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Wall Street's Secret Weapon CongressMONEY & POLITICS
Bill Moyers Essay: Wall Streets Secret Weapon: Congress
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These finance executives took part in scandals that violate the most basic ethical norms, as the head of the IMF Christine Lagarde put it last month, including illegal foreclosures, money laundering and the fixing of interest rate benchmarks. In fact, banking CEOs not only avoided prosecution but got average pay rises of 10 percent last year, taking home, on average, $13 million in compensation.
These gentlemen are among the leaders of the industrys efforts to repeal, or water down, some of the tougher rules and regulations enacted in the Dodd-Frank legislation that was passed to prevent another crash. As usual, theyre swelling their ranks with the very people who helped to write that bill. More than two dozen federal officials have pushed through the revolving door to the private sector they once sought to regulate.
And then there are the lapdogs in Congress willfully collaborating with the financial industry. As the Center for Public Integrity put it recently, they are Wall Streets secret weapon, a handful of representatives at the beck and call of the banks, eager to do their bidding. Jeb Hensarling is their head honcho. The Republican from Texas chairs the House Financial Services Committee, which functions for Wall Street like one of those no-tell motels with the neon sign. Hensarling makes no bones as to where his loyalties lie. Occasionally we have been accused of trying to undermine aspects of Dodd-Frank, he said recently, adding, with a chuckle, I hope were guilty of it. Guilty as charged, Congressman. And it tells us all we need to know about our bought and paid for government that you think its funny.
This essay is part of the show Too Big to Fail and Getting Bigger. Watch now »
It's wearying, isn't it? We KNOW what they did, we KNOW they are criminals. We had HOPED for some accountablity, and all we got was to have OUR TAX dollars BAIL THEM OUT!
What happened to King Henry Paulson? Is he living in luxury somewhere?
And yes, I know. President Obama assured us that no 'crimes were committed'. It was all just 'immoral'.
I don't expect much reaction to this. Seems we have become desensitized to the massive crimes being committed against the people.
But I can't NOT support the few real journalists we have left, like Bill Moyers, in his amazing resilience when most of us have all but given up, in continuing to report on these massive frauds against the people.
We can't say we didn't know.
How will history record the PEOPLE of the US's reaction to the numerous crimes committed and ignored and/or facilitated by the people THEY elected.
All I can add to this, with a sense of weariness is: GET THE MONEY OUT OF POLITICS!
Just wanted to thank Bill Moyers, who is a National Treasure for his continued efforts to inform the people despite how apathetic they appear to be. I am trying to be as optimistic as he is, that ONE DAY, all of these crimes will be prosecuted.
It's hard!
What are we going to do about it?
malaise
(269,054 posts)He speaks truth to power
Octafish
(55,745 posts)And that's what's good about money. It buys buy-partisanship.
For instance, UBS proves it's buy-partisanship, loving both Phil Gramm and Bill Clinton. Since the repeal of Glass-Steagal, they've specialized in all kinds of Wealth Management:
http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html
misterhighwasted
(9,148 posts)Bet they'll be working hard & fast once they're all sworn in come January.
I truly fear what they have in store for America from that point on.
Power in the hands of the worst people.
sabrina 1
(62,325 posts)the Minority had all the power. That Dems, even with a Majority, were being overcome by the MINORITY.
So, if that is a fact, them I'm looking forward to Dems who now have that Minority Power we heard so much about for so long, blocking every piece of Republican legislation with the same effectiveness Repubs did it, or so we were told, when THEY had that POWERFUL Minority Status.
I mean we can't keep accepting the claims that whether in the majority OR the minority Dems are just powerless, can we?
ellenrr
(3,864 posts)AgingAmerican
(12,958 posts)It's cowardliness. Democratic politicians are chickenshits.
RiverLover
(7,830 posts)again...
