November 12th 2009 - On the site of Information Clearing House it was asked by Mediachannel’s News Dissector Danny Schechter: "Will Anyone Ever Go To Jail In Connection With Wall Street Crimes?" Danny Schechter published about this the following story: "On the Hedge Fund Perps Walk Free.
November 11, 2009 - Information Clearing House - Paris: I had come from a heated financial journalism conference in a far more orderly Brussels where I had been thundering against Wall Street crime. The first news I saw from 'the homeland' was that the only two big shots busted for crimes against their investors when they ran Hedge Funds, now imploded, at Bear Stears were acquitted in a New York courtroom dramatizing the difficulties prosecutors face in achieving the “jail-out” I have been calling for.
Here’s how the NY Times covered it: “It was, prosecutors claimed, a clear case of Wall Street crime - and a chance to bring to account two culprits of the subprime age.
But jurors disagreed, and on Tuesday, two former Bear Stearns hedge fund managers were found not guilty of securities fraud in federal court in Brooklyn, in what legal experts called a setback for prosecutors hoping for easy victories in this era of bailouts and foreclosures.
The verdict, the first in a major criminal case stemming from the current financial crisis, brought to an end a two-year ordeal for the managers, Ralph R. Cioffi and Matthew M. Tannin. They had been led away in handcuffs in June 2008 and accused of lying to their investors about the precarious state of the funds they oversaw. Investors lost $1.6 billion when the funds, heavily invested in mortgage securities, collapsed in the summer of 2007. The fiasco presaged the financial turmoil that would later upend Wall Street and the broader economy.”
The jury deliberated for six hours.
The key evidence were emails that said that they considered their own products bogus while encouraging their customers to buy them. A juror said the case had not proven, and that a bad investment was not a crime. The SEC will also be taking civil action. At issue was what their emails said. Bear Stearns was a big promoter of Sub-crime subprime securities which were NOT an issue in the trial.
Explained the report: “One of the main documents in the case was an e-mail message that Mr. Tannin sent from his private Gmail account to the e-mail account of Mr. Cioffi’s wife. He wrote that the subprime market — the market to which the funds were tied — “looked pretty damn ugly,” and that if a recent report was correct, “then the entire subprime market is toast.” Days later, during a conference call, Mr. Tannin told investors that “we’re very comfortable with exactly where we are.”
They may have been “comfortable” but the families who subsequently faced foreclosure were victimized. Securities laws protect investors, not homeowners or people were talked into buying mortgages that were part of what the FBI later called an “epidemic of mortgage fraud.”
So once again, as the late Lenny Bruce once quipped, “in the halls of justice, the only justice is in the halls.”
This case was also said to be poorly brought by prosecutors. Reported Bloomberg: “Prosecutors missed the mark so widely in the fraud trial of Bear Stearns Cos. hedge fund managers Ralph Cooffi and Matthew Tanin that a juror said after their acquittal she would invest with them if she had the money.”
Reuters had reported that the defense lawyers had focused on weakness in the prosecutor’s case. One legal challenghe was the need to prove criminal intent, hard to show when defendants, as is usually the case, deny they had bad motives. In this case, as throughout the subprime industry, it was all about making money, homeowners be dammed.
Reuters described the defense: New York, November 6th 2009 (Reuters) - The government's allegations of fraud against two former Bear Stearns hedge fund managers were built on "hindsight bias," including emails selected out of context, a defense lawyer told a jury in closing arguments on Friday at their trial in New York.” “hindsight bias” suggest that the Bear Stearns duo did not know the consequences of their actions, something many in the business admit now they did realize.
“Hindsight Bias?”
The FBI has been denouncing an “epidemic” of subprime fraud as far back as 2004. On July 22, President Obama said Wall Street was “pedaling loans they knew could never be paid back.” But this issue was not raised in the trial.
CBC earlier reported that the Government blew its own case. ‘CNBC’s Charlie Gasparino reports that numerous signs, including the court’s refusal to admit some key evidence and the “blow up” of a witness, indicate that the government’s case against Bear Stearns hedge fund managers Cioffi and Tannin may be slipping away
So here you have the biggest crime of our time, massive predatory lending, widespread fraud and abuse. In the first instance the government did not regulate it, and now they can’t get it together to prosecute it.
