http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=aXHVu97lAGjs
And this is not the first instance where willful, intentionally illegal activities occurred where taxpayer money was put into play. It has been noted many times in the publications I read and I've passed many of those bits along over the past months. It's notable, however, that such sentiment has now permeated the MSM.All this puts the SEC and the rest of the government in a horrible spot. It is a matter of public record that the law wasn’t followed, thanks to Cuomo’s disclosures last week. And yet the agencies and policy makers responsible for enforcing the law are probably powerless to do anything about it.
Yea, and if you believe any of those folks are going to do anything meaningful in response to this scandal then I have some swampland...err...waterfront property...in central FL that would be a great investment opportunity*. In reality, anyone with a brain can recognize that these "regulators" are the same noble captains who were supposed to be at the helm when we ran this puppy aground. What's the old saying? Insanity is trying the same thing and expecting different results?It would be nice to think that SEC Chairman Mary Schapiro might call for a sincere, thorough investigation. But there’s nothing in her professional background that suggests she has the spine or the nerve to take on a major financial institution, much less a former Treasury secretary or the sitting Fed chairman.
We probably won’t get any searching inquiries out of the banking industry’s elected overseers in Congress. Senate Banking Committee Chairman Christopher Dodd took V.I.P. loans from Countrywide Financial Corp., now a subsidiary of Bank of America. His counterpart in the House, Barney Frank, declared last July that Fannie Mae and Freddie Mac were “not in danger of going under,” about two months before they did.
A-fucking-men. And remember that this social experiment we call home came into being when the power of the individual people joined into one. That means the people must choose: keep the banks we have or take back our freedom. It's OUR choice. Your choice. Each of you. Don't buy the swampland sight unseen. Do the proper due diligence. The future of your children depends on it.That leaves you and me, the American public, with the uncomfortable realization that we are slipping toward a state of lawlessness in this country, all in the name of saving our financial system by creating even bigger banks out of combinations of banks that were dangerously too big already. This doesn’t inspire confidence. It destroys it.
We can have our freedom. Or we can have our systemically failure-prone financial institutions. We probably can’t have both.
*Legal access to said land cannot be guaranteed. Recreational areas may not be developable.