Friday, April 29, 2016

Why no banker went to jail for crash of 2007

Why has no banker gone to jail for the 2007-8 financial crash?
It appears from one retired SEC employee that the staff feared prosecuting Goldman, Paulson and others. One former employer believes that the big banks had “captured” his agency—that is, that the S.E.C., which is charged with keeping financial institutions in line, had become overly cautious to the point of cowardice.
According to one writer, in late 2006, when the hedge fund Paulson & Company asked Goldman Sachs to create an investment that would pay off if U.S. housing prices fell. Paulson was hoping to place a bet on what we now know as “the big short”: the notion that the real-estate market was inflated by an epic bubble and would soon collapse. Goldman created a vehicle of mortgage bonds which it sold to a German bank. Paulson spiked the vehicle with bad bonds so Paulson could not lose. Wall Street likes sure bets and this was a big one using deception and hubris.
We can’t beat Wall Street traders because we aren’t inside:

IRS to be eliminated in 3 years
GOP is pushing bill to end IRS after cutting $1 billion in last 5 years. Audits limited by 17,000 layoffs. Teas want revenge after reports their orgs were targeted for review. GOP has no alternative to collect taxes but Dems have bill to automate tax reconciliation so we receive refund automatically. NO paperwork needed.

FEES are FALLING for millennials
Fees fell to 61 cents from 73 on every $100 of invested assets. The decline doesn’t mean that investment firms are cutting fees for actively managed funds. Rather, it reflects a shift to passive funds, both mutual funds and ETFs, with lower expense ratios, many of them run by Vanguard, the world’s largest mutual fund company and a pioneer of low-cost investing. Vanguard is owned by its shareholders so your costs for passive and active investments are that of the owner. If you pay 2% a year total, over your lifetime, you give up 63% of your earnings to the owner of your funds. Earn 10% not 3.69%.

GOP Religionists to remove OK doctors from women’s health clinics
OK will terminate doctors who do abortions in their clinic practices.  “Oklahoma politicians have made it their mission year after year to restrict women’s access vital health care services, yet this total ban on abortion is a new low,” Amanda Allen, senior state legislative counsel. Doctors are already in short supply in OK and this will make it worse. “If we take care of the morality, God will take care of the economy,” the bill sponsor said. OK to turn back time to the 1950s moral climate.
TN has made it legal to let mental health counselors to refuse to treat patients based on the therapist’s religious or personal beliefs. So pledge to ‘heal the sick’ has caveats.
Religionists think that if they ban doctors, they ban abortions, they ban sex education, they ban contraceptive devices, they can ban sex for unreligious purposes

Does our President need to be smart and truthful? Do they even care about truth?

Don: I can play any part needed in this live TV “reality” show called “Election 2016”
            I will testify that my U diploma is great and a bargain in RE deals
            I tricked FAA so I could keep my “ride” and not have to fly with my voters!
            My new advisor, Manafort, is real dealmaker too—Rap sheet is extensive!

            Boehner didn’t really call me “Lucifer in the flesh” and “miserable son of a bitch.”

Paul Ryan: No budget deals and Teas want more cuts of benefits so I punt.

John: I can eat whatever I want. I campaign wherever I want. Deal? I am the way.

50 people pay for HALF the election money spent—we don’t know if they are Americans

Regulators are the only protection we have since we can’t sue anymore
            “It is nearly impossible for one individual to take on a corporation with vast resources.” (GOP bill requires impossible: every person in class action suffer “same type and scope of injury”)
               Supremes stop us from suing—State courts no longer available to sue corporations!

.Pressler & Pressler, New Century Financial caught churning out deceptive debt lawsuits.
.London-based Fiat Chrysler recalls million vehicles because they can roll abruptly.
.Measles back in TN and containment challenge. Not immunized—religionists?

We need regulation—GOP wrong—companies/cities wouldn’t fix bad products on own

Supremes feel politicians helping donors with favors is OK
VA Gov conviction for corruption was not fair, they think. All politicians do what McDonnell did—provide favors for benefactors. That is what gov is all about. “For better or for worse, it puts at risk behavior that is common,” said Justice Breyer, who along with Justice Roberts suggested that the federal corruption laws are so vague that they might be unconstitutional. There’s a Gov in AL, one in LA and one in IL who want out too. Most Gov are more subtle and indirect like NJ Christie. He gave state pension money to his supporters so they could take $ millions in fees for ‘managing’ a lack of growth over time. For instance, Treasury records show that, three years ago, the hedge fund Third Point LLC received a $100 million pension investment from Grady’s state investment council. The investment came a few months after Third Point's founder and CEO Dan Loeb gave $400,000 to the Republican Governors Association. Campaign finance records show employees and political actions groups affiliated with firms managing New Jersey pension money have given more than $7.1 million to the RGA, headed by Christie. His hedge fund friends have lost significant earnings over the past 5 years.
Supremes could respect jury system that sent Govs to jail

How our government wastes our money

Finally, our Cyber Command to launch attacks against ISIS for the first time. But to use       the intel is to limit the source’s future, as in the WWII Enigma story.
VW buyback plans but what about Audi, VW, Porsche, ‘clean’ diesels that cheated too?
            Mercedes, Nissan, etc next?

Who owns your account now?

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