Widely perceived criminals of all kinds will now walk while the Chairman of the Senate Finance Committee proposes new avenues for civil law suits but not cracking down.
Washington - (Dow Jones - also owned by Rupert Murdoch* - HR) - Senate Banking Committee Chairman Christopher Dodd's (D., Conn.) broad financial overhaul bill, unveiled Tuesday, includes several investor protection devices, including investors' ability to sue people who help commit securities fraud. The provision would permit private civil actions for any person who "knowingly or recklessly provides substantial assistance" to securities fraudsters.
The "aiding and abetting provisions" in Dodd's bill could be seen as something of a change for the veteran senator, who also sponsored the controversial 1995 Securities Litigation Reform Act, which limited individual investors' ability to sue securities and accounting firms in class-action stock fraud cases.
Again, the focus mostly is on protecting investors, not other victims like the American people who consume these flawed products. The New American reports though that the real purpose is to protect cobsumers.
Senator Christopher Dodd and fellow Senate Democrats are proposing to scale back the regulatory authority of the Federal Reserve and eliminate the Office of the Comptroller of the Currency, among many other provisions in a new 1,136-page bill made public on Tuesday. Dodd, the chairman of the Senate Banking Committee, blamed the Fed for alleged failures in consumer protection and regulatory oversight that contributed to last year’s financial implosion.
Senator Dodd’s bill would create a new Consumer Financial Protection Agency to protect consumers against so-called “predatory lending practices.” It would also create a Financial Institutions Regulatory Administration that would impose tighter regulatory oversight on banks. A new Agency for Financial Stability would have the power not only to enforce new financial regulations but also to break up large financial firms whose activities are deemed a threat to the economy as a whole.
Predictably Republicans and business interests are opposing new rules. As for reform, look at how health care reform has been gutted and you can see what awaits financial reform.
Meanwhile, at least the big banks are being criticized. “Many senior banking executives failed to accept responsibility for the financial crisis and neglected the need to change their behavior, Hector Sants, the chief executive at Britain’s financial industry regulatory body, said Monday.”
Ooops, sorry, that’s in Britain.
[end story] - Mediachannel’s News Dissector Danny Schechter has made a film (Plunder) and written a book, The Crime of Our Time,” on the financial crisis as a crime story. Comments to dissector@mediachannel.org
Published also on the site of Information Clearing House, where one can click on "comments" below the article to read or post comments. - Url.: http://www.informationclearinghouse.info/article23948.htm
And, concerning Schechter's article: this is a very bad phenomena which not only plagues the U.S. with its "Government Sachs"...
One of the most scary articles about Goldman Sachs was "I'm doing 'God's work'. Meet Mr Goldman Sachs." from The Sunday Times and published on November 8, 2009. - The Sunday Times gains unprecedented access to the world's most powerful, and most secretive, investment bank."
Quote: "The world’s most successful investment bank likes to hide behind the tidal wave of money that it generates and sends crashing over Manhattan, the City of London and most of the world’s other financial capitals. But now the dark knights of banking are being forced, blinking, into the cold light of day. The public, politicians and the press blame bankers’ reckless trading for the credit crunch and, as the most successful bank still standing, Goldman is their prime target.
Here, politicians and commentators compete to denounce Goldman in ever more robust terms — "robber barons", "economic vandals", "vulture capitalists". Vince Cable, the Lib Dem Treasury spokesman, contrasts the bank’s recent record results — profits of $3.2 billion in the last quarter alone — and its planned bumper bonus payments with what has happened to ordinary people’s jobs and incomes in 2009.
It’s even worse in the US. There, Rolling Stone magazine ran a story that described Goldman as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". In his latest documentary, Capitalism: A Love Story, Michael Moore drives up to 85 Broad Street in an armoured Brinks money van, leaps out carrying a sack with a giant dollar sign on it, looks up at the building and yells: "We’re here to get the money back for the American people!"
