"When was the last time you took a Wall Street bank to trial?"

[CrusaderFrank]

When will we prosecute the Ringleaders: Fannie & Freddie?

Ringleaders, my ass. This was a global crime ring. Fannie and Freddie were followers, not leaders. This is about far, far more than just mortgages. Only someone with extremely narrow eyesight would think it was. This involves every asset class in the world. How do you think Greece got all that money? Grew it?

Moron.

F&F Set the standard for AAA rating.

Total moron.

 

[CrusaderFrank]

Good question...what offenses do you have to present?

See...I don't give a damn WHO does the wrong-doing, as long as they are brought to justice.

At least with the Senators, they can be voted out, and often are.

Now what's your thoughts on the transgressions of The Big Wall Street Banks?

Hmmmmmm!?!??

Well when they fuck up like Bear Stearns and Lehmann they go broke; how did F&F do?

Broke? Their CEO's made billions in bonuses.

Billions?

Really?

 

[Toddsterpatriot]

You see, the government can't control the market. Elected officals do try, though. All they really do is interfere and stifle competition via regulation. Big corporations pay them to do that.

Are you saying big corporations pay government for "more" regulation? It's actually the opposite. And it was de-regulation that caused the economic meltdown of 2008. More specifically, the repeal of Glass-Steegal was the culprit.

What we need to do, is make derrivitives illegal again. As well as splitting investment banks and savings banks. Because when they opperate under the same roof, then you have the mortgage fraud that caused the big financial institutions lying to their investors about viability of the credit default swaps they were trying to sell them. Telling investors they were good investments, while knowing how toxic they really were.

None of these bankers have been brought to trial. That's because they have a lot of lobbiests arguing their cases to government and they have people in government that came from their firms, preventing any serious investigations into financial crime.

And it was de-regulation that caused the economic meltdown of 2008. More specifically, the repeal of Glass-Steegal was the culprit.

Exactly! Under Glass-Steagall, banks couldn't write bad mortgages.

What we need to do, is make derrivitives illegal again.

They've traded on the CBOT and CBOE for many many years.
Why do you want to make futures and options illegal?

then you have the mortgage fraud that caused the big financial institutions lying to their investors about viability of the credit default swaps they were trying to sell them. Telling investors they were good investments, while knowing how toxic they really were.

Goldman bought lots of credit default swaps from AIG and made billions.
I'm pretty sure AIG sold credit default swaps to many firms and lost a bundle.

 

[CrusaderFrank]

We're not talking about simply "effing up" here, we're talking about wrong doing.

What, in your opinion, did F&F do wrong/egregious?

Also, do you believe that ANY Wall Street Bank ever did anything wrong or egregious?

Wrong doing?

Arming a Mexican drug gang?

Lying about the Benghazi attack?

Calling Romney a felon?

Claiming to be an American Indian?

That kind of wrongdoing?

They should tell Liz to Shut the Fuck Up, and not subtly either

Why are you changing the subject?

First you were talking about F&F, now you're throwing Ben-Gah-Zee into the mix.

Why?

And why should "Liz" shut the eff up? Do you disagree with what she's attempting to do?

Liz is the biggest fraud in the room

 

[g5000]

When will we prosecute the Ringleaders: Fannie & Freddie?

Ringleaders, my ass. This was a global crime ring. Fannie and Freddie were followers, not leaders. This is about far, far more than just mortgages. Only someone with extremely narrow eyesight would think it was. This involves every asset class in the world. How do you think Greece got all that money? Grew it?

Moron.

F&F Set the standard for AAA rating.

Total moron.

Wall Street threw the Old Testament underwriting laws of the Universe out the window.

They believed their CDOs and CDS had eliminated risk. It was a whole New Testament underwriting model which they took to the regulators and ratings agencies, and the regulators and agencies bought it. Wall Street was not using F&F's model.

Idiot.

You are working really hard at clamping your hands over your eyes and ears. This was not just about mortgages. F&F are bit players. WTF do you think Greece is about? Spain? Portugal? Italy?

It's all part of the same package, idiot. Wakey wakey.

