SEC Taste Test: Criminal Government Is 200 Proof
BERNANKE CRIME SYNDICATE
By John Titus, Creator and Executive Producer of Bailout.
Less than 3 months ago here on Daily Bail, I took note of the debate shaping up over the appointment of Mary Jo White to head the S.E.C. Specifically, a rather heavy majority of financial pundits who should know better coalesced into a coterie of Mary Jo cheerleaders telling everyone who'd listen that she'd make a terrific financial regulator.
This parade, I said, was certain to encounter rain if not a monsoon amid such rampant sunshine and optimism: opinions in favor of Mary Jo were running at about 7/2, making the bet-against a fantastic overlay. At the time I lamented: “I only wish there were some way to take action on how quickly and how massively Mary Jo White will fail as a regulator.”
It did not take long.
Bloomberg has confirmed that the happy bandwagon has disappeared over a cliff forever with White’s deployment of the hackneyed cliché used by every kleptocrat when excusing the wantonly criminal behavior of her owners: we must look forward, not backward, in this case to solve our economic problems. The identical phraseology appeared on Obama's inaugural teleprompter session four years ago.
'We must look forward' is code, of course, for 'we're going to let the criminals tells us if they should be punished.' Which makes government stooges like Obama and Mary Jo White accessories after the fact. But hey, they'll get rich stealing from everyone else. And that's all that matters any more.
With her official (and predicted) exoneration of all frauds on Wall Street--even the ones that haven't been committed yet--Mary Jo White has now become an official member of the global kleptocracy.
This bodes poorly for the rest of us. The untrammeled fraud eating away the vital organs of the American body like a voracious parasite will only accelerate under Mary Jo White until so much money has been sucked out of the victims (99.99% of people) that the entire Ponzi scheme that is the U.S. economy collapses into dust.
Until then, the global kleptocrats will steal everything not nailed down (read: your bank accounts and pension plans) before they pry up floorboards to loot assets directly from grandma's basement--all with the active assistance of the U.S. government. Thank you, Mary Jo, and welcome to the Washington, D.C. Syndicate!
Condolences to Christopher Whalen, Neil Barofsky, Dennis Kelleher, and everyone else who tried using Kool Aid as a cutter for the 200-proof criminal enterprise that is the U.S. government. Next time remember to just say no. Congratulations to Matt Taibbi, who fearlessly asserted that appointing the 7/2 dark horse White was "putting the fox in charge of the hen house."
This Clip Explains Everything
SCENE FROM THE UNTOUCHABLES
Previously from John Titus:
Image by William Banzai7
May 8, 2013 at 8:52 PM
Reader Comments (14)
http://www.bloomberg.com/news/2013-04-18/sec-to-move-past-financial-crisis-cases-under-new-chairman-white.html
Source for this story.
http://www.silverbearcafe.com/private/05.13/thenandnow.html
http://takimag.com/article/the_orifice_of_omaha/print#axzz2SdUfac5a
Another member of the crime syndicate
The Don: Not to our paison. Give it to a jewish congressman in another district. Who's next on the list?
Place Holder wins, banks win, justice prevails.
They're feeling no pain from any source, so they'll continue to Cause pain. When they get painfully Hurt, they'll stop...
http://www.reuters.com/article/2013/08/13/us-sec-stanford-lawsuit-idUSBRE97C0O820130813
[snip]
(Reuters) - A federal judge in Florida has thrown out a lawsuit accusing the U.S. Securities and Exchange Commission of negligence for failing to report that the now-imprisoned swindler Allen Stanford was running a $7.2 billion Ponzi scheme.
U.S. District Judge Robert Scola in Miami said the market regulator was shielded under an exception to the Federal Tort Claims Act that bars claims arising from misrepresentation or deceit.
The plaintiffs, Carlos Zelaya and George Glantz, said they lost a combined $1.65 million with Stanford, and sought class-action status on behalf of investors who were victims of his fraud. They plan to appeal Monday's decision, their lawyer Gaytri Kachroo said. SEC spokesman Kevin Callahan declined to comment.
Stanford, 63, is serving a 110-year prison sentence after he was convicted on criminal charges in March 2012 for a fraud that the government said was centered in certificates of deposit issued by his Antigua-based Stanford International Bank.
U.S. Chamber calls for long list of reforms for SEC enforcement program
http://www.reuters.com/article/2015/07/15/us-sec-chamber-enforcement-idUSKCN0PP0T120150715
The U.S. Chamber of Commerce called for numerous reforms to the Securities and Exchange Commission's investigative process on Wednesday, in a new report some of whose provisions the markets watchdog said would weaken its ability to protect investors.
The Chamber's key recommendations lay out ways to bolster due process for defendants in SEC enforcement actions by strengthening policies surrounding in-house trials, admissions of wrongdoing and "Wells notices," sent by the agency as a final warning to companies and individuals that it plans to bring charges against them.
"SEC enforcement should have a fair process for all to ensure that the rights of the accused are preserved while allowing the process to achieve its goals of finding truth, punishing wrongdoers and preventing future harm," the Chamber wrote.
The Chamber's report in particular takes aim at SEC in-house trials.
The 2010 Dodd-Frank law expanded the SEC's powers to bring more cases against defendants through administrative proceedings instead of federal courts.
In administrative trials, an SEC judge presides over the hearing. Such trials are usually expedited, there is no jury, and discovery is limited.
Critics say in-house trials violate their constitutional rights…
=== Now for them punch line ===
...SEC Chair Mary Jo White, a former federal prosecutor, has made tough enforcement a signature piece of her tenure.
In 2013, she launched a policy allowing the agency to extract admissions of wrongdoing in certain egregious cases - a departure from the past practice of letting defendants settle without admitting or denying the charges...