Goldman’s reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee. That’s bad for the one thing it values more than anything else: business. Being the prime target for popular and political outrage could put Goldman first in line for draconian new regulation. So it has, reluctantly, decided that the time has come to speak out, to fight its corner.
That’s how, on one of those bright autumnal New York mornings when anything seems possible — even an invitation to break bread with the masters of the universe — I find myself walking past the security guard who held up Michael Moore and into the building with no name." - [more quotes + link below]
This is one of the absolutely most scary stories I've read lately, confirming the global impact: the banks own it all, for themselves. Not for humanity.
"The Banks Own Congress"
What was it also Sen. Dick Durbin (D-Ill.) said?: "May 13, 200 - Sen. Dick Durbin (D-Ill.) has come to the same conclusion as many experts outside the senate: Big banks use campaign money to unduly influence Congress. The Illinois senator is fighting the banks on bankruptcy reform, as he seeks to garner the necessary 60 votes to prevent a filibuster. So far he’s failed.
Here’s what he told Chicago radio station WJJG: "And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place." - [end quote] - Source: 2009 Newsmax - Url.: http://tinyurl.com/yfehavw
So much for the bought, bribed and bullied 'lawmakers' everywhere in the sphere of interest of those banksters.
Just another quote to see how the article is 'presented': first comes the criticism, and finally it's all God's work: "The world’s most successful investment bank likes to hide behind the tidal wave of money that it generates and sends crashing over Manhattan, the City of London and most of the world’s other financial capitals. But now the dark knights of banking are being forced, blinking, into the cold light of day. The public, politicians and the press blame bankers’ reckless trading for the credit crunch and, as the most successful bank still standing, Goldman is their prime target.
Here, politicians and commentators compete to denounce Goldman in ever more robust terms — "robber barons", "economic vandals", "vulture capitalists". Vince Cable, the Lib Dem Treasury spokesman, contrasts the bank’s recent record results — profits of $3.2 billion in the last quarter alone — and its planned bumper bonus payments with what has happened to ordinary people’s jobs and incomes in 2009.
It’s even worse in the US. There, Rolling Stone magazine ran a story that described Goldman as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". In his latest documentary, Capitalism: A Love Story, Michael Moore drives up to 85 Broad Street in an armoured Brinks money van, leaps out carrying a sack with a giant dollar sign on it, looks up at the building and yells: "We’re here to get the money back for the American people!" [Michael Moore is a gatekeeper' too* - HR]
Goldman Sachs may be a Wall Street bank, but its role and influence in London is huge. Around 5,500 people work in its Fleet Street office, which is, in fact, two former newspaper offices joined together. Traders sit where hot-metal printers used to lay out The Daily and Sunday Telegraph and The Daily and Sunday Express. It is the most profitable bank in the City. Profits per employee averaged £181,000 a year between 2000 and 2008. Average pay this year is expected to be £458,000." - [end quote] - Source: The Times - Url.: http://tinyurl.com/ybnvnxr
It should be known that 'The Times' is owned by Rupert Murdoch, the criminal cartel's propaganda tycoon who via his publicity empire rules the world. Articles like this are always published on purpose. In this case showing some criticism, but resulting in the 'human face' of Goldman Sachs... - Url.: http://tinyurl.com/2q9l2h
It's very good to read Ellen Brown, the author of "Web of Debt" who a couple of days ago published this story: "Goldman's Profits Come from Our Pockets: Why We Need a Tobin Tax." - Url.: http://tinyurl.com/ya4q542
Interesting to check this too: Google search - Web results 1 - 10 of about 262,000 for "Goldman Sachs" +Rothschild. - Url.: http://tinyurl.com/yas9f4h
About who in reality 'runs' the United States, and who has - not only in the States - the global monetary control. We can all agree that it's an unbridled monster that rides the US and the rest of our earth; that it is long-term planning, and that millions of people died - and many daily die - because of this usury system. The 'Lords of Hunger and Depopulation' ride...*
In the US professor Quigley, who liked the idea of having one world bank and worked for 'them,' the investigative and one of the best journalists of US America, Eustace Mullins, the well known historian Anthony Sutton, and nowadays lawyer and economist Ellen Brown or Nikki Alexander describe openly the web of debt in which the majority of humanity is slowly strangled.