 

[Toddsterpatriot]

Good question...what offenses do you have to present?

See...I don't give a damn WHO does the wrong-doing, as long as they are brought to justice.

At least with the Senators, they can be voted out, and often are.

Now what's your thoughts on the transgressions of The Big Wall Street Banks?

Hmmmmmm!?!??

Well when they fuck up like Bear Stearns and Lehmann they go broke; how did F&F do?

Broke? Their CEO's made billions in bonuses.

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

 

[g5000]

Well when they fuck up like Bear Stearns and Lehmann they go broke; how did F&F do?

Broke? Their CEO's made billions in bonuses.

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

 

[MarcATL]

I would ask you the same thing about wall street. What offenses do you have to present? For all of the screaming and accusations, I haven't heard of any actually charges that can be levied against wall street. I would love it if there easily identified charges, but I doubt it's that easy.

It is actually very easy if you really want to open your eyes and look! The evidence of their fraud is well known.

A few samples:

Fabrice Torre of Goldman Sachs and hedge fund manager Jon Paulson created Abacus 2007-ac1 which ripped off investors (you) for hundreds of millions of dollars. They got off with a fine. No jail.

Daniel Sparks and Tom Montag of Goldman Sachs constructed the fraudulent Timberwold mortgage security and sold it to investors (you), then profited by betting against it. They deliberately stuffed the security with mortgages they knew were toxic so they could bet on its failure. They got off with a fine. No jail.

Brian Stoker of Citigroup constructed the fraudulent Class V Funding III CDO-squared which ripped off investors (you) for over $700 million.

Angelo Mozilo, CEO of Countrywide, was telling his investors that Countrywide was "consistently producing quality mortgages" while his internal memos show he was well aware his company was creating the most toxic mortgages on the planet. He got off with a fine. No jail.

Richard Harrington of Bear Stearns, along with 13 executives and brokers, defrauded investors of $75 million through stock manipulation.

Roland Arnall: Ameriquest. Inventor of the “stated asset” (NINJA) loan. Paid a $325 million settlement with 49 state AGs in early 2006 for misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.

Immediately after this, in March 2006, Bush installed him as US ambassador to the Netherlands!

How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com

Roland Arnall - Wikipedia, the free encyclopedia


Read this: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com



None of these people went to prison. Not one. They got off with a lunch money fine. Fines that were less than the profits they made off their frauds.


Your turn!

Thank you. I wasn't defending Wall Street. It's just that I haven't heard about any actual charges that could be brought against them in relation to the recession. I've heard a lot of people screaming how much they hate them, but not what laws they broke.

Thank you for the info.

People don't just "hate them" because they exist. They dislike them for what they've done and hate the fact that it's been able to be done with no consequence and outright impunity. If anything, that's what they hate. Not the banks themselves. I've worked at banks in my career, have banker friends and I like all the workers at the branches of banks I bank with, especially the cute tellers.

Let's not get melodramitic for partisan reasons.

 

[MarcATL]

Good on ya Lizzy!

This is why we put you there.

Elizabeth Warren is a class warrior. A person who hates rich people should not be guarding our capitalist system. She is absolutely the wrong choice for the job.

I wouldn't quite call her a class warrior, I'd call her a champion of the little-guy. She fights for the average American that too often get's stomped on, by the likes of The Big Wall Street Banks.

Like she said in her session last week, we have District Attorneys nationwide that usually go after the every day citizen for often the smallest of infractions to set an example, yet we can't find ONE instance of them going against The Big Wall Street Banks...something is wrong with that. Your very posts bears that out, so I know you agree with that.

She's actually perfect for the job.

She doesn't hate the rich, she's rich, she hates the abuse that many of the rich engage in, if anything. And nothing is wrong with that.

 

[Toddsterpatriot]

Broke? Their CEO's made billions in bonuses.

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

Freddie Mac settles accounting-fraud charges - Business - US business | NBC News

 

[CrusaderFrank]

Broke? Their CEO's made billions in bonuses.

