How To Achieve Real Campaign Finance Reform

[Toddsterpatriot]

Yes.

So different than a bucket shop.

 

[my2¢]

I don't like all the money that flows into political campaigns but I don't see it as an issue. Now if I was running for national office I would run as an independent and make a point to limit contributions and spending. I'd relate that to the irresponsible handing of the national budget by both Democrats and Republicans. But do voters really give a crap? This past election I didn't check out campaign spending of any candidate. I voted first and foremost against the election deniers and my next priority was offsetting control by either major party, and finally the competency of the candidate.

 

[g5000]

So different than a bucket shop.

You enter into a contract in a bucket shop. A bet is a form of contract.

 

[g5000]

And all that requires much more than one committee chairman.

.

Not really. Tax expenditures have been placed in the tax code at a rate of about one a day ever since Reagan reformed the tax code in 1986.

It is ridiculously easy.

 

[Toddsterpatriot]

You enter into a contract in a bucket shop. A bet is a form of contract.

Hopefully your derivative counterparty is more reliable.

 

[g5000]

Wow!

Ok, so how did the Fed get the power to stop the States from protecting their own citizen's finances from this?

Were there SC rulings? Hasn't anyone sued, showing the usurping of State power.....?

I have many, many times over the years asked why some Fox News host was not pounding their desk at this usurpation of states rights.

But they didn't. Because it was done by Republicans.

This is what I mean about the media abdicating their primary role of protecting our democracy. The partisan hackery of the propagandists has allowed our democracy to be stolen out from under us.

How does the federal government get away with this legally? Easy peasey. The Supremacy Clause of the Constitution.

All the federal government has to do is explicitly state in writing they are seizing that power. And then their butffucking buddies in the media just have to stand silently by.

Scary, huh?

https://sgp.fas.org/crs/misc/R45825.pdf

The Supreme Court has identified two general ways in which federal law can preempt state law. First, federal law can expressly preempt state law when a federal statute or regulation contains explicit preemptive language. Second, federal law can impliedly preempt state law when Congress’s preemptive intent is implicit in the relevant federal law’s structure and purpose.

 

[g5000]

Hopefully your derivative counterparty is more reliable.

They aren't. That's the beauty of the game if you are a fraudster. Your marks have no clue you are ripping them off.

That's why bucket shops were outlawed everywhere.

But Wall Street wanted to create their own form of bucket shop, and so they got the politicians they owned to pre-empt state laws so the fun times could roll.

I can give you an example: A Goldman Sachs CDO assigned the name Abacus 2007-AC1.

A hedge fund manager named John Paulson cooked up a crooked deal with Goldman Sachs.

Goldman Sachs allowed Paulson to handpick the most toxic assets he could find and pack them into a CDO.

Goldman Sachs then sold the CDO to investors. If my memory serves me correctly, one of the investors was a firemen's pension fund. At any rate, a fireman's pension fund was ripped off bigly by a similar deal.

Paulson then bought a credit default swap betting against Abacus 2007-AC1. In other words, when (not if) the CDO imploded due to being built out of toxic fucking waste, Paulson would make a huge profit.

As it turns out, the investors lost $1 billion. Goldman and Paulson made $1 billion.

You know what a Wall Street broker does after they hang up the phone after they defraud an investor?

"I ripped his fucking face off!"

They actually say this.

It's a joke to them. They care fuck-all about stealing retirement money from firemen.

This kind of fraud occurred countless times. I have the actual names of other Wall Street brokers who did the same thing.

It is only due to the ignorance of the American people and the abdication of the American media that these people have not been shot down in the street like dogs.

 

[g5000]

Judge okays RMBS fraud lawsuit against Goldman Sachs

A U.S. federal district judge is giving the go ahead to a class-action lawsuit first filed in 2010 by the Detroit firefighter and police pension fund accusing Goldman Sachs (GS) of fraud in relation to the quality of loans in bundles of mortgage-backed securities.

www.housingwire.com

A U.S. federal district judge is giving the go-ahead to a class action lawsuit first filed in 2010 by the Detroit firefighter and police pension fund accusing Goldman Sachs (GS) of fraud in relation to the quality of loans in bundles of mortgage-backed securities.