Luckily for us, not everyone in Congress is in Wall Street's deep pocket~
sabrina 1
(62,325 posts)considered to be 'unpatriotic' to do so. People like Kucinich eg. But we have not supported them enough when the smear campaigns began. We are so 'with them' until the smear campaigns begin, then we progressives seem to withdraw. And those brave enough, again see Kucinich, to stand up and say what needs to be said, are left to fend for themselves.
So, are we going to do the same when the smears begin, and they will if she becomes effective, against Warren and Sanders? I've already seen the now recognizable 'subtle' attacks on both of them.
We let it happen with Kucinich and Manning and many others. Well, some of us did.
Are we ready for the smear merchants now when they go after Warren (it's already started) and Sanders?
I sure hope so.. but I'm not sure that their current supporters will be able to withstand the barrage of attacks that are certain to come IF it appears they are having any effect on the 'status quo'.
I hope I'm wrong.
Thanks for your posts, RiverLover, I have loved nearly everything I've seen from you so far!
RiverLover
(7,830 posts)Doctor_J
(36,392 posts)And of course it was recently posted at DU that Moyers has no right and no qualifications to question the president on anything.
The system is completely broken, and there is no way to fix it at this point.
sabrina 1
(62,325 posts)That can only have been said by someone who is totally ignorant of who Moyers is. No one imo, is more qualified to speak about this country's problems than Moyers and he manages to do so without being snide or nasty, or further lowering the political discourse. He sticks to the facts, and I guess sometimes facts are not convenient, however they remain facts regardless of how inconvenient they may be.
2naSalit
(86,646 posts)midnight
(26,624 posts)housing. Many have seen their credit scores destroyed along with other opportunities.
sabrina 1
(62,325 posts)In many ways it is OUR FAULT for 'buying' into purchasing stuff we cannot afford but are willing to pay huge amounts of interest in order to 'possess' stuff we can't afford and don't need.
Iow, DON'T BUY THEIR STUFF. If you can't afford to pay for it, you haven no right buying it, on credit.
I have no clue, nor do I care, what my credit rating is. Probable 'no record' since I don't buy stuff I don't need and can't afford anyhow.
Why? Because we waited for years to buy our own home, AFTER we had enough to buy it outright. No mortgage, no need for credit.
Screw their credit ratings. Borrowing money means 'you can't afford it'. So wait, work, save and wait until you can afford it. Otherwise you become a slave to DEBT. And that is what they want you to be.
midnight
(26,624 posts)the banks who would have been bankrupted with dismal scores are shielded. It appears to me a double standard.
sabrina 1
(62,325 posts)And I may be wrong about this, but I think that is relatively new.
I imagine someone could challenge that if it is used against them.
After all you can't improve your financial situation if you don't have a job.
It seems crazy to me.
midnight
(26,624 posts)being used to block some from work.
http://www.creditscoring.com/influence/government/employment.htm
JEB
(4,748 posts)corporate citizenship grade. Never, ever pay to get one.
WillyT
(72,631 posts)sabrina 1
(62,325 posts)Moyers rocks and so you!
Dustlawyer
(10,495 posts)BOTH Parties! Bernie Sanders has said that ending campaign contributions, the revolving door, and instituting Publicly Funded Elections will prevent the bribery that is at the heart of the Plutocrats ability to control our government and protect their banking and media propaganda oligopolies.
The other thing is to recognize that most Democratic politicians are bought off too! We have no real choice in most elections now because most rely on big corporate money. It is time to mobilize, join together the various groups fighting for the environment, public education, LGBTV rights, women's rights.... and get the word out!
sabrina 1
(62,325 posts)does he always seem to be standing alone on this issue? Shouldn't EVERY DEM in Congress be out there backing him up?
And as I said above, the smears against him are probably already being researched and prepared, and as has happened with every, single Dem who DID stand up, Kucinich, Grayson et al, once those smear campaigns begin, what are WE going to do? Are we going to remain silent, attack the messenger WITH those who work for Wall St, or stick to the message and refuse to fall for these tactics one more time?