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

Wow, they were still the 2 organizations with the largest impact on the housing market or did you mean to say "less that 5%"?

 

[g5000]

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

Freddie Mac settles accounting-fraud charges - Business - US business | NBC News

Yes, that's the fraud at the beginning of the decades of which I spoke. This was what opened up a gap for Wall Street's traders to rush through.

And like every other thieving asshole on Wall Street they paid a fine "with no admission of wrongdoing".

They should all be in prison for the rest of their lives, or swinging at the end of a rope from a lamp post.

 

[g5000]

Good on ya Lizzy!

This is why we put you there.

Elizabeth Warren is a class warrior. A person who hates rich people should not be guarding our capitalist system. She is absolutely the wrong choice for the job.

I wouldn't quite call her a class warrior, I'd call her a champion of the little-guy. She fights for the average American that too often get's stomped on, by the likes of The Big Wall Street Banks.

Like she said in her session last week, we have District Attorneys nationwide that usually go after the every day citizen for often the smallest of infractions to set an example, yet we can't find ONE instance of them going against The Big Wall Street Banks...something is wrong with that. Your very posts bears that out, so I know you agree with that.

She's actually perfect for the job.

She doesn't hate the rich, she's rich, she hates the abuse that many of the rich engage in, if anything. And nothing is wrong with that.

She is a class warrior. She gave a "you didn't build that" speech identical to Obama's.

She hates rich people, and wants them to pay more than their fair share.

 

[g5000]

Jimmy Cayne lost close to $1 billion. Fuld lost a bunch too.
Why didn't the fraudster heads of Fannie Mae and Freddie Mac go to jail?
They actually faked their earnings to reap multi-million bonuses and now the taxpayers are on the hook for over $100 billion because of F&F.

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

Wow, they were still the 2 organizations with the largest impact on the housing market or did you mean to say "less that 5%"?

You STILL think this was just about the housing market.

Wow...

 

[CrusaderFrank]

It helps to link to evidence of faked earnings reports to support your claim.

ETA: If you are talking about the financial scandals at the GSEs at the beginning of the decade, that is what actually opened the door for Wall Street to rush into the vacuum and become the dominant players in the secondary market.

By 2005, just two years later, the GSEs made up less than 50 percent of the market.

Wow, they were still the 2 organizations with the largest impact on the housing market or did you mean to say "less that 5%"?

You STILL think this was just about the housing market.

Wow...

You still have no idea about the housing market

Wow ^2!

 

[g5000]

A couple more samples of Wall Street's shenanigans:

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt


In Alabama, a County That Fell Off the Financial Cliff

I actually had a giant laminated poster created of the derivatives they used to defraud Jefferson County that I use in public speeches.

Even though the traders at JP Morgan were behind the bribery and theft, only their cutout and the officials who took the bribes went to jail.

I'm telling you. These are thieves with police protection, robbing your pension and your tax dollars.

String 'em up!!

 

[g5000]

For those who refuse to look beyond their F&F fetish:

2008?2011 Icelandic financial crisis - Wikipedia, the free encyclopedia

2008?2013 Irish banking crisis - Wikipedia, the free encyclopedia

2008?2012 Spanish financial crisis - Wikipedia, the free encyclopedia

IKB Deutsche Industriebank - Wikipedia, the free encyclopedia

Bank bailout loses taxpayers £23bn | Business | The Guardian

Loss on stakes in RBS and Lloyds illustrates difficulty government faces in trying to make profits from shares sell-off

I could literally go on all day, but you get the point.

 

[zeke]

The Frontline report is worth watching, no matter which way you vote.

When the head of the Justice Dept says that he didn't persue prosectuion of some of the major players because HE thought that going after them would be bad for the banks they run and therefore bad for our economy.

We now have a class of citizen (Banking Executives) that are above the law evidentally.

And to those that think the CEO's didn't know what they were doing, that's bullshit.

