And by “governed” I don’t mean the puppets that are auctioned off in election theaters…I mean the corporatists that really run things…
The current administration is clear that they will support, protect and defend the white collar criminals that have destroyed this nation and who have thrust untold millions into poverty, homelessness and despair. They have made it clear that they will grease the red carpet while they are allowed to skate away in their private jets.
The Republicans have made it clear they want to dramatically expand the scope of permissable lawlessness.
Where does that leave you and I?
Here’s what the NYTimes had to say:
When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis.
Justice officials and even President Obama have defended the lack of prosecutions, saying that even though greed and other moral lapses were evident in the run-up to the crisis, the conduct was not necessarily illegal.
But that characterization of the financial industry’s actions has always defied common sense “” and all the more so now that a fuller picture is emerging of the range of banks’ reckless and lawless activities, including interest-rate rigging, money laundering, securities fraud and excessive speculation.
The Justice Department got together with the FDIC in 2006 and passed a “Memorandum of Understanding” (Sept. 5, 2007 – before the 2008 bailout)regarding Criminal restitution for failed financial institutions when FDIC is appointed receiver. This was between the DOJ and FDIC. They implement the Victims Restitution Act of 1996, P.L 97-291 to give restitution to FDIC as “receiver” of a failed institution and the victim.
Only a victim is entitled to restitution. The institution is the victim, not depositors, other creditors, shareholders, employees.
Depositors and others affected fall under National Depositor Preference Act.
If a bank is a corporation that takes “other peoples money” as deposits,stock investment, etc. how can the bank be a victim?
The FDIC comes in and takes the assets and restitution and is paid a pro rata share of assets sold. They are selling the “loan” portfolios and getting a piece of the action as FDIC the “corporation”. They have their hands in the pot in foreclosures. The notes are deposits (payable side of bank ledger). The depositors are the borrowers. Who owns the FDIC? Where does this money go?
The rule of law was suspended some time ago for the banks, financial institutions, and other white-collar criminals. This is the new normal. The white-collar crooks can withstand name-calling on blogs and from a few media voices, while buying off the politicians. So what’s left? The American people can either bend over and accept their fate, or rise up and fight back. At this time it appears the people are bending over.
Thanks for this post Matt, and link to the NYT.
“the conduct was not necessarily illegal”
What this buttwipe is saying is,
“What this means is that it’s super complicated, and we barely understand it ourselves. So if we can’t understand it, how can you? And these transactions are like a riddle wrapped in a enigma. And a lot of forigen transactions that we have no control over were done or may not have been done, and what was your question?”
The tide of public awearness is rising. Just keep exposing the coruption, and the lie’s made to cover it up.