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Federal prosecutors say criminal charges have been filed against 14 people, including attorneys and Wall Street professionals, in a widening $25 million insider trading case.
The stock market is a ponzi scheme. See www.dangoldstein.blogspot.com/2002/11/stock-market-as-ponzi-scheme-faqs.html
#1 - Thu Nov 5, 2009 10:35 AM ESTAl Capone was right . . . the stock market is just one big legalized gambling hall . . . and it's unfortunate that it's suppose to be the bellweather of our economy. We need some big-time changes in regulations and reining in the hedge funds and future markets! The American public is getting a first class screwing!
I think that we are finally waking up.
As far as those regulations on the banks and investment firms, why have they not been put in place yet?
And they put poor little Martha Stewart in prison.
I know we are shocked at the lack of leadership and corruption over in Afghanistan, but people, it's been happening here, but on a larger scale for decades.
It was reported that before the big crash last year, they were actually selling non existent shares. Non existent shares. Who the heck is watching the hen house, the fox?
Rome is burning folks. We are heading nose-dive for a crash. I am sorry to sound so negative, but greed and corruption have been operating this country and the world for too long. It is too sad that some good honest, hard working Americans have to endure the repercussions of good old dishonest stupidity and greed by our Banking Industry Leaders and in our government.
Bodo 1152...you are a hypocrite and a liar,all of your other posts told people to get back into the market,now you change your tune?
welcome to reality
This article was the best news story of the week.
Here's to hoping more of these parasites are found and prosecuted.
Well, who would have thought?
I would like to see MSNBC post an updated article on all the charges against our elected Congressional representatives. These are the folks who need to be removed from office and incarcerated if convicted. Just think how many Congressional seats would have to be filled.
That would be more interesting than what is always going on at Wall Street.
I'm really getting sick of these scumbags that look down on us while the screw us over!
Here's an inside scoop for...YOU'RE GOING to JAIL, SCUMBAGS!
Like the Countrywide scumbag that wouldn't give the time of day to anyone on lowering mortgage rates (except for his cronies, Politicians and Lobbyists)!
The sad thing about this is that these jerks will do their time in "Club Fed." But I would not put any money on a bet that says they will do any time. They have enough money that they will probably buy their way out. I am still wondering why the Feds have not gone after the Theiving CEO's from AIG, BOA, Citi Group and Goldman Sachs?
They helped set up their positions and gave funding to pay their salaires UP TO the Bailout Billions were Given Away!
14 down, 1 million more to go.
"When sophisticated business people begin to adopt the methods of common criminals, we have no choice but to treat them as such," he said.
Really? Bet they get a plush cell!
You can bet rich neighborhoods don`t policed and fined like the rest of us!
The SEC can catch 14 people doing insider trading for 53 million, but they can't catch Bernie Madoff that hasn't made a stock trade in 15 years and stole 75 BILLION.
Makes sense.
14 down another few thousand to go!!!
A few thousand is VERY LOW & a Million is high, I think.
But, however mnay there are, they all need to pay a HEAVY price and not be allowed to work in trading again....EVER!
These greedy bastards on Wall Street need to be watched 24/7/365.
#2 - Thu Nov 5, 2009 10:39 AM ESTI agree Wall Street needs significant oversight...and reform instead of bailouts.
What should really be puzzling ALL, including the Feds as well as the SEC is Mr. Axelrod's involvement while he occupies space on the Obama administration. Someone explain that!
Not only Axelrod, but Geithner who is buddy buddy with all of the Wall Street cronies and Summers and Rubin who defended not regulating the dirivatives OTC back in the Clinton years . . . Obama needs to fire the whole lot of them and start over.
Obama fire them?
See what a free market society eventually ends up as.....
I agee with you. However, who is going to watch them? The government just gets people from Wall Street to watch Wall Street.
3rd Chairman of the SEC, William O. Douglas before being appointed Chief Justice of the Supreme Court reported the NYSE operated like "private club with elements of a casino" and that floor trading (members trading with their own $) was "a license to steal."