The Tower of Basel
This story is a very good start of the whole global Ponzi scheme, because it really is all planned by this 'Might makes Right' mad money making mafia of madmen of the BIS, to which Goldman Sachs of course belongs as one of the dominant members of the Global Board. As lawyer and economis Ellen Brown correctly explains the BIS background in "The Tower of Basel: Secretive Plans Issuing Global Currency" - Url.: http://tinyurl.com/pe3l4l
The existence of this long-term plan, via the BIS, all those power dots for global hegemony, was confirmed by the US american agent of the criminal Rothschild cartel, mr. David Rockefeller: "Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world...one world, if you will. If that is the charge, I stand guilty, and I am proud of it." - From David Rockefeller's "Memoirs" - Political Opinion - Url.: http://tinyurl.com/5ee2vv
So you see: as long as the power is in their paws, the usury and robbery just goes on. And this 'power' made it possible to steal from people, all of the time. 'Money' certainly has been made into 'the root of all evil' by them, having usurped the nuclear and financial power.
People should have understood what J. Robert Oppenheimer, scion of a prosperous family of clothing merchants, who saw it much clearer, was talking about when he meant nuclear power. The ''Manhattan project'' cost an estimated two billion [illegally extorted] tax dollars, and the first successful test of the atomic bomb occurred at the Trinity site, two hundred miles south of Los Alamos at 5:29:45 a.m. on July 16, 1945. Oppenheimer was beside himself at the spectacle. He shrieked, "I am become Death, the Destroyer of worlds."
Indeed, this seemed to be the ultimate goal of the Manhattan Project, to destroy the world. Oppenheimer's exultation came from his realization that now his people had attained the ultimate power, through which they could implement their five-thousand-year desire to rule the entire world." - end quote] - The rest by Eustace Mullins is here at Url.: http://www.whale.to/b/mullins8.html
The BIS monetary control is the origin of what the former British Prime Minister of England during the late 1800s, Benjamin D'Israeli, in his book 'Coningsby' wrote: "So you see... the world is governed by very different personages from what is imagined by those who are not behind the scenes."
And globally it all emanates not from one or other G-20 meeting, but from the BIS empire. The usurers and their collaborators have turned 'money' into the root of all evil." - [end excerpt] The rest is here at Url.: http://tinyurl.com/ydho8yg
There you'll find the inhuman Power of Basel and also Goldman Sachs deadly usury influence... Trying to wreck humanity, again and again.
The unbridled monetary monster we're confronted with is Rothschild's 'Bank for International Settlements' - the BIS in Basel, Switzerland - our global 'Department of Finances' and the unbridled monetary monster we're confronted with. A monster that has ridden us without most of us knowing and understanding it. Apparently this has been going on for ages, and a majority of humanity must be seen as victims of the BIS usury system. - "An Unbridled Monster: the global monetary system" - Url.: http://tinyurl.com/kk86q7
The effects of this usury system they'll write about though, are millions upon millions of dead human beings. Daily it's ten thousands who starve or die in another form because of this global usury. Personally I dislike a lot of 'gatekeeper' people for writing about the nefast 'side-effects' all over the world, but not mentioning Rothschild's BIS bank." - [end quote] - Do yourself a favor and read the rest of my comment. - Url.: http://tinyurl.com/yhgpwtx
Because what the present regime has done, is making money the root of all evil.
Last quote from the Goldman Sachs item: "So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God?
An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will.
He is, he says, just a banker "doing God’s work" - [end quote]
What kind of inhuman 'God' is that? Knowing that Goldman Sachs is a Moloch.*
Mammon?
Baal?
HENK RUYSSENAARS
RELATED:
* Wikipedia concerning a 'Moloch' - Url.: http://en.wikipedia.org/wiki/Moloch
Web results 1 - 10 of about 66 for "Henk Ruyssenaars" +"Michael Moore" +gatekeeper. - Url.: http://tinyurl.com/yh59q7j
* Google search: Web results for HR +"The Evil Empire". - Url.: http://tinyurl.com/y9vduyv
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