The Frog Who Crushed The Planet (1 Viewer)

[DaveFagan]

You just have to read this one. Them big crooks are just so elusive, eh?

The Frog Who Crushed the Planet | NationofChange

"This week, US prosecutors finally began the trial of the only person on the entire planet whom they have charged with the financial crimes that sank worldwide stock markets by trillions in 2008 and left millions homeless and jobless, from Detroit to Manchester. "

"In August 2007, hot-shot hedge fund manager John Paulson walked into Goldman Sachs with a brilliant plan to cash in on the US housing crisis.
He paid Goldman to announce that Paulson would invest a big hunk of his fund's wealth, $200 million, in securities tied to the US mortgage market's recovery. A few lucky investors would be allowed to give Goldman their billions to bet with Paulson that Americans would never default on their home mortgages.
It was a con. Secretly, Paulson would bet against the mortgage market, hoping it would collapse –making sure it would collapse. All he needed was Goldman to line up the suckers to put up billions to be his "partners". "

"Paulson personally chose the group of mortgages for the fund. Rather than pick the least risky, he deliberately loaded the fund with sub-prime losers. To polish this turd, Goldman and Paulson paid a highly respected risk analysis firm, ACA, to endorse the selection. Paulson and his vice president met with ACA to assure them of the value of the crappola – never telling ACA that, in fact, Paulson would profit if the securities failed.
Based on Paulson's pitch, ACA endorsed the value of these "synthetic derivatives" securities. This led rating agencies Moody's and S&P – recipients of fat fees from Goldman – to give the package an AAA rating – that is, marking them as safer than US Treasury notes. " "
Government watchdogs hunted for the financial crimes perpetrators, and, discovering the Goldman/Paulson fraud, brought charges against... the French kid. Goldman had leant Fabrice Tourre to Paulson to take on flunky tasks, including putting together a 28-page "flip book" to lure European banks into the scam.
In a text message discovered by investigators, Fabrice admitted to a friend that he couldn't understand the insanely complex derivatives Paulson had crafted with Tourre's bosses at Goldman. He did, though, grasp that the strange securities were, he wrote, "monstrosities". A collapse was coming that would "bring down the whole house", leaving Fabrice standing in a ruined planet – with a fat bonus.
What did the Feds do to Paulson? He received... a special tax break.
Am I defending the Fabulous Fabrice, the French-fried scapegoat? "

The Frog Who Crushed the Planet | NationofChange

Sounds unbelievable, but well documented.

Shouldn't someone go to jail?

Don't all of our US Treasury heads come from Goldman Sachs?

Do you have to be a really big business to be really crooked?

Is it truly, "The bigger the bank, the bigger the crook," or is that an old wives tale?

Does it make you want to retch?

These people are not in jail, they are living the high life.

 

[clownboy]

Whoa. Thanks for posting that. Should be an All of the Above option as well.

 

[specklebang]

Agreed.

No punishment. Lots of reward. Thanks Bush. Thanks Obama. Don't forget to rinse your mouth afterward.

Whoa. Thanks for posting that. Should be an All of the Above option as well.

 

[DaveFagan]

Whoa. Thanks for posting that. Should be an All of the Above option as well.

You're right. Nevertheless, the point is clear. Thanks.

 

[sawyerloggingon]

People should go to jail but people this big never do, they are truly above the law.

 

[DaveFagan]

Whoa. Thanks for posting that. Should be an All of the Above option as well.

I hesitate to condemn Tourre. Just a donkey. Crap rolls downhill. Like when Graner and Englund went to jail for doing GWBush's torture policy. GWBush, the first torturer didn't have the cojones to admit they were doing as ordered. Bush and Obama both guilty as sin as regards this banking fiasco.

 

[clownboy]

I hesitate to condemn Tourre. Just a donkey. Crap rolls downhill. Like when Graner and Englund went to jail for doing GWBush's torture policy. GWBush, the first torturer didn't have the cojones to admit they were doing as ordered. Bush and Obama both guilty as sin as regards this banking fiasco.

Not just a donkey, more a henchman. But the bigger fish got away and that is wrong. We don't have to take the leap to top political leaders on this one though. There are other issues involved at that level and they do have a great deal of immunity because that isn't as black and white. However, Paulson and Goldman and anyone at either firm that knowingly participated should go down.

Wealth should not shield them.

 

[notquiteright]

I hesitate to condemn Tourre. Just a donkey. Crap rolls downhill. Like when Graner and Englund went to jail for doing GWBush's torture policy. GWBush, the first torturer didn't have the cojones to admit they were doing as ordered. Bush and Obama both guilty as sin as regards this banking fiasco.

I gotta give both a pass- BushII wasn't bright enough to understand the consequences, and President Obama has the threat of a second, even bigger collapse if the big investment banks are prosecuted.

Rather this started years ago as the firewalls were being torn down as 'interfering government red tape' and whole new and untouchable speculative vehicles were rolled out. Rather than be safe, the new packages used the sky as their limit, a complete lack of regulation in the newly formed trading blocks so no one was sure who was to oversee what. Not to mention the hot bunk relationship between those who oversee and those to be watched.

With billions in 'contractually obligated bonuses' (that means they are not bonuses but tax dodges) calling fund managers vs the pittance most regulators receive it was a rather lopsided relationship.

