Will Wall Street Ever Face Justice?

[EastMed]

Phil Angelides, chair of FCIC is pessimistic.

Four years after the disintegration of the financial system, Americans have, rightfully, a gnawing feeling that justice has not been served. Claims of financial fraud against companies like Citigroup and Bank of America have been settled for pennies on the dollar, with no admission of wrongdoing. Executives who ran companies that made, packaged and sold trillions of dollars in toxic mortgages and mortgage-backed securities remain largely unscathed.

People have a right to be outraged. But less than $10 million has been budgeted for the investigation. Justice must be seen to be done.

No one should seek or condone prosecutions for revenge or political purposes. But laws need to be enforced to deter future malfeasance. Just as important, the American people need to believe that a thorough investigation has been conducted; that our judicial system has been fair to all, regardless of wealth and power; and that wrongs have been righted.

http://economistsview.typepad.com/economistsview/2012/03/will-wall-street-ever-face-justice.html

 

[JayHawk]

No nothing will ever come of it because the people being charged are the same ones who buy and sell our politicians. So no justice will ever come from it.

 

[KrisHawkXXX]

Wall Street is made up of the Capitalists that own the system... Why would Capitalism punish itself?

 

[jackoroe]

Oh come on, now! We forced them to take bailout money when some didn't even want it. Surely that's punishment enough!

 

[maxpowr9]

Sadly, this is one issue both sides actually agree upon. Wall St. will never be punished just like our congresspeople and their crooked bailout.

Although my sincere opinion is that the next major casualty will be Bank of America. They've already blown through $20b in lawyer fees and settlements alone for their mortgage woes, mostly because they didn't follow the rules and had to start the process over.

 

[JayHawk]

I will just go on a tangent and say that is BOA fails i will throw a party. I despise that corporation.

 

[evanrick]

wall street may not face justice, but capitalism has paid a substantial price.

why would capitalism punish itself? because greed always gets you in the end.

 

[Benvolio]

What law do you think was violated, bearing, bearing in mind that democrat laws required banks to make undesirable loans to minorities and poor unable to get loans on the merits.

 

[hungprep]

^_^ Oh, what thoroughly depressing cynicism!

EastMed, my esteemed friend? I really don’t know what to say… Give heart! ‘Spring’ is coming again!

What do the rest of you people think is ‘justice’ anyway? Something that’s only dispensed in Courts…?

I think I need to post this story again here – Dr Giles Fraser, the highly principled, former Canon Chancellor of St Paul’s Cathedral, London, with a little history of the ‘Occupy Movement’ worldwide, from The Guardian [formerly The Manchester Guardian], February 28, 2012

From the Wikipedia article, The Masque of Anarchy, in excerpted parts, as follows: ‘The Mask of Anarchy is a political poem written in 1819 by Percy Bysshe Shelley following the Peterloo Massacre of that year. In his call for freedom, it is perhaps the first modern statement of the principle of nonviolent resistance.

‘The poem was not published during Shelley’s lifetime and did not appear in print until 1832, when published by Edward Moxon in London with a preface by Leigh Hunt. Shelley had sent the manuscript in 1819 for publication in The Examiner. Leigh Hunt withheld it from publication because he “thought that the public at large had not become sufficiently discerning to do justice to the sincerity and kind-heartedness of the spirit that walked in this flaming robe of verse.” The epigraph on the cover of the first edition is from The Revolt of Islam (1818): “Hope is strong; Justice and Truth their winged child have found.”’

The final five stanzas of the very long poem, as follows:

‘Stand ye calm and resolute,
Like a forest close and mute,
With folded arms and looks which are
Weapons of unvanquished war.

‘And if then the tyrants dare,
Let them ride among you there,
Slash, and stab, and maim and hew,
What they like, that let them do.

‘With folded arms and steady eyes,
And little fear, and less surprise,
Look upon them as they slay
Till their rage has died away.

‘Then they will return with shame
To the place from which they came,
And the blood thus shed will speak
In hot blushes on their cheek.

‘Rise like Lions after slumber
In unvanquishable number,
Shake your chains to earth like dew
Which in sleep had fallen on you —

‘Ye are many — they are few.’

.

 

[Benvolio]

Are the occupiers asking for anything that someone could grant? If they ask for an end o greed for instance, no one can give it to them.

 

[JayHawk]

Yeah occupy is a pipe dream that the trodden feel at unjust and unfair worlds.

I guess no one told them when they were kids that life isn't fair. Of course this would be the first generation of no punishment and everybody wins kids. SO i guess nobody did tell them the world is different. Sad.

As far as laws broken which was ask earlier. there are several cases of these banks not doing due diligence as required before their investors to sell the derivatives. In fact there are intra office memos on record wherry VP's are telling the QA dept NOT to hold up the loan process because they needed more loans to put into derivatives.

Why Holder hasnt prosecuted these cases is unknown but very telling on the Obama administration. That and the fact that he was elected by a vast amount of small donations and this time he will be reelected by corporate money.

 

[Benvolio]

I have no doubt that the offering ciircular or prospectus advised investors that the mortgages were sub-prime and would experience high defaults.,in the event of interest rises, or words to that effect. The fine print to be sure.

 

[JayHawk]

No Benvolio that is not what it offered. There are guidelines for what is a AAA and whats is merely A and they were not doing due diligence and then simply stamping AAA on the derivatives.

The People vs. Goldman Sachs

These guys are scum that are not being prosecuted by the Obama Administration in exchange for campaign donations AND for getting in line behind the Previous and current Administrations TARP bailout that was unpopular by most of these bankers.

 

[frankfrank]

"Too Big to Fail" = "Too Big to Jail"