The Police and Fire Retirement System of the City of Detroit charges that it purchased $1.8 million of MBS from a Goldman Sachs trust that ultimately pushed through $790 million in MBS from 2007 forward.

The pension fund accused Goldman Sachs of making false statements, not performing due diligence, and securitizing deals with risky mortgages, and making false statements about the quality and safety of loans collateralizing certain MBS transactions.

 

[g5000]

Not one Wall Street derivatives fraudster went to prison.

Not one.

Some small fish brokers way down the food chain got busted, but none of the big fish.

Goldman Sachs CEO Lloyd Blankfein belongs in prison. He was well aware of what was going on. His excuse to Congress was, basically, "It's not my fault the rubes fell for our hoaxes."

 

[g5000]

Goldman Sachs and Abacus 2007-AC1: A Look Beyond the Numbers

Goldman Sachs is the Wall Street mega-firm whose money-making prowess leaves many impressed, envious or suspicious. Now the firm's reputation is on the line, as it fights a fraud suit brought by the U.S. Securities and Exchange Commission over a single deal in 2007, the sale of a complex...

knowledge.wharton.upenn.edu

 

[g5000]

No one goes to prison. They just get fined IF they are caught.

Goldman Sachs was fined for Abacus 2007-AC1. The media trumpeted the news that it was the biggest securities fraud fine in history.

The fine was $500 million.

Their profit off that CDO was $1 billion.

Moral hazard, anyone?

Press Release: Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO; 2010-123; Jul. 15, 2010

www.sec.gov

In its April 16 complaint, the SEC alleged that Goldman misstated and omitted key facts regarding a synthetic collateralized debt obligation (CDO) it marketed that hinged on the performance of subprime residential mortgage-backed securities. Goldman failed to disclose to investors vital information about the CDO, known as ABACUS 2007-AC1, particularly the role that hedge fund Paulson & Co. Inc. played in the portfolio selection process and the fact that Paulson had taken a short position against the CDO.

 

[g5000]

The federal government once tried to convict a couple derivatives fraudsters in court.

The jury let them go. You know why?

The jury said the CEO should have been the one on trial and he is the one who should go to prison. The little sharks were just going along with the corporate culture of fucking over investors.

So the government went after the CEO, right?

NOPE!

 

[g5000]

It's amazing to me no one has shot these fuckers through the head.

John Paulson should be rotting in prison.

 

[g5000]

But, you know, Hillary Clinton is in the basement of Comet Pizza eating the faces off live babies, and that's more important!

 

[Toddsterpatriot]

They aren't. That's the beauty of the game if you are a fraudster. Your marks have no clue you are ripping them off.

That's why bucket shops were outlawed everywhere.

But Wall Street wanted to create their own form of bucket shop, and so they got the politicians they owned to pre-empt state laws so the fun times could roll.

I can give you an example: A Goldman Sachs CDO assigned the name Abacus 2007-AC1.

A hedge fund manager named John Paulson cooked up a crooked deal with Goldman Sachs.

Goldman Sachs allowed Paulson to handpick the most toxic assets he could find and pack them into a CDO.

Goldman Sachs then sold the CDO to investors. If my memory serves me correctly, one of the investors was a firemen's pension fund. At any rate, a fireman's pension fund was ripped off bigly by a similar deal.

Paulson then bought a credit default swap betting against Abacus 2007-AC1. In other words, when (not if) the CDO imploded due to being built out of toxic fucking waste, Paulson would make a huge profit.

As it turns out, the investors lost $1 billion. Goldman and Paulson made $1 billion.

You know what a Wall Street broker does after they hang up the phone after they defraud an investor?

"I ripped his fucking face off!"

They actually say this.

It's a joke to them. They care fuck-all about stealing retirement money from firemen.