Putting some old men on house arrest because they let the young turks (sorry Medusa) run free and make greed good yet again isn't a warm fuzzy for me. Putting the firewalls back up so a very few don't make billions while a whole bunch watch their supposed AAA rated retirement funds flush would make me smile.

yeah I know, but it is a nice dream- don't wake me... eace

 

[DaveFagan]

Not just a donkey, more a henchman. But the bigger fish got away and that is wrong. We don't have to take the leap to top political leaders on this one though. There are other issues involved at that level and they do have a great deal of immunity because that isn't as black and white. However, Paulson and Goldman and anyone at either firm that knowingly participated should go down.

Wealth should not shield them.

How about NONE OF THE ABOVE because all they did was create confidence in paper that had no real value and that is pretty much what the Federal Reserve does with its' "fiat money." Is there any real difference?

 

[DDD]

Typical "I profit while the rest of you be damned" capitalistic BS. Why are they not being penalized though? Really? Can they keep on spending their wealth so as to just keep potential prosecution in order?

 

[DaveFagan]

People should go to jail but people this big never do, they are truly above the law.

Why can't we do anything about that. Isn't that what the Occupy protests were about. These aren't the only crooks. I've got a suggestion for our enforcement people; look in big banks, big hedge funds, big insurance corporations, and big energy for the crooks because they're not hiding. Hint: They're the ones in the big offices.

 

[DaveFagan]

Why can't we do anything about that. Isn't that what the Occupy protests were about. These aren't the only crooks. I've got a suggestion for our enforcement people; look in big banks, big hedge funds, big insurance corporations, and big energy for the crooks because they're not hiding. Hint: They're the ones in the big offices.

Talk about short attention spans. It's hard to get people to talk about the types of incidents and people that caused the 2008 crash. It's even harder to get the Department of Justice to do anything about it. The people need to force some issues to get change, otherwise this "keeps on keepin' on."

 

[DaveFagan]

This fits right in this post.

Why Do Protesters Against Egregious Environmental and Financial Misconduct Get Arrested, But Not Corporate Perpetrators?

Why Do Protesters Against Egregious Environmental and Financial Misconduct Get Arrested, But Not Corporate Perpetrators?

"It's sadly what we've come to expect: advocates for saving the planet -- and present and future lives with it -- and those who protest financial crimes and improprieties get arrested, charged, and often serve jail time, but those responsible among the corporate and financial elite go free."

 

[Morality Games]

Talk about short attention spans. It's hard to get people to talk about the types of incidents and people that caused the 2008 crash. It's even harder to get the Department of Justice to do anything about it. The people need to force some issues to get change, otherwise this "keeps on keepin' on."

Corporate lobbyists invested the most attention, energy, and resources into government, so they are the ones who get to rule our society. When nearly half of the American people are broadly supportive of corporate privilege and the rest are mostly accepting, there's not much traction to be made on the issue.

 

[DaveFagan]

Corporate lobbyists invested the most attention, energy, and resources into government, so they are the ones who get to rule our society. When nearly half of the American people are broadly supportive of corporate privilege and the rest are mostly accepting, there's not much traction to be made on the issue.

Here's a little follow up to the story. My gosh now, it'll just renew your faith in the justice system, OR NOT.

Goldman Sachs Trader Conviction: Hold the Cheers | DailyCensored.com - Breaking Censored News, World, Independent, Liberal News

"On August 1, Goldman’s Farbice (“Fabulous Fab”) Tourre was convicted on six of seven counts.

They involve “making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (CDO) GS&Co structured and marketed to investors.”

They’re about being “directly or indirectly engaged in transactions, acts, practices, and a course of business that violated Section 17(a) of the Securities Act of 1933, 15 USC 77q(a) (“the Securities Act”) and Exchange Act Rule 10b-5, 17 CFT 240.10b-5.”

“The Commission (sought) injunctive relief, disgorgement of profits, prejudgment interest, civil penalties, and other appropriate and necessary equitable relief from both defendants.”

"A Tourre spokesman said the case remains ongoing. At issue is what penalty will be imposed. Weeks may pass before it’s known. They’ll pale compared to what’s deserved. On appeal it may be reduced.

Tourre and Goldman faced civil charges. Criminal penalties aren’t involved. Prison time won’t follow. Billions of dollars were stolen. Grand theft continues. It does so in multiple forms. It’s standard Wall Street practice.

Theft runs the gamut. Shoplifting is petty theft. Larceny involves property valued under $500. Larger amounts are grand theft. Wall Street malfeasance should be called the grandest of grand theft writ large.

Minor offenses land ordinary people in prison. Terms up to 10 years are imposed. Multiple transgressions involve longer sentences. Three-strikes laws can imprison people for life.

Not on Wall Street. It’s anything goes territory. Government complicity permits it. Money power runs America. What it says goes. Accountability rarely happens. Penalties are hand slaps. They hardly matter. They don’t deter crime."

 

[paris]

Fabrice Tourre. He loved the American Dream. With a Vengeance.

 

[DaveFagan]

Fabrice Tourre. He loved the American Dream. With a Vengeance.

He did good. He's not going to jail. Just a fine and he'll probably get to pay a dime a week until it's cleared up. "Justice is for the rich and influential."

 

[MoSurveyor]

As usual the rich skate because they pay others to do their dirty work. Can't soil those billion dollar hands ... LOL!