#3 - Thu Nov 5, 2009 10:50 AM ESTIt is about time they started putting these crooks in jail. They make a great living and want to steal to make more, what is wrong with these people on Wall Street?
#4 - Thu Nov 5, 2009 10:52 AM ESTCongratulations Justice Department, I say take the reigns of Eric Holder and the Justice Department and give them 1000 more investment and tax lawyers and go to it. Bring back Mrs Borne and let her lead a special derivatives division. Time to start shedding the "White Collar"crime label and classify these criminals that steal the wealth and violate the physic of millions as they should be classified..violent criminals . A "common" criminal steals the money in your pocket and justifiably goes to prison, these people take peoples live savings and create millions of unemployed, their crimes are much more devastating.
Now that so many of the Wall Street Banking and Financials are going to China with American Federal no interest loans and investing in foreign markets instead of using those interest free loans for the purposes intended (lending to mid size and small American banks and reinvesting in the U.S.), I can only hope when they start perpetuating fraud and embezzlement like has been done in this country by these institutions they suffer the quick justice of China, they don't tolerate or sanitize "white collar crimes" as Wall Street worshiping Americans do, the Chinese use capitol punishment for these crimes. I wonder how many of the CEO's of the to big to fail Banks, and the Investment companies CEO's would be resting in their bonus ed out mozaleums today Had their place of birth been different.
#5 - Thu Nov 5, 2009 10:52 AM ESTThe reason the U.S and its peoples are so corrupt, is simple...........................air and ad time for those in print, radio and television, has become so expensive that only the richest companies can utilize thier services.
Even the Internet now, get's rich from its selling Search Rankings--the same as selling advertising. Google, MSN, Yahoo, AOL etc, etc, etc................................all got rich, selling Search Rankings. It is an abomination of the purpose of donating the Internet Technologies to "The People". Everyone pays for it, through computer, software and hardware purchases necessary to access the Internet, and then the phone, cable, wireless and Satellite comapanies charge excessively for the privilege to access the Internet of Advertisers. Hehehehe.....................what a scam--which figures Al Gore would claim it as his "Baby", considering his "Voodoo Science" and "Global Warming" crappola, will finance soooo many obsolete technologies, as a result of our failures to keep manufacturing here in the U.S. Well.....................our Corporate Thug Leaders that is.
When are we, as a Nation going to re-unite in a common cause of removing the Credit and Banking chains and shackles from our ankles, which keeps us enslaved to the Consumption Mechanism that is America? Never! Read Thomas Jefferson's letters to John Adams (1782) and his "Current State of Virginia" notes........................he wrote:
"The spirit of the times may alter, will alter. Our rulers will become corrupt, our people careless. A single zealot may commence persecutor, and better men be his victims. It can never be too often repeated that the time for fixing every essential right on a legal basis is while our rulers are honest and ourselves united. From the conclusion of [their] war [for independence, a nation begins] going down hill. It will not then be necessary to resort every moment to the people for support. They will be forgotten, therefore, and their rights disregarded. They will forget themselves but in the sole faculty of making money, and will never think of uniting to effect a due respect for their rights. The shackles, therefore, which shall not be knocked off at the conclusion of [that] war will remain on [them] long, will be made heavier and heavier, till [their] rights shall revive or expire in a convulsion." --Thomas Jefferson: Notes on Virginia Q.XVII, 1782.
Is this the wakeup call we should be hearing? Perhaps, the real wakeup is the ideology that Democracy is in fact a form of Socialism and our Framers knew France's Democracy did not include a robust Free Market sentiment. They argued over how our Markets should be ruled--some avowed Free Markets whilst other avowed Government Oversight. Jefferson and others who hated Nationalized Banking (Federal Reserve and Treasury) feared the same Treasonous people who continued to do business with King George III would infect Markets and so, Free Markets were decided upon as our Freedom of Choice, fell in line with all else, that our newly formed Republic stood for--"Free Thinking".