This kind of fraud occurred countless times. I have the actual names of other Wall Street brokers who did the same thing.

It is only due to the ignorance of the American people and the abdication of the American media that these people have not been shot down in the street like dogs.

They aren't.

Who is your counterparty?

Goldman Sachs allowed Paulson to handpick the most toxic assets he could find and pack them into a CDO.

Close. Not quite.

Paulson then bought a credit default swap betting against Abacus 2007-AC1.

Good for him. Who was his counterparty?

 

[g5000]

They aren't.

Who is your counterparty?

In a bucket shop, its the guy who walks in off the street.

On Wall Street, it's investors.

Goldman Sachs allowed Paulson to handpick the most toxic assets he could find and pack them into a CDO.

Close. Not quite.

It's exactly what happened.

Paulson picked the assets crammed into the CDO. Goldman Sachs then failed to inform the investors that Paulson had created the CDO and was betting against it.

Paulson then bought a credit default swap betting against Abacus 2007-AC1.

Good for him. Who was his counterparty?

The investors who bought the CDO tranches.

ETA correction: The investors were the counterparties on the CDO.

The CDS counterparty was probably AIG. However, by 2007 all the Wall Street broker-dealers were drinking their own Kool-Aid and were buying and selling CDS to each other. It could have been anyone on the other side of the Abacus 2007-AC1 CDS.

 

[g5000]

Getting back on topic, the reason Wall Street was able to commit these crimes is because of the CFMA passed by Congress, which they own.

Signed by a president they also owned.

Bill Clinton's other big contributors were oil, defense, and the telecommunications industry.

And we all know about what happened with telecommunications and deregulation after that.

Enron, WorldCom, etc.

 

[Toddsterpatriot]

No one goes to prison. They just get fined IF they are caught.

Goldman Sachs was fined for Abacus 2007-AC1. The media trumpeted the news that it was the biggest securities fraud fine in history.

The fine was $500 million.

Their profit off that CDO was $1 billion.

Moral hazard, anyone?

Press Release: Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO; 2010-123; Jul. 15, 2010

www.sec.gov

In its April 16 complaint, the SEC alleged that Goldman misstated and omitted key facts regarding a synthetic collateralized debt obligation (CDO) it marketed that hinged on the performance of subprime residential mortgage-backed securities. Goldman failed to disclose to investors vital information about the CDO, known as ABACUS 2007-AC1, particularly the role that hedge fund Paulson & Co. Inc. played in the portfolio selection process and the fact that Paulson had taken a short position against the CDO.

Their profit off that CDO was $1 billion.

No it wasn't.

 

[Toddsterpatriot]

In a bucket shop, its the guy who walks in off the street.

On Wall Street, it's investors.



It's exactly what happened.

Paulson picked the assets crammed into the CDO. Goldman Sachs then failed to inform the investors that Paulson had created the CDO and was betting against it.



The investors who bought the CDO tranches.

ETA correction: The investors were the counterparties on the CDO.

The CDS counterparty was probably AIG. However, by 2007 all the Wall Street broker-dealers were drinking their own Kool-Aid and were buying and selling CDS to each other. It could have been anyone on the other side of the Abacus 2007-AC1 CDS.

On Wall Street, it's investors.

No. You're the investor, who is your counterparty?

It's exactly what happened.

No it isn't

Paulson picked the assets crammed into the CDO. Goldman Sachs then failed to inform the investors that Paulson had created the CDO and was betting against it.

Paulson bought the crap to put in the CDO?

The investors were the counterparties on the CDO.

Who was the counterparty on the swap he had to bet against the CDO?

The CDS counterparty was probably AIG.

Nope.

However, by 2007 all the Wall Street broker-dealers were drinking their own Kool-Aid and were buying and selling CDS to each other.

The evil geniuses were buying crap? LOL!

 

[OKTexas]

Not really. Tax expenditures have been placed in the tax code at a rate of about one a day ever since Reagan reformed the tax code in 1986.

It is ridiculously easy.

Does that include weekends and holidays?

.