Robespierre

Bear Verdict Should Please Wall Street

Agreed on all except they will never "take all their money to the bank". They are greedy and sociopaths but not fools


On Nov 11 08:58 AM AndrewBaker wrote:

> Bad judgment and greed aren't crimes: agreed, but the mentality that
> these people have is no better than that of a criminal, only they
> don't break laws that will make them that.
>
> The difference between breaking in and stealing someone else's goods,
> and taking their money in, high risk gambling with it, and telling
> them it's been lost in a bad investment, is not one of criminal or
> not criminal but one of morals and ethics. These financial workers
> have as low if not lower morals and ethics than a criminal when it
> comes to regard for others and their possessions, and the effect
> that depriving them of such has on people and their families.
>
> One big difference is a criminal goes to jail, whilst a stupid financier
> languishes in his expensive home, leaving it only to laugh all the
> way to the bank.

Bear Verdict Should Please Wall Street

BTW the S&L crisis "produced" 100s of investigations and 100s of successful criminal sentences and as far as debacle it was orders of magnitude smaller that our current crisis. Of course the current one has an SEC that refuses to investigate and an FDIC/FED who allows bankers to lie with impunity : "Banks are moving quickly to restructure commercial mortgages under new U.S. guidelines that are more forgiving of battered property values and can help banks avoid bigger losses.

Citigroup Inc., regional bank Whitney Holding Corp. and other lenders around the country are planning to review loans now considered nonperforming to determine if they can be reclassified under the guidelines announced Oct. 30 by bank, thrift and credit-union regulators, according to bank executives and people familiar with the matter. The moves could help the banks absorb fewer losses on troubled real-estate loans and preserve capital.."

Of course being able to hide loses means that these banks will show a fake profit that will produce very REAL bonuses for them. Funny how "greed and stupidity" works so well for the individual bankers and so badly for the banks and tax payers!

Bear Verdict Should Please Wall Street

"But bad judgment and greed aren’t necessarily crimes.

Going forward, prosecutors will have to make sure they really have the goods on Wall Street executives before trying to criminalize sheer stupidity."

So interesting that their "bad judgment and greed" always produces millions of dollars to them and loses to tax payers. I would like to see for once one of these executives lose ever single penny of THEIR own wealth because of what you call : "bad judgment and greed"

BTW every year 100s of people are set free for many different crimes such as theft, homicide etc. I guess other criminals should feel very safe if we follow your logic of: "The quick verdict by a federal jury in Brooklyn will send a chilling message to other prosecutors looking to hold Wall Street executives responsible for the events that sparked the Great Recession."

How Paulson Gave Goldman the Lehman Heads-Up

GS, JPM and others are not being investigated by the federal government because the federal government does not feel like investigate it them. This and the previous administration have and had the tools to do it, if not with the SEC (useless) then with the homeland security agency. Isn't what these people allegedly did closer to financial terrorism than anything else? Didn't they bring the nation close to collapse? They call themselves CEOs of the financial industry. They look more like capos of organize crime families to me dividing up the country to make it easy for them to loot. The irony is that they are financing the looting with tax payers money - Change you can believe in -