Well, I will give the SEC some credit, at least they are following the due process clause. Go after them civ. first, then crim. after the guilty verdict is rendered in the civ. case.

Karl - Would you see any value in one of us creating a site to list would-be governmental and corporate criminals, who have gotten away with minimal punishment?

It would need a short, catchy URL name, and would be super easy to navigate. It should have charge(s), min/max penalties, applicable mandatory criminal charges, and whether charges were applied.

If it were simple enough, do you think it would be something even MSM could ignore?

Obviously it would be a magnet for law suits...

0321: Sorry, but no. Statute of Limitations.

Just another day and another bankster getting a slap on the wrist...

Makes me sick.

Karl, the real purpose of SarbOX was to create barriers in accessing public capital for upstart companies that could threaten TPTB.

Imagine how Joe store robber or joe bank robber is feeling. He got 20 years in jail meanwhile joe bank CEO gets a civil suit.

Karl the SEC only does civil filings not criminal. The SEC can refer the case to the DOJ. Wrong branch if you want criminal charges as I recall.

Quote:

The SEC can refer the case to the DOJ.

You wouldn't know it from recent experiences.

There is a ton of p0rn on the interweb to sort through and examine. It's amazing the SEC was able to do both and catch this difficult and complex scam these mastermind criminals pulled off.

Praised and lauded just like Skilling, Ebers and other ponziholes.

IndyMac Bank's CEO, Michael Perry, Honored With Ernst & Young Entrepreneur of the Year Award.
Publication: Business Wire
Date: Friday, June 28 2002


http://www.allbusiness.com/banking-finan....

Yep both I and Hedgie were all over this ****wit at the time.

The reason there are no handcuffs is because Eric (place)Holder can't find them with tracking dogs, a bloodhound, and the big X marks the spot on a map.

Eric holder? who dat?

He been on idol? WOrks for CBS?

Yes he does. Works for Captain Bull ****, alright.

"Oh captain, my captain."

Why does anyone still ask about handcuffs? It's been clear through this whole ordeal that will NEVER happen. This heist was sanctioned from the top.

The only ones who go to jail are the little guys get nailed for petty theft or something else that didn't really hurt anyone, and was probably done out of necessity (ie- they were starving).

Meanwhile, these thugs get to go enjoy the large sums of money they stashed away, lavish homes and other "perks" - for being criminals and playing a major part in the destruction of millions of lives with their frauds.

Some are even growing their 'wealth' by playing the Ponzi market. I heard from a friend that the "tan-man" Angelo Mozilo is actually daytrading the market. I wish there was a way to confirm that, but it honestly wouldn't surprise me; not much does anymore......

I think we are going to need to start finding lawyers to initiate class action suits against these people and corporations. I find it funny when shareholders sue their own companies to get back their money lost due to something. That is absurd. Why not sue the Wall Street banks and their analysts? Seems the State of NY seems to be able to collect pretty easily out of schemes you know these guys have done over and over again. Has accounting become so fraud based that someone who hasn't been out of college at least 30 years can't see the crap? I know the norm on Wall Street is to hire some Ivy League Liberal Arts degree son or daughter of some connected person on Wall Street and give them a job as an analyst. The buy/sell recommendations given the public are based on opinions of people that couldn't read the financials of a hot dog stand, much less the complexities of a bank ledger or a tech corporation.

When the NY attorney general (the one that became governor) sued Merrill Lynch for $100 million back in 2002, anyone with a brain knew Merrill made 10 to 100 times that much doing what they were found out doing. Enron was running a scheme taught them by Wall Street. I think it was BAC and C, but it could have been others instead that were found complicit in this game. These are not isolated incidents, but industry wide activities, some legitimate and many not so legitimate. The asbestos claims seem to have stuck for the last 30 years, even with limited exposure. What about the rest of the game. The disclaimer on the agreement signed to open an account shouldn't cover intentional misrepresentation of what they recommend the customer buy. This is true whether it be ENE or some CDO, a Mom and Pop or a pension fund.

Lastly, every SOB found to be involved, if not sent to prison, should be stripped of every dime they made out of the scheme treble, meaning they move out on the street if it so be and barred from working in any regulated industry. They take drivers licenses away from deadbeat Dads or Moms and their state issued business licenses too. Like Gen mentions, these crooks seem to keep popping up. The traders that sunk Enron and gamed the system keep showing up in outfits that are gaming the energy markets as we sit here paying them. The guy that ran the AIG Financial Products was with Milken in the 80's. How many times do you let a drunk driver wreck a car and do damage before you get his keys away from him? In fact, it appears that stealing millions is a lesser crime than driving a drink over an arbitrary limit.

They aren't interested in doing the right thing and prosecuting these crooks. But you can be sure they'd arrest you or me if we refused to pay our taxes used to bail them out.

Lay and Skilling were guilty of A LOT LESS, IMHO. How times have changed.

In reality the banker baseball game needs to start with boiled rope by the consent of the governed.

Karl, I know it is probably impossible to tally up the whole cost of the Fed/banker real estate bubble but if we were to take a number of around 3 trillion, how many Madeoff's would that be? If Madeoff was around 50 billion then the total RE bubble cost would be the size of 60 Madeoff's.

Sadly the SEC guys involved in this case will be next in line for promotion. They get an award too for 'diligent service above and beyond the call of duty'.

How can you possibly expect a system that is funded by campaign contributions or in simple terms "Bribes + Payoffs" from vested interests to behave any differently than it does? If you expect politicians who take millions in campaign contributions from the Financial Sector, Health Care, Military Industrial Complex or any of the other Organized Crime Cartels to turn around and bite the hand that feeds them then dream on.

The Syndicates, Cartels, Organized Crime Families, Special Interests or whatever you prefer to call them get to pick the "Candidates or Made Men" that they will fund then offer them up as choices in an election. They are all bought and paid for team players or they would never be offered up as a "choice" in the first place. He who has the gold makes the rules, some things never change and thats the first rule.

According to what Jim Chanos said on CNBC the other morning, Royal Dutch Shell may be doing something similar to what WaMu did, that is "they are borrowing their dividend.” Chanos is short many of the big oil corporations (except BP), but I don't know if it was all because of the same reason.

Speaking of IndyMac, Michael Perry was a protege of none other than Angelo Mozilo!

Ludanjack: Lay and Skilling weren't banksters. That's the difference.

Mike57 wrote..

How can you possibly expect a system that is funded by campaign contributions or in simple terms "Bribes + Payoffs" from vested interests to behave any differently than it does? If you expect politicians who take millions in campaign contributions from the Financial Sector, Health Care, Military Industrial Complex or any of the other Organized Crime Cartels to turn around and bite the hand that feeds them then dream on.

Candidates for the House should be disallowed from receiving a dime from a human being or a corporation domiciled outside their districts, for Senate from outside their state. That is, they should only be allowed money contributed by the people and firms THEY CLAIM THEY WANT TO REPRESENT.

That would be real campaign finance reform. Which means it's never going to happen this side of a political collapse and reset.

A tangential aside to the whole meme is that essentially as long as the taxpayer 'foots the bill' and he will as Mr. Buffett states here, the games will continue and no one of true import will ever 'go to jail' for this government-endorsed 'reallocation' of resources being applied towards the avoidance of a nationwide financial calamity. Buffett didn't come right out and say this, but essentially this is what he meant but couldn't say.

Don't you see Karl, when a 'crime' is committed during the process of saving the patient, is it really still a crime?

http://www.moneynews.com/Headline/Buffet....

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