Tags: Too big to jail

Chart of the Day – Americans are NOT Happy

Screen Shot 2015-08-04 at 2.00.55 PM

Readers of this site don’t need me to tell you, but the following statistics from the Wall Street Journal prove that despite record stock prices and non-stop propaganda, fewer and fewer people are believing the hype.

We learn that:

On a benchmark measure of Americans’ unease, 65% of those surveyed said the country is on the wrong track. That is the highest level of unease since November 2014, and nears the levels seen at other historical moments of voter discontent.

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

How UBS Sent Millions to the Clintons After Hillary Saved the Mega Bank While Secretary of State

Screen Shot 2015-07-14 at 1.54.30 PM

A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.

If the case proceeded, Switzerland’s largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.

Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.

From that point on, UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according the foundation and the bank. 

The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.

– From today’s Wall Street Journal article: UBS Deal Shows Clinton’s Complicated Ties

The best part about Hillary Clinton’s run for the Presidency, is the endless series of scandals and shadiness that inevitably comes along with being part of an entrenched status quo family that prioritizes the accumulation of wealth and power above all else. The reason Barack Obama was able to generate so much genuine “hope” prior to his election in 2008, is because he was a complete unknown. He could say all the right things, and it was easy for people to believe the hype.

The exact oppositie is true of Hillary. No one believes anything that comes out of her mouth. Everyone knows she is dishonest, shady, and as Camille Paglia perfectly summarized in her Salon article today:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

“Bank Lives Matter” – Obama Administration Makes Another Move to Protect Profits of Criminal Mega Banks

Screen Shot 2015-07-16 at 10.44.41 AM

Three top Democrats are accusing the Department of Housing and Urban Development of quietly removing a key clause in its requirements for taxpayer-guaranteed mortgage insurance in order to spare two banks recently convicted of federal crimes from being frozen out of the lucrative market.

HUD’s action is the latest in a series of steps by federal agencies to eliminate real-world consequences for serial financial felons, even as the Obama administration has touted its efforts to hold banks accountable.

– From the Intercept article: Obama Administration Finds New Way to Let Criminal Banks Avoid Consequences

Two days ago, I highlighted a feel-good story about how officials in Santa Cruz County decided to take mega bank criminality into their own hands by voting to cease business relationships with five criminal TBTF mega banks. Here’s an excerpt from the post, Santa Cruz County Votes to Cease Doing Business with Five TBTF Mega Banks:

“There seems to be no limit to the greed in some our nation’s largest banks. I believe it is critical that the County only work with the most trustworthy institutions as we invest and protect the public’s tax dollars. Santa Cruz County should not be involved with those who rigged the world’s biggest financial markets.

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

Santa Cruz County Votes to Cease Doing Business with Five TBTF Mega Banks

Screen Shot 2015-07-14 at 3.23.09 PM

This is impressive. Very, very impressive.

It appears that Ryan Coonerty, the Supervisor of the Third District of Santa Cruz County, wrote a letter back in June to the rest of the Board of Supervisors, in which he bravely pleaded the county cease business operations with five of the TBTF Wall Street Mega Banks. Why you ask? Well, because they are criminal felons. Considering Eric Holder refused to punish them (see: Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job), someone has to take a stand.

Here are a few choice excerpts from the letter:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

JP Morgan to Pay Another Slap on the Wrist Fine for Engaging in Systemic Consumer Credit Card Debt Fraud

Screen Shot 2015-07-08 at 11.16.16 AM

Just yesterday, I published a post titled: Florida Man Sentenced to 2.5 Years in Jail for Having Sex on the Beach. The purpose of that post wasn’t to justify his actions, but rather to highlight the difference between how average citizens are treated under the U.S. “justice” system, and how thieving, remorseless financial oligarchs are treated.

While, Mr. Caballero may have ruined the day of a few beach goers by crudely having sex on a public beach in broad daylight, he didn’t run the U.S. economy into the ground and cause destitution to tens of millions of Americans. Nor did he received trillions in taxpayer backstops and bailouts, only to turn around and pay himself a record bonus and then carry on with extremely profitable, illegal financial schemes. No, it was the bank executives who did (and continue to do) all of that. Guess who ends up in prison?

And now, for the latest financial scam perpetrated by JP Morgan, as well as the insignificant slap on the wrist fine, I present the following from Reuters:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

Florida Man Sentenced to 2.5 Years in Jail for Having Sex on the Beach

Screen Shot 2015-07-07 at 1.20.28 PM

Back in May, I highlighted the case of 40-year-old Jose Caballero, who faced 15 years in jail for having sex on a Florida beach in broad daylight. Here’s an excerpt from the post, titled: Florida Man Faces 15 Years in Jail for Having Sex on the Beach (Still No Bankers in Jail):

This story demonstrates how completely and totally broken the U.S. justice system is. Should this couple have been having sex in public and in broad daylight? Absolutely not. Should there be some sort of punishment? Absolutely.

That said, the punishment should fit the crime in a just civilization, and 15 years behind bars for public sex is more akin to what you’d expect in Saudi Arabia. It’s particularly appalling when compared with the license to commit fraud and steal, which politically connected oligarchs have been granted. After all, who was really harmed by this couple’s act? Sure, some tourists may have had their day temporarily ruined or inconvenienced. A three-year-old girl may have seen something, but would probably have no way of understanding what it was. On the other hand, criminal bankers have demonstrably ruined the lives of hundreds or millions, if not billions, of people across the globe. Yet not a single TBTF executive has been prosecuted. They were bailed out instead.

Meanwhile, what about the pastor who faces only four months for molesting a little girl. Yes, you read that right. Our society is so completely fucked up, that two people irresponsibly making love in public will have their lives ruined, while a religious authority caught molesting a little girl receives a slap on the wrist.

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job

Screen Shot 2015-07-06 at 6.51.52 PM

Trying to determine Barack Obama’s most corrupt, crony appointee presents a virtually impossible task. Every single person he’s appointed to a position of power over the course of his unfathomably shady, violent and unconstitutional presidency, has been little more than a gatekeeper for powerful vested interests. Obama’s job was to talk like a marxist, but act like a robber baron. In this regard, his reign has been an unprecedented success.

All that said, if anyone is a top contender for the worst of the worst of the Obama Administration, it’s Eric Holder. As head of the Department of Justice, he was the one man who could’ve played an enormously positive role in American society, by punishing those responsible for creating the financial crisis that destroyed tens of millions of lives globally. Instead, he chose to actively protect the financial oligarchs and ushered in a tragic new era for these United States. One in which the world suddenly realized that the U.S. is little more than a glorified oligarchy. Essentially an aggressive Banana Republic armed with nuclear weapons and the swagger of a third world dictator.

Holder’s list of failures and evidence shameless cronyism are virtually endless. I’ve covered many of them on this site. Here are just a few:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

“He Woke up on 3rd Base and Thought He Hit a Triple” – A Community Banker Responds to Jamie Dimon

Screen Shot 2015-04-10 at 2.38.07 PM

The recent shareholder letter by JP Morgan CEO Jamie Dimon provides a crystal clear example of why it’s so dangerous to encourage and subsidize the corporate welfare babies known as the “Too Big to Fail” mega banks. The letter, which features a gigantic photograph of the executive seated casually with legs crossed in jeans, a shirt that appears almost uncomfortable around his neck in the absence of a tie, and all ten fingers touching flawlessly in what undoubtably took multiple takes to provide the sufficient creepiness factor (the presence of presidential cufflinks cannot be confirmed or denied), expounded on how well the mega banks performed during the financial crisis compared to the hundreds of small banks that failed.

This was understandably too much to handle for Camden R. Fine, president and chief executive of the Independent Community Bankers of America. He wrote a scathing piece in American Banker in rebuttal titled, Dimon’s Defense of Big-Bank Model: An Exercise in Hubris.

Here are some choice excerpts:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

Four “Too Big to Fail/Jail” Banks Threaten to Hold Back Funds to Democrats Over Elizabeth Warren

Screen Shot 2015-03-30 at 1.49.14 PM

Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege.

However, the worst part of this story, is that while Warren is harsher than most of her completely bought and paid for colleagues, she is still pretty meek when it comes to the big bank oligopoly. In her most misguided position, she doesn’t even support an audit of the largest organized crime institution operating within these United States, the Federal Reserve. Oh and for those of you who will claim the Fed is already audited, think again. Read: The Fed Impedes GAO Audits by Destroying Source Documents.

Thus it seems even Warren’s meager push for reform is simply too much for the thin skinned bailout baby banks to handle. From The Hill:

Read the Full Article »

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.

Eric Holder and the DOJ Have Spent Millions of Taxpayer Dollars on Unreported Personal Travel

As the Attorney General of these United States, Eric Holder is the top legal advisor for the entire nation. As such, he has been in a position to help punish financial criminals and the mega-banks for the crimes they committed in the run-up to the financial crisis, and the egregious looting thereafter.

Despite his unique role, Eric Holder has spent the past five years taking absolutely zero action on any matter of national significance. In fact, his major claim to fame appears to be that he has solidified the creation of a group of untouchable criminals known as the “Too Big to Jail” class.

So what does Eric Holder do in his spare time, you know, when he isn’t coddling financial oligarchs and running firearms into Mexico? Apparently, according to a recent study from the non-partisan Government Accountability Office, he likes to hop on government planes for personal trips at taxpayer expense. Serfs up suckers!

From The Washington Post:

The agency that tracks federal travel did not report hundreds of personal and other “non mission” trips aboard government planes for senior Justice Department officials including Attorney General Eric Holder and former FBI Director Robert Mueller, according to a watchdog report.

Congress’s nonpartisan Government Accountability Office determined that the 395 flights cost taxpayers $7.8 million. But the General Services Administration, which oversees trips aboard federal jets, did not require documentation because of a GSA reporting exemption that covers intelligence agencies, even in cases of unclassified personal travel.

The findings, released Thursday, came out nearly 19 months after Republican lawmakers began questioning Holder’s use of an FBI jet for travel unrelated to Justice Department work. Sen. Charles Grassley (R-Iowa), the ranking member of the Senate Judiciary Committee, asked the GAO to look into the matter.

For security reasons, attorneys general are required to use non-commercial flights when they fly, and they have access to Defense Department jets. However, they must reimburse the government for personal trips.

Oh right, good luck with that. I’m more likely to have dinner with the Easter Bunny tonight.

Full article here.

In the spirit of this article, I suggest watching this classic Eric Holder video clip that I highlighted last year. Enjoy:

In Liberty,
Michael Krieger

Like this post?
Donate bitcoins: 1LefuVV2eCnW9VKjJGJzgZWa9vHg7Rc3r1


 Follow me on Twitter.