Ponderable
- Thread starter Bruddah IZ
- Start date
Wez
DA
What does that have to do with the widespread fraud that was rampant, not only here but by banksters worldwide? Fraud that has led to record fines for intentional, knowing misrepresentation of securities sold to investors. What an odd question to ask...
Wez
DA
The list of perpetrators is very long BIZ. Are you actually making a case against any criminal prosecutions? Aren't you all about people being held responsible for their actions?
Bruddah IZ
DA
Wez
DA
Sure, https://www.sec.gov/spotlight/enf-actions-fc.shtml
That is but one list among many. Now, instead of punishing the firms for the fraud committed, by it's employees and their supervisors, you charge the people. Don't hurt the company checkbook, you jail the people. Something Eric Holder didn't like to do, because he likely wanted those people as clients at the law firm he left to go back to work for. Unlike Spitzer, who had some sac to prosecute people.
So tell me again, how is saying no crimes were committed by Wall Street all about accountability?
Bruddah IZ
DA
Just when you thought this lady was evil, she turns the tables. This and the Jenga scene are two of my favorite scenes.
Bruddah IZ
DA
Wez
DA
Again, great movie, I'm missing the relevance to our discussion though.
Wez
DA
I just did, look above, your turn.
Bruddah IZ
DA
I'm good with that proof. Makes me wonder where the SEC was at while all of this transpired. How did the SEC fail so miserably given the following:
Crucial to the SEC's effectiveness in each of these areas is its enforcement authority. Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include insider trading, accounting fraud, and providing false or misleading information about securities and the companies that issue them.
One of the major sources of information on which the SEC relies to bring enforcement action is investors themselves — another reason that educated and careful investors are so critical to the functioning of efficient markets. To help support investor education, the SEC offers the public a wealth of educational information on this Internet website, which also includes the EDGAR database of disclosure documents that public companies are required to file with the Commission.
Though it is the primary overseer and regulator of the U.S. securities markets, the SEC works closely with many other institutions, including Congress, other federal departments and agencies, the self-regulatory organizations (e.g. the stock exchanges), state securities regulators, and various private sector organizations. In addition, the Chairman of the SEC represents the agency as a member of the Financial Stability Oversight Council (FSOC).
https://www.sec.gov/about/whatwedo.shtml
Bruddah IZ
DA
I have a lot to say about governments dereliction. The SEC/Treasury gives investors a false sense of security.
http://www.goodreads.com/book/show/15737379-bailout
I'll read the quote from p. 181, paragraph, it says: "In that respect, Geithner's opening of the spigot of taxpayer cash for AIG was more of a bailout of the banks than it was for AIG itself. The government thereby sent Wall Street a very dangerous message. Counterparties who do business with financial institutions, whose collapse could have devastating consequences for the entire financial system, needn't do due diligence or worry about their counterparty risk. Instead, they can rely on the government to bail them out"
Wez
DA
So your're more interested in fighting and name calling, then discussion?
So far, you have been ignoring or not understanding my responses. I don't see any point to repeating them.
You don't seem to be interested in examining the undoctored video. Ask yourself why that is so.
Some other questions you might ask yourself - how did you find this clip? Who created it? What was the motivation of the creator?
Wez
DA
I'm not ignoring, I obviously don't understand your responses, as written. Help me out.
I don't have an "un-doctored video", there is no conspiracy about me not being interested in a video I don't have. If you have it, post it.
I found the clip from a friend. I have no idea who created it or their motivations, they obviously feel, like I do, that GJ's opinion on why there have been no Wall Street prosecutions, is way wrong.
I ask you again, after me having answered every one of your questions, : "Does GJ think the lack of Wall Street prosecutions is due to no crimes being committed, or not?"
Wez
DA
I'm no fan of Geithner and the bailouts. Geithner, among others was part of the power structure that was in place leading up to the crisis and what I thought was going to get cleaned up by BO. Sadly, BO's greatest failure was being soft on Wall Street and failing on every promise he made in regards to Wall Street.
Wez
DA
The SEC suffers horribly from Regulatory Capture and the Revolving Door. They also are very underfunded, which is normal in Gov. People squawk about needing regulations and then under fund the ability to enforce regulations.