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Matt Taibbi Strikes Again

by stillidealistic 5/13/2011 - 12:30 pm

Matt Taibbi is quickly becoming the journalist I most enjoy. His writing style is fun and easy to read, and he has an amazing ability to use analogies that make complex issues easy to understand.

In his latest article at Rolling Stone, he discusses the Goldman Sachs screwing of America, no, the world, and gives us a brilliant view of the fraud perpetrated by them. It will be interesting to see what happens now that the Senate has all the info the government needs to get these evil people convicted.

At this writing Goldman stock is down 2.2%. Are they really too big to fail? Will investors do the job the government seems to afraid to do? Or will they continue to get away with such OBVIOUS wrong-doing?

 

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NAH...Goldman Sacks owns Congress. They got it a shrewd short sale.

by cmaukonen 5/13/2011 - 3:11 pm

"..an advanced-stage, 1,100-pound medical emergency who hasn't left his apartment in six years, and is found by paramedics buried up to his eyes in cupcake wrappers and pizza boxes."

The man clearly enjoys his work.  Thanks Stilli. 

 

by LarryH 5/13/2011 - 7:17 pm

SEE, that is how I want to go!

by Richard Day 5/13/2011 - 10:24 pm (re: LarryH)

"Do or do not.  There is no try."  Yoda

by LarryH 5/14/2011 - 2:33 am (re: Richard Day)

Either become #1 in the World at Angry Birds, or do not become #1 in the World at Angry Birds.

There is no try.

OLD GAMERS --- ROCKIN' THE HOUSE! ;-)

by quinn esq 5/14/2011 - 3:37 am (re: LarryH)

My daughter got me onto that game, and for about a week it was all I could think about - a whole week in my life, wasted on killing green pigs! I'm off it now, but sorely tempted to do it again. It wasn't one of my proudest weeks! Ha!

by stillidealistic 5/14/2011 - 12:40 pm (re: quinn esq)

Stilli. THEY. STOLE. THE. EGGS.

Not saying you're letting people down, but somebody has to sort those pigs out. ;-)

by quinn esq 5/14/2011 - 1:50 pm (re: stillidealistic)

So they stole the eggs, here I was thinking it was you.

by bwakfat 5/14/2011 - 2:12 pm (re: quinn esq)

Well every time I think of pigs in a blanket now, I think of slumbering Wall Street fat cats wrapped up in cash and sucking their thumbs. What do they say, with ham and eggs, the chicken's invested but the pig's committed? 

by Desider 5/14/2011 - 3:45 pm (re: bwakfat)

He has some great lines, that's for sure. But he also isn't afraid to call 'em like he sees 'em. Sounds like they've got these guys dead to rights, but there they sit...too big to fail. They've got the country by the hangie downies, and no one can figure out how to make them pay for what they've done without sending the country and perhaps the world into financial free fall. Must be nice to be that far above the law.

by stillidealistic 5/14/2011 - 3:08 am (re: LarryH)

With all due respect, that's ballocks, stilli.  Bring back Elliot Spitzer.  He calls on Holder and Obama's DoJ to prosecute Goldman Sucks or quit.  The 'financial freefall' stuff is exactly how Congress was cowed into passing the bailouts, which now equal so many trillions of legalized heist that it's hard to track.

Read Mortgage Servicer Whitewash

Both Parties fellating Congress.

"When it comes to financial regulations, our choices are the Party of Make Believe versus the Party of Castrati."

by we are stardust 5/14/2011 - 8:00 am (re: stillidealistic)

On the positive side, it seems the Fed is set to adopt a pretty stringent reading of the Volcker rule, though the final detailed regs are due out in July:

Volcker was discussing the topic of proprietary trading at a time of intense debate and lobbying on Capitol Hill related to financial reform. U.S. regulators are now working to formulate the final versions of several large rules that were part of 2010's Dodd-Frank financial reform law, including the Volcker rule.

For his part, Volcker does not think it will be all that hard to identify proprietary trading. He suggested that big, unhedged market bets are easy to spot, as are patterns in a bank's trading book.

For instance, Volcker said, regulators should start asking questions if a bank has taken on big positions in certain markets or is holding assets for lengthy periods of time. The key questions, he said, are: "Why did they buy it and why are they holding onto it that long?"

"My position is that the rule ought to be enforced," said Volcker, adding that the language in the Dodd-Frank bill "is pretty strong."

A group of five U.S. regulators, including the Federal Reserve and the Securities and Exchange Commission, are in the process of writing separate versions of the provision, which are due to be released in July.

I never thought they would ultimately go this far - if the regs being floated get implemented, it would really hurt Goldman, who have a huge book in credit instruments.

But obviously they haven't finalized the regs yet...

by Obey 5/14/2011 - 8:37 am (re: we are stardust)

I will be holding my breath.  I'd venture to say that many of the regs NOW on the books aren't being enforced, so...

by we are stardust 5/14/2011 - 8:48 am (re: Obey)

I stand corrected, stardust. Excellent interview w/ Spitzer and Taibbi, both of whom I have a lot of respect for. I'm hearing them say that the whole company does not need to fall in order for the behavior to change - just one big name needs to go to prison, and it seems like THAT should be doable. But it also sounds like it will not happen.

