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Rolling Stone, Matt Taibbi - http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620?print=true
How big banks victimize our democracy - http://vimeo.com/44511301
by the Big Picture blog -
The Scam Wall Str Learned from the Mafia
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Rolling Stone, Matt Taibbi - http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620?print=true
Meanwhile, Jamie Dimon still actively lobbies Congress and petitions public opinion to eliminate Dodd-Frank.
Great article OF. I wish I could make that kind of money for just making a few phone calls! I'm sure this type of colluding happens all of the time. I have no problem with banks making money, but not like this. Put back glass-steagal and reinstate true competition between the banks.
The article made it sound much worse than it was. They didn't steal any money - they just prevented municipalities from making as much interest as they could have. Plus, who came up with the blind auction concept anyways - it just encourages collusion.
Stock market scams and collusion go way back to before Jesus was born. Learned from the Mafia, should read taught the mafia? Like they taught Enron. No one cared enough about Enron to change things then and they do not care now.
Bub, u r right. I think most of participants here support the return of Glass-Steagal. Banks should be banks not traders like JPM, C, BAC or other examplesBubonic33 said: Great article OF. I wish I could make that kind of money for just making a few phone calls! I'm sure this type of colluding happens all of the time. I have no problem with banks making money, but not like this. Put back glass-steagal and reinstate true competition between the banks.
When I was a construction superintendent, I was on
occasion asked to attend a bid opening to represent the company I worked for.
Most of the time we did work for federal government agencies. With a bid opening each company submits a sealed
bid and they are opened in a public forum, the lowest ‘qualified’ bid is the
winner of the contract. As an aside, you want to be the lowest but not by too
much; when the lowest bid is lower than the next one by more than 1-3%, the
winner is embarrassed and worried what is it that they forgot. To the point
here, part of my job, besides writing down all the bidders and their pricing, was
checking that the bid was wholly qualified and legitimate. There were a number
of legalities that must be met. Here’s is the key one, there is a non collusion
agreement that must be signed and notarized by the principal(s) of the bidding
organization. Without it the bid would be thrown out. The agreement states that
you did not consult in any way with any of the other bidders in arriving at
your bid. It was clearly seen by all to be a criminal activity to do so.
Although I know of no instance of this actually happening, I was under the
impression that the government would take it seriously, if discovered. I find
it hard to believe that there are not similar laws already in place governing
the banking industry, but the law (as I am wont to say) is the way it is
enforced and not what it says on any scrap of paper.
Throughout it all, you have to question the motives of any political talking head that extols the virtues of deregulation and removal of "big government".
What I'd also like to see, how many political campaign contributions, or other indirect benefits did the 3 defendants in the above Taibbi story make...and to whom?
What I'd also like to see, how many political campaign contributions, or other indirect benefits did the 3 defendants in the above Taibbi story make...and to whom?
How big banks victimize our democracy - http://vimeo.com/44511301
by the Big Picture blog -
Federal Deposit Insurance Corp board member Thomas Hoenig said today in a Bloomberg Radio that a revival of the Glass-Steagall Act is “absolutely necessary” to protect the U.S. financial system.
Hoenig added that we must take that steps to remove government safety nets from the banks’ riskiest investment behavior and “reinvigorate” the U.S. investment banking industry.
“If we don’t make these changes, I think we’re destined to repeat the mistakes of the past “.
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