We COULD stop the money from flowing into our electoral system if we were united and if there were not so many apologists for the corrupt system.
supercats
(429 posts)I would like to see him, Amy Goodman, Thom Hartmann, Mike Papantonio, Joseph Stiglitz, and Richard Wolfe get together and come up with some kind of a cohesive powerful plan of action on how we the people can unite and take back our country from these criminals.
sabrina 1
(62,325 posts)or Amy Goodman or any of the others you mentioned on Meet The Press?
I guess too much truth is a threat to those in power so MTP and the entire Corporate owned media make certain only to allow 'safe' guests to appear on their totally owned and therefore compromised, media.
appalachiablue
(41,145 posts)grahamhgreen
(15,741 posts)sabrina 1
(62,325 posts)But Wall St wouldn't like it!
marmar
(77,081 posts)CrispyQ
(36,478 posts)do you think Americans will wake up then?
They already have the plans for the next bailout.
on edit: Why does anyone still keep money at one of these institutions?
sabrina 1
(62,325 posts)and putting into Credit Unions.
They began arresting people at one bank, to try to stop them.
This is why they fear movements like OWS, because it had a huge impact on informing people enough that thousands began taking their money out.
Tierra_y_Libertad
(50,414 posts)And, is subservient to other Capitalist corporations that are equally Too Big to Fail.
Catch-22. Only those who are corrupted can get into office. The only ones that can end political corruption are corrupt politicians.
MineralMan
(146,317 posts)We didn't. We allowed the Senate to be taken over by Republicans, giving them control of the entire Congress.
Shame on us!
sabrina 1
(62,325 posts)ignore them, again.
Bill Moyers understands clearly what is happening.
The party now has another chance to listen to the voters.
Let's hope they do so this time or they will be responsible for a Republican WH, Senate and Congress.
And that is shameful
Lots of extremely good Dems trying to get them to listen.
If they don't and once again BLAME THE VOTERS, they can expect the voters to continue to work locally, as they have been doing, to get local legislation on progressive issues passed where they DO HAVE A VOICE and build this party up to be what it can be.
Meantime voters don't vote against their own interests, certainly no Democrats and the continued disrespect for the voters is what is driving them away.
It would be smart to stop this 'blame the voters' routine for this party. What is shows is how deaf they have been to the people whose votes they have received over and over again, and that is no way to run a political party.
Moyers is someone the Dem Party should be listening to. He knows what he is talking about.
Octafish
(55,745 posts)"One of the things that is interesting about reading conspiracy theory is that much of what folks think is conspiracy is really many people acting in concert to make or protect their money." - Catherine Austin Fitts
A big shot in Poppy's crew, Fitts got fed up with the corruption at the highest levels of government, business and finance. She's doing all she can to document corruption on Wall Street and Washington and helping those who give a damn do something about it. Her Narcodollars for Beginners deserves a Pulitzer.
Integrity is an alien concept to the plutocrats and their satraps.
RiverLover
(7,830 posts)http://www.huffingtonpost.com/avinash-tharoor/banks-cartel-money-laundering_b_4619464.html
You have to wonder how much of that $$ goes to the outstretched hands of political fundraisers.
Octafish
(55,745 posts)Dr. Black notes they're perfecting the process...
Zero Prosecutions Arent Few Enough Wall Street Wants SEC Sanctions Reduced to DMV Points
By William K. Black
Kilkenny, Ireland: November 8, 2014
Wall Streets full depravity was put on display in Joseph Ficheras November 6, 2014 op ed in the New York Times. I hasten to add that the reason that the op ed is so revealing is that Fichera is one of the sometimes good guys who, for example, accurately warned that auction-rate securities were a dangerous scam and criticized JPMorgans odious abuse of Denver. When the Ficheras of the world join in Wall Streets race to the bottom Federal Reserve Bank of New Yorks President Dudleys point about the corrupt culture that characterizes Wall Street is proven irrefutably.
