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Forum Post: It's Confirmed: TBTF Wall Street Bankers Are Above The Law

Posted 1 year ago on March 6, 2013, 3:56 p.m. EST by enough (589)
This content is user submitted and not an official statement

The U.S. Attorney General admits Wall Street banks are too big to prosecute.

http://www.zerohedge.com/news/2013-03-06/eric-holder-some-banks-are-so-large-it-difficult-us-prosecute-them

41 Comments

41 Comments


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[-] 1 points by bensdad (8977) 1 year ago

It is sad that when a point is to be made, honesty is not paramount.
Holder did not say "too big to prosecute"
He did say that he is "concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them"

Did he say he WOULD NOT prosecute them?

[-] 1 points by enough (589) 1 year ago

You are precisely right, but roughly wrong. Not one Wall Street big bank executive has been indicted and put in jail and everyone knows it. Obviously, Holder cannot come out publicly and unequivocally say we cannot prosecute them or he would violate his oath to uphold the law and be run out of town. What he did say, however, is as near an admission that Wall Street banksters are untouchable as any U.S. attorney will ever acknowledge. It has been about five years since the financial crisis imploded in 2008 and, thus, plenty of time to investigate and indict Wall Street bankers for criminal fraud and negligence, but it hasn't happen. It is a safe bet to believe it will never happen, particularly with the statute of limitations running out. It won't be difficult for Holder and the U.S. Justice Department to prosecute them because it ain't gonna happen.

[-] 1 points by bensdad (8977) 1 year ago

I hope we PROSECUTE as many as we can.
Unfortunately, it must relate to a statutory crime.
It may be impossible to penetrate the protection offered by incorporation.
Consider how many tobacco executives were prosecuted.

[-] 0 points by enough (589) 1 year ago

Criminal fraud and criminal negligence have been against the law for a long long time. The Securities and Exchange Act has been on the books since 1934 and makes it illegal to manipulate the markets. Numerous executives have been indicted and jailed for similar crimes. Over 800 bankers were convicted and jailed during the Savings and Loan crisis of the 80s and 90s. And then there were Enron's Skilling, WorldCom's Bernie Ebbers, Tyco's Kozlowski to name just a few that went to jail and are still there. Only apologists for the Wall Street bankers would make it seem that laws were not broken when it is crystal clear that they were.

[-] 2 points by shoozTroll (17632) 1 year ago

LOL....illegal to manipulate markets................ROFL

Where did you say you've been for the last 40-50 years or so?

LOL.............illegal to manipulate markets.........

That's truly funny.

That's like saying there's no such thing as WallStreet.

Like there's no commodities markets.........No hedge fund mangers.

LOL

[-] 1 points by enough (589) 1 year ago

I agree. It is a joke, but the guy wanted to know if Wall Street broke any statutