John Lounsbury's  Instablog

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tripleblack Comments (11478)
 
Yes, I read that article. LOL, struck me like the Maddof affair - someone is just not reading their mail at the SEC...

Hey, they just got several billion added to their budget! Maybe they can afford to pay a mail clerk now.
8 Nov 2009, 09:36 AM Reply Like

derryl Comments (962)
 
Thanks for the link John. I printed out the entire 18 page Taibbi article. His investigative journalism has provided what should be indisputable evidence that Wall Street's capture of its regulators is complete. Readers will have to read the article themselves to understand what justifies Taibbi in saying,

"Wall Street has turned the economy into a giant asset-stripping machine, one whose purpose is to suck the last bits of meat from the carcass of the middle class."

"Our economy is so completely fucked, the rich are running out of things to steal."

"If you squint hard enough, you can see that the derivative driven economy of the past decade has always...been about counterfeiting."

"The major players on Wall St, who for years had confined this sort of insider rape to smaller companies, had begun to eat each other alive."

Taibbi shows how naked short selling has become actual counterfeiting of stocks, with "phantom shares" showing up, for e.g., as 1.3 million shareholder votes in a company who has only issued 1 million shares of stock. Bear and Lehman were taken down by counterfeiting their stock and circulating dismal rumors about them.

When the economy started runing out of real investments decades ago Wall St got busy creating counterfeit investments. Mortgages are sold over and over to multiple buyers just like counterfeit stocks create a scenario where 2 or more stockholders both think they own the same stock. This is a whore's nest of corruption on a scale never before seen on the face of our narrow planet, a travesty of Biblical proportions.

I don't even know where to begin suggesting solutions. Annihilation seems to be the only solution sufficient to the scale of the problem.
8 Nov 2009, 10:42 AM Reply Like