Lets begin by reviewing the bidding. We have just suffered through the third economic crisis driven by epidemics of control fraud. In two of the crises the financial industry led the fraud epidemics. In the Enron-era fraud epidemic they eagerly aided and abetted Enrons frauds. In the current crisis we know that U.S. government investigators have found that 16 of the largest banks in the world conspired to falsify Libor, which is used to price $350 trillion in assets. This is the largest cartel in world history by at least three orders of magnitude. Note that all 16 of the banks that participate in creating Libor falsified their statements for the express purpose of falsifying the Libor fix. There were no honest banks and there is no reason to believe that if 25 banks participated in setting Libor the results would have differed. The conspirators are not known to have blackballed any bank from participating in fixing Libor because of fears that the blackballed bank was led by an honest CEO who would expose and end the conspiracy.
Government investigators have found that over 20 of the largest banks defrauded Fannie and Freddie by selling them vast amount of toxic mortgages through fraudulent reps and warranties. Government investigators have found that over 20 of the largest banks defrauded a series of credit unions by selling them toxic mortgages and toxic mortgage derivatives through fraudulent reps and warranties. Government investigators have found other wide ranging frauds by the large banks to (1) rig bids for issuing municipal securities, (2) to foreclose on people through fraudulent affidavits, and (3) by conspiring to falsify foreign exchange (FX) rates. In sum, the leaders of the largest banks in the world are overwhelmingly leading criminal enterprises that commit financial frauds of unprecedented scope and damage. The resulting financial crisis caused by the three most destructive fraud epidemics in history caused over a $21 trillion loss in U.S. GDP and the loss of over 10 million American jobs. Each of those figures is much larger in Europe.
Worse, no senior banker who led the three fraud epidemics has been prosecuted in the U.S. for those crimes. Virtually no senior bankers who led the three fraud epidemics has even been the subject of a civil suit by the U.S. Virtually no senior banker in the U.S. has had his fraud proceeds clawed back by the government or the bank. The senior bankers were made wealthy through the sure thing of accounting control fraud with nearly perfect impunity from the criminal and civil law.
This is the setting in which Fichera writes. As a sometimes good guy, one would expect his column to call for the Department of Justice (DOJ) and the SEC to end this impunity and immediately act vigorously to hold the senior bankers personally accountable for leading the frauds that blew up the global economy. Instead, Fichera wrote to urge (1) that the largest banks be treated as too big to jail, (2) to decry the tendency to vilify all Wall Street firms as unscrupulous, (3) to urge SEC sanctions to be reduced to the level of DMV points, and (4) to provide that no matter how egregious the fraud the SEC would have no power to remove a Wall Street firms license until it committed multiple cases of the equivalent of deliberate homicide in which each case could involve deliberately running over millions of investors. Under Ficheras plan, every dog would get at least one bite of every investor which would mean hundreds of thousands of bites. Fichera wants banks to be officially entitled to commit securities fraud without effective sanction from the SEC.
CONTINUED...
http://neweconomicperspectives.org/2014/11/zero-prosecutions-arent-enough-wall-street-wants-sec-sanctions-reduced-dmv-points.html#more-8811
Like good government, banking requires integrity. It's rare, unfortunately.
sabrina 1
(62,325 posts)are trying to get the message out to the people.
I had not heard of this book. Thanks for posting the link Octafish.
Nuclear Unicorn
(19,497 posts)sabrina 1
(62,325 posts)Why don't we learn from history? THAT is the question I keep asking myself.
JFK said that 'those who forget history will repeat it'.
It's always a few who succeed in taking control. But there ARE more of us than them.
And yet, they manage to divide us. And in doing so, maintain control.
One day I hope the people will unite against them.
And that is their greatest fear.
The people, united, can never be defeated