officer Marco Morelli had signed an indemnity document in favour of J.P. Morgan which was hidden from the regulator. J.P. Morgan in 2008 underwrote a 1 billion euro capital increase in Monte dei Paschi, and then structured the Fresh 2008 hybrid instrument, convertible in Monte dei Paschi’s shares, and sold it to a number of investors.

J.P. Morgan in Milan declined to comment.

Of course they did.  J.P. Morgan only likes to comment when Jaime Dimon is running his big mouth about how important his crony ass is.

Yep, clearly civilization would cease to exist without the too big to jail bankers.

Read the rest here.

In Liberty,
Mike

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