Now......................again for those who are either dumb, under-educated or just emotional beings........................."Health Care Reform", is a matter of necessity--the industry Leaders simply failed to compete as is mandated by our very Free Choice Principles. Therefore, the Federal Government HAS to take over by creating a short term or De Facto Monopoly--a competetive company run by Non-Profit motives, which will shake up the entire industry so that Free Choice and Free Market Principles are restored.
YOU HAVE TO UNDERSTAND THIS CONCEPT! This is NOT Un-American, as the Republicans would have us believe......................this is EXACTLY what our Framers feared..............collusive Industry Corruption of people who price fix, rig contract terms and conditions and basicly conspire to create a De Jure Monopoly. Unfortunately it is killing people and is no longer just a scheme to make profits--it is 2nd Degree Murder or at the least, Conspiracy to Commit Murder.
Today, thanks to unregulated "Free Markets" we as a Nation, have become less than free as greed and moderation elludes us..................we have limited ourselves by our very greed and as a consequence, our choices are limited. Move here to Texas where I am and you will find, George W. Bush destroyed choice in this state--he gave Industries to the richest Few and now, there is trash on the roadways, poorly kempt roads and easements, and trash is so exensive to dispose of, that people just let their grass grow up over it--Hillbilly Texas instead of Cowboy Texas, has taken root. The Governor has done little to avert flood waters that resulted from a Hurricane hitting the Gulf Coast whilst thunderstorms hit Waco and Dallas at the top of the Brazos River, which flooded the first Country Seat of Texas--Austin, County. Whilst "History Buffs" with famous parents spew thier false anthems to Texas, it erodes and wastes away in the lies of a Governor who is less than ingenious with his assertions that "We don't need Stimulus money--LIAR!" He'd rather watch Texas roads erode and build up with trash, then use Federal monies to clean up the State--while he talks about how historicly tought and independent Texans are--he--in his twisted and selfish mind perhaps.
In other words...........................the Free Markets that used to exist here, no longer exist. The Free Choices we used to have with Utilities Providers is a farce too, as they divide up amongst themselves, what areas will get what services. We live a couple miles from a city that has DSL, yet since the Satellite Internet Companies get our area, we don't have DSL as an option. So, we are forced to be on Satellite for twice the cost of DSL and when it rains, we lose connection--same with Television, since we don't have Cable out here either. It is just one scam after another, and Free Choice is simply a farce--a false belief of a bygone era.
Wall Street saw to it, that only the most corrupt which is usually the biggest corporate industry leaders would be the only ones who'd exist in a future America. In other words......................without competition and people who want and have the means to start up businesses, America is FINISHED!
Obama needs to get this concept, whilst there is still time. Texans need to get this concept before they re-elect or elect a new Galacticly Stupid Governor-- Republicans who only care about collusion and exclusion in the creation of forced choice that comes with Monopolies and Monopolists.
I hope someone with Ivy League "Enttitlements" will explain this to Geithner and Obama, so that Wall Street is not seen as the Savior, but rather the perveyor of modern hypocrisy--Wall Street is the problem, not Main Street and the focus has been lost by Obama whom is hob-nobbing with the Harvard Elite crowd way too much, whilst America continues to fail.
#6 - Thu Nov 5, 2009 11:50 AM ESTThank you!
I thought that it was refreshing to see government actually doing their job and attempting to enforce a few of the countless thousands of regulations already on the books. Must be that the unionized investigators used up their many weeks of government vacation and were looking to have a little on the job fun with some rich folks. Go get um tigers!
Have you ever been falsely accused of "environmental crimes" and then be told that in this new area of law you are guilty until proven innocent? It happened, it's over, but it cost a lot of time and a lot of money. And by the way, not guilty. So take your faith in this corrupt new government and the safe haven of regulations, roll it up nice and tight and toke on that with whatever else is in your pipe.