When the on the street mortgage loan originators KNEW FROM THE BEGINNING that we were writing a bunch of mortgages that were gonna go bad, these is no way in hell that the CEO's didn't know what kinda fraud they were particapating in. And when the banks could dump the shitty loans off on an unsuspeciting third party buyer, well, it was like money raining down from heaven. The credit rating agencies, the appraisers, everybody that had any idea of what mortgage loan origination was supposed to look like, knew that all the weird loans were gonna be trouble.

And Fannie and Freddie never did offer the junk loans. Where they got caught up was in buying the junk loans that were originated by others without doing due diligence on the protfolio of loans they bought. They bought billions of dollars of junk loans. Something they had never done before and won't do again.

Blame whoever you want. But before Glass Stegal, there were never this type of loan products offered by such a large number of companies. When banks were the primary source of mortgage monies we were in much better shape because true bankers would have never let this happen. It's when you introduced the traders and players in the market that things went to shit. When people decided that everybody could qualify for a loan if there were only the right kinds of loans. And as long as the party making the loan would never have to collect the first payment, who cares what happened after the closing as long as everbody got paid.
That was the attitude. Get your money then get rid of the loan to some foolish investor, all the while claiming it was a "good" loan. When you really knew better. Thats fraud.

For 18 years I wrote loans and it was a good business for 15 of those. The last three of crazy loans were not so good because you could already see what was gonna happen.
Some borrowers never made the first payment. Lots were bad after 4-6 months. It was pitiful.

 

[bornright]

That's all SENATOR Elizabeth Warren had to ask to get the point across. And now I hear that the Wall Street Banksters are angry.

Warren to regulators: When was the last time you took a Wall Street bank to trial?

Why? Because FINALLY someone putting your foot to the fire? FINALLY someone is out to get LEGITITAMATE accountability?

She wasn't angry, she wasn't screaming, she didn't have a scowl on her face, she didn't have any of that, as you see from just about every other questioning from Senate (e.g. Benghazi, Obama's appointments, etc.), she just cooly, calmly, but firmly kept repeating the question...."Tell me about the last time you took A Big Wall Street Bank to trial." And the place is up in arms.

Elizabeth Warren presses financial regulators: Why no trials for Wall Street?

What does that tell you?

Well it tells me that A. Elizabeth Warren is doing her damn job, which is what I expected. B. There's been no accountability up to now. C. The Wall Street Banks do NOT want to be accountable for their actions and D. The American People are finally getting some much-needed light and insight on the WSB shenanigans and practices.

This is a BIG WIN for The American People, just like I expected it will.

Heads will roll, as they should.

What say you?

Elizabeth Warren admitted to coming from a long line of liars. She first said she was indian to get special status and when it came out the she had no indian blood in her she said her mother and grandmother had lied to her.

Just because a person comes from such a background does not mean that we need to dismiss her or her ideas but really what does she want to take a wall street bank to court for. Does she have actual incriminating evidence or is it just to make popular political points?

 

[Wacky Quacky]

Why do you call what's she's doing a show?

It seems like you're in support of what she's TRYING to do.

So why don't you just simply express your support of what she's doing?

I've become extremely jaded to politics. They can talk about something till they're blue in the face, but until some action is taken I'll just discount it as more political theater.

I'm sorry, but that's pretty much a standard cop-out.

We're all on a forum to express our feelings and concerns about everything under the sun related and remotely related to US politics.

Politicians conduct 90% of their business based on rhetoric, aka talking.

We have to talk to communicate.

What you're saying doesn't really add or take away anything from the mix.

It's simply a way to have some faux-opposition to something you know you should be supporting, but don't really want to because the person involved is someone you feel you should be against because of the political party she is in.

Why don't you just admit it?

I'm a little disappointed you tried to inject partisanship into my position.

Talking and communicating are fine, but we're here talking about Elizabeth Warren's "When was the last time you took a wall street bank to trial" comment. I'm afraid that her comment is about as far as it will go. But she's absolutely right in her comments, and that's the problem. Wall street banks don't get taken to trial, and it will most likely be no different in this case.

I support action against wall street, not just more posturing and words. I'm past jumping up and cheering just because someone got grilled on capital hill. Do something about it or stfu and stop wasting everyone's time.