It is amazing how many ills in this country fall back to campaign finance problems. I am searching for a "cause" that would really make a fundamental change in the way this country conducts itself, and so many seem to be just band aids. Getting the money out of politics (getting rid of the financial impact of lobbyists) may be THE single most effective way of getting our country on the right track.

by stillidealistic 5/14/2011 - 12:34 pm (re: we are stardust)

Not getting this, stilli; are you saying that it's the fault of campaign finance laws (or lack of them) that's the cause of Obama's DoJ for failing to prosecute these fraudsters?  But the same DoJ is prosecuting corporate and DoD whislteblowers and folks growing pot in states that have approved medical marijuana? 

Only way I can think you can argue that is that you figure it's okay for Obama to be captive to the banking industry so he can secure his next term with their money. 

by we are stardust 5/14/2011 - 1:17 pm (re: stillidealistic)

I think the point is that the GOP would be worse.

Just look at how Bush handled the aftermath of his financial crisis - slash - fraud scandal. Hell, he didn't prosecute anyone at Enron or Arthur Anderson or Worldcom. Those companies were just straight out bailed out and their CEOs went off scott free. Hell, he didn't even pass any regulatory reforms holding execs accountable. nothing called Sarbanes Oxley or nothing.

Oh, he did? and did? And that too?

Yes, well still. And anyway. ...  the GOP of our worst nightmares would be worse than this administration. So don't sweat it...

not to mention, the only serious person in this administration when it comes to cracking down on the rampant mortgage fraud? Sheila Bair.

Oh, she's a republican too?

Well, all the rest of em surely suck worse than Geithner and co. Right?

by Obey 5/14/2011 - 1:27 pm (re: we are stardust)

And yes, I am rather ornery today... why do you ask?

by Obey 5/14/2011 - 1:28 pm (re: Obey)

No reason, just my monitor seems to be bubbled out and breathing like wants to explode.

So you're trying to say Obama's worse than Bush? Well look at all the ways Bush tried to open up new oil drilling and derail Social Security. Obama couldn't do worse than that, could he?

by Desider 5/14/2011 - 3:39 pm (re: Obey)

Well, I think we can count on Obama reforming SocSec in a more regressive manner than the GOP - by raising the retirement age. No way the GOP would have gotten away with that. But only for the young'uns. Cuz, hey, Win Beat Sucker-Punch The Future, as they say.

Another upside of getting a GOP president would be finally getting some real deficit spending.

At least Obama didn't start a war.

He only started three.

 

by Obey 5/14/2011 - 4:12 pm (re: Desider)

Much worse; and Papa Bush's administration put over a thousand of 'em in prison, with folks like William Black investigating.  Much worse...for the bank fraudsters.  Keating Five:  Oh, yeah; that's where McCain-Feingold came from: McCain trying to keep his ruddy arse outta jail.

(Sheila's been runnig hot and cold, though, IMO.  Getting warmer again just now....we'll see.

And hell no; I ain't askin nuffin bout your grouchies.  Knees quaking and all that.

by we are stardust 5/14/2011 - 1:40 pm (re: Obey)

I think you're misreading Bair - if you're thinking of her take on TBTF banks and such. She didn't think they were too big to fail in '08 - she thought she could take them down then, and thinks she can take them down now. And she's right. It's not economically unfeasible, or legally unfeasible, it's just politically unfeasible at least as long as this Dem party runs the show.

by Obey 5/14/2011 - 1:46 pm (re: we are stardust)

not to mention, the only serious person in this administration when it comes to cracking down on the rampant mortgage fraud? Sheila Bair.

Um, Elizabeth Warren? Name ring any bells? The GOP is scared of her, for sure.

=)

Why izzit we females have to go around fixing everything? I agree with Still, the GOP wouldn't merely be worse, they'd be catastrophic, or did the last presidency escape peoples attention?

by bwakfat 5/14/2011 - 2:11 pm (re: Obey)

Don't mind me Chicken. I musta got up on the wrong side of the bed.

Warren's apparently in with a chance of getting the Consumer protections bureau nod. That would be great indeed! Yeah, the men ain't doing so hot...

;0)

by Obey 5/14/2011 - 2:36 pm (re: bwakfat)

Well, that was depressing to ponder. Thanks.

I actually do like Sheila Bair. Precious little good it does us ... but for the most part she seems pretty OK. Is it wrong to hope Geithner gets hit by a low flying helicopter?

by kgb999 5/15/2011 - 2:44 am (re: Obey)

No, what I'm saying is, if they aren't prosecuting because they're afraid the company would fail and take the country (or world) down with them, then they aren't prosecuting because they want their money to get re-elected. I'm not saying that is okay, in fact it's more whorish. But we all know they are a bunch of whores, and until it is illegal to accept money from the lobbyists, they'll keep doing it.

But my bottom line is that I can't think of much that Obama could do that would make me think he was worse than any republican. If I'm going to get screwed (and I'm pretty sure I will) I'd rather it by him than ANY republican. At least he'll consider whether or not I'm enjoying it. But that's just me. Not quite as Idealistic as I was a couple of years ago.

 

 

by stillidealistic 5/14/2011 - 4:34 pm (re: we are stardust)

And what I'm asking you to do is to consider each issue on its own, not just in terms of Red and Blue; you'll start seeing the Obama administration for what it IS, not for what it is in terms of what you think a Republican administration might be worse about.  (Crap sentence; I gotta go plant some Po.ta.toes.

But here's a great Bill Black piece from new deal 2.0.  He might help ya.

by we are stardust 5/14/2011 - 5:37 pm (re: stillidealistic)

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