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Desc:Why Wall Streets leaders have escaped prosecution for any fraud related to the sale of bad mortgages
Category:News & Politics, Horror
Tags:banks, frontline, mortgages, global financial crisis, absolute evil
Submitted:jangbones
Date:01/24/13
Views:1675
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Comment count is 17
jangbones
In case you aren't convinced that the banks committed serious crimes, here are a few additional quotes;

New York Times; "The financial crisis, fomented over years by big banks and presided over by executives, involved reckless lending, heedless securitizations, exorbitant paydays and illusory profits, all of which led to government bailouts and economic calamity."

Alan Greenspan; "a lot of that stuff was just plain fraud."

Glenn Greenwald; "the evidence that felonies were committed by Wall Street is overwhelming."

Martin Smith, the producer of this documentary; "well, the Justice Department called and said they thought it was a hit piece, that I came with an agenda and that they will never co-operate with us in the future."
FABIO
Money? Is the answer "money"?
Jet Bin Fever
Banker is the least respectable job you can have these days, far below crack whore or even politician.
cognitivedissonance
Yeah, if "Mary Poppins" was made today, it would be about the Walmartstockers family.

wackyakmed
Lanny Breuer, then head of the Department of Justice's criminal division, gives up the game here. He comes right out and says that the economic effects of prosecuting multinational banks was a major factor in not bringing charges.

Meanwhile, the bastards hound people like Aaron Swartz literally to death for believing that information should be free to all.
deadpan
It's not much, but Lanny Breuer has just resigned from DOJ over this documentary. I'm sure he'll land somewhere comfortable down on Wall St.

FABIO
I can't remember if it was someone here who said that one of the biggest things that could be done to fight government corruption is not allowing government regulators to take a position in the industry they regulate at any point in the future.

Of course any such measure would be shot down by "right to work" advocates.

deadpan
It's been a few years but I'm pretty sure Dodd-Frank had a no-revolving-door clause at one point to prevent that sort of cycling from regulator to industry, but it got killed along with a whole lot of other good ideas that were in the early bill.

jangbones
I believe that the tipping point was passed long ago...collusion between financial institutions and the government is no longer epidemic but endemic

SteamPoweredKleenex
What's incredible about this no-prosecute concept is they keep talking about a lack of confidence. How can confidence, by most of us who aren't wealthy, be any lower?

- The bankers are crooks.
- They'll fuck the economy for the 99%.
- The 99% will have their tax money used to bail them out.

What could lower confidence more? They'll stop hiring? They've already done that. They'll stop making new jobs? Where, in China? Go nuts, guys. They aren't creating jobs, they're not actually making anything, they're not trying to improve anything. They're just setting up ways to plug the numbers in their bank accounts and portfolios into Wall Street and make it go up.

The "confidence" they're worried about is the 1% who wouldn't be able to magically "make money" by trickery, accounting bullshit, and creating bubbles that destroy actual jobs, businesses, and lives. But hey, they earned it, right? Fuck anyone who still believes that.

The whole concept that a consumer-based economy can't work without consumers having money just seems lost on these and many other assholes.

memedumpster
We all decided long ago that we'd rather live in a criminal slave-state than an honest wasteland. I would like to go on record as officially hating the shit out of society for that and consider us all traitors to life itself.

TeenerTot
Saw this on TV. Made me sick, like a lot of Frontline shows do. And someone needs to punch Breuer in the face.
The Mothership
Look at Breuer's mouth and think of the navigators from Dune. Makes you want to punch it, hard.

The Mothership
evil.
Gmork
5 for evil.
John Holmes Motherfucker
This seems to be relevant. From another Frontine documentary, Alan Greenspan on how Fraud is not a crime, or shouldn't be enforced.

http://www.youtube.com/watch?v=IO4-4gLgymM&feature=share&list= UU3HXSAvjAKwDpi2Khefv1CQ
That guy
Not one word about our president so far?
Is Obama not ultimately in charge of the DOJ and whether or not to proceed with prosecution?

'Bringing down banks will ruin our country', thus robbing bankers of the pleasure of doing it themselves, right?
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