Sincerely,
Too dumb, under educated and emotional
Philosepher,
Your analysis is soo right on track with reality.
I'll tell you when the people are going to do something about it... NEVER! Because they're too worried about Paris and Brittany... on look American Idol is on, gotta go! Sheeple get the shearing they deserve, should have kept your brown eye open behind you!
"The reason the U.S and its peoples are so corrupt, is simple"
If it was so simple how come you took up a whole half page blog, thats a lot considering the size of an internet page. Advertizing you say. Who are you advertizing for. Was it Bushes fault or is it Obama's fault or a mixture of all the above.
The simple answer is that our government has not done what should have been required.
I understand the frustration of the lack of choices in certain things. But the one choice you do have is do you BUY the things you've grown accustomed to. Time to put down the computer mouse and pick up our arms (you know, the right to bear arms) and march to washington and demand our country back. The last big revolution was the civil war, where unfortunately people fought over the right to own slaves. One side wanted it, the other didn't. Our government took peoples property over that by requiring a special tax (insurrection tax) that required those property owners to pay in person (so that they could arrrest them and execute them if necessary) This caused an incredible loss of life on both sides.
So while Wall Street, and Republicans AND Democrats and Big Business can be blamed for some of our problems, the real fault lies with US. The fact that we let these things happen and we don't demand better of our government. WE don't stand up for what's right. Until we demand it and ensure that our demands are met - we will have to abide by the corruption and filth our country has become. I share your disgust for the things that have been done. But we as Americans need to find a way to make sure that our country is restored to the greatness it once had. The answer is surely complicated and the road long. But i'm sure that Americans can make it happen. We just need someone to show us the way back home. Or find the way - Ourselves.
Time to take America Back.
long winded, but all true in many states! our country is run by money and power! we the people are the addicted ones to believeing that things are gonna get better! we are all sold that bull since birth!
Didn't Palin say in Hong Kong last month.
"The fall of Wall Street was the fault of too much regulation"
And, the republican's keep propping this idiot up as a candidate for the next Presidental election. GOP, if you want to win in 2012 you'd better do better than this bimbo...
#7 - Thu Nov 5, 2009 12:00 PM ESTwell, who elected OBOZO, the world's most famous clown?
So much for the neo-con argument that the rich deserve to keep their money because they earned it!
Most of us always knew they stole it in the first place. The government will prosecute an unlucky few, so we don't notice that the rest of them are still shoving it up our a$$e$.
It all boils down to greed. This is another prime example of why we need strict regulation of the business sector.Start making the punishment for these criminals something to be feared instead of a slap on the wrist.
#8 - Thu Nov 5, 2009 12:07 PM ESTIf the SEC was doing it's job to start with - none of this would happen. They are the ones needing to be replaced. The laws are already in place to prevent this - no one is enforcing them at all - that's the problem.
They should take EVERYTHING from these greedy bastards and give it to those that could use it. By that I do NOT mean the deadbeats but the people that really want to work but can't find work. Maybe use it to stimulate some areas of the country so they don't have to suffer budget cuts or something. There are a lot of suffering cities out there while jackasses like these guys are cheating their way to millions, even billions. I do not agree with handouts, just so we make that clear, but there are people more deserving in the country than some of the people with the money. You have CEOs layingoff employees so they can keep their ridiculous lifestyles in place. Look, if you can't run the company sucessfully, then the guys at the top need to take the pay cut. They are the ones ultimately responsible for a company's success or failure. But yet, they don't suffer, the nobody in the plant gets the boot and these guys go off on a golfing trip or a trip to a spa resort. The whole corporate environment in this country is jacked up.
#9 - Thu Nov 5, 2009 12:26 PM ESTAnd they should do their time in COUNTY JAIL!
screw this club fed crap.
nah, forget county - hang em from the highest building on Wall St as a message to others, just like the old days.
All I want to know is....are they gonna get their swine flu shots in jail?
#10 - Thu Nov 5, 2009 12:38 PM ESTI think the law states that they get them, right after the death row guys 'cause they may not have lots of time to wait in line.
Texas is giving inmates 1st priority. Due to the fact that these guys are in close proximity to others. They will get their shots before pregnant women and children, and the elderly.
By the way. some Wall Street guys got their shots already. GOD FORBID that they get sick and cannot trade stocks. If that happened then our twisted world would come to an end.
obtain secrets about public companies' planned merger and acquisition activity that he then used to execute profitable securities trades. i get this runing MSN custom scan, under analyst recmendation and.... Next day the stock moves up, go directly to jail, do not pass go, do not collect $200. These analyst have insider information. or your broker never told to buy a stock that is in bad shape. and merged next day and you made a bundle.
#11 - Thu Nov 5, 2009 12:41 PM ESTsorry folks, more crap to deflect the fact the government unions are robbing america blind and creating a wealthy government retirement class to be supported by the rest of us. wake up people, business is not the enemy, the government unions are.
#12 - Thu Nov 5, 2009 1:01 PM ESTThank You!
Explain the government unions ?, government is the problem ?, these slogans have a familiar sound. Like the Palin comment that to many government regulations created this crisis, If you are saying Wall Street business is not the enemy...your wrong, if you are saying to much regulation of these institutions is the problem....your wrong.
Business is the enemy. Whatever is necessary to make a profit is okay in the corporate world. These guys like MR are okay with the idea of American workers living in 3rd world conditions if it makes money for the corporations. It's about time these people are made to realize that we the people will not take it. If it takes a revolution to get the corporations out of ogvernment and out of power that is what will happen. People like MR better start building their walls and fences, because if it continues to go their way, the revolution will come!
MR--- Although I must agree government unions shouldn't even exist, Wall street is a problem. A huge problem. If you do not see it, you are a problem.
Take away their money and disperse it to everyone else. I wouldn't mind getting part of the $100million he paid for bail. Leave them flat broke and I mean flat broke. Then throw them in prison. They deserve nothing!
#13 - Thu Nov 5, 2009 1:15 PM ESTYes they will get swine flu shots gotta keep the law-breakers healthy !! I say if convicted of theft cut off first two fingers on right hand then everyone will know about you thievs then wall street will have a bunch of fingerless people running around !!!
#14 - Thu Nov 5, 2009 1:21 PM ESTExcellent! Now go after those who attempt to create market fluctuations, so that they can profit at others' expense by surfing the highs and lows.
This includes going after news media journalists, who are becoming more and more obvious in their attempts, whether to cover their own investments or for compensation from big speculators.
#15 - Thu Nov 5, 2009 1:33 PM ESTthey are all scum,they throw us under the bus,screwing us the whole way politicians bankers,and lobbyists are killing this country.CAN YOU SAY REVOLUTION....
#16 - Thu Nov 5, 2009 1:43 PM ESTI CAN!
Where do we meet and discuss such NEEDED ACTION!
The 10 Million Gun March!
It's amazing that some of you think you can only solve things with your gun. Seems like a lack of knowledge to me.
"SEC spokesman John Nester in Washington declined to comment."
Wonder why the SEC wasn't doing it's job and looking into it ? They never did in the Madoff case either ..... and then people wonder why the banks take risks with other people's money and the stock market collapses.... and the same people regulating keep their jobs that they are not doing properly to start with.
I guess also the origins of this are pretty clear also "Galleon Group founder Raj Rajaratnam" just look at the name - possibly bribery and corruption are on in Sri Lanka - and then those people do the same when they immigrate. " Rajaratnam has denied through his lawyer participating.... The papers put Goffer in a central role." The way it appears to work is foreign people always seem to hire local people in the front to do the work - then if anyone gets blamed or caught - it's not them.
It's probably a prejudiced view, politically incorrect and also probably quite true. Lessons should be taken from Australia on some things like that. They don't mince words at all and also have a lot less problem. People coming into their country are plainly expected to either fit in, follow the rules or leave.
#17 - Thu Nov 5, 2009 1:43 PM ESTAbout time. Where are those new oversight laws that have been promised? I am going to start a new war cry - Remember September '08!
#18 - Thu Nov 5, 2009 1:46 PM ESTThe NEW laws are being put aside by congress. A couple of DEMS and all of the REPS.
hey SEC...i'm sure this is only an isolated incident... they just caught you looking the other way, huh?
#19 - Thu Nov 5, 2009 1:48 PM ESTUh, Oh! Seems like the damning evidence is available, the judge can throw the book or the money clip. I think I would prefer the book myself...lol
#20 - Thu Nov 5, 2009 1:51 PM ESTBlue Horseshoe loves Anacot Steel
#21 - Thu Nov 5, 2009 2:17 PM ESTEggs-Frickin-Zactly!
It's ALL Insider Information. The retail "investor" is What's For Dinner.
timot...you are the only one here that made ANY sense...REVOLUTION...All of you spewing out your personal opinions...how funny. We are being ruined by ALL of these CROOKS..wall street AND our Government...it is FULL of crooks. The ONLY way we will EVER see ant real change is when the AMERICAN people pick up their arms and ENFORCE the 2nd ammendment. In case you don't understand the 2nd ammendment...it gives us the RIGHT to overthrow a corrupt government ..BY FORCE and WITH GUNS if necessary. IT IS time for a revolution. we need to take down this TOP 1% and redistribute that wealth and get this country back on its feet. Take this government OUT and replace it with some good hard working americans that have some common sense....WHEN IN THE COURSE OF HUMAN EVENTS>>>IT BECOMES NECESSARY....Get it?
#22 - Thu Nov 5, 2009 2:21 PM ESTStevo, I Get It.
Be VERY careful.Find kindred believers,gather and know yourselves and proceed cautiously because Vampires and Pirates are formidable foes that marshall official forces that very likely outgun you and won't be a source of converts 'til their noses are rubbed in it.Once the struggle is undertaken,it's All In. Fasten your seatbelts. It'll be bumpy.
We have nothing to lose but everything!
SMASH THE PIRATE GANG!
In order to protect against tyranny .....
STEVEN Quillen--You need to put your toys away and take your meds now.
So you want to bring the low life actions of humanity to the streets of the United States ? why don't you just join BIN's clan, that is exactly his goal, bankrupt the United States and cause chaos and destruction to the American society. No one except the sadist in the shadows wants your revolution, you want to change get off your ass and work in the community and change the country from the grass roots up through democracy, it take longer, its harder, and democracy is always going to be a bit messy, but it has more honor, integrity, and righteousness than the degradation of war that you propose.
Wall Street is ALL ABOUT INSIDER INFORMATION! That's what they DO!
Somebody screwed somebody else over or somebody wound up outside in the rain for reasons that may only be guessed at. The Feds,like the trained doggies that they are, were pointed to (Sic 'Em,Boys) the new OUTsider to perform their little sideshow act in perpetuation of the illusion that there really are some limits to the predation of Vampires and Pirates and that The Boys are Downtown, Workin' Hard an' Doin' Swell.
Cry,Puke or Laugh? What'll I do first?
What I'd LIKE to do is seal off the New York and London Financial Districts,when the scums are in attendance, and commence activities that would make The Seige of Warsaw and The Mongol Great Hunt look like Kiddie Rides at Adventureland.
#23 - Thu Nov 5, 2009 2:27 PM EST99% of the lawyers that I have known are blood suckers. Will Rogers believed that the fastest way to turn a good person into a crook was to make them a lawyer or elect them to Congress. Insider trading by lawyers doesn't surprise me one bit.
#24 - Thu Nov 5, 2009 2:29 PM ESTty scoureged...wanna join?
#25 - Thu Nov 5, 2009 2:42 PM ESTYou talkin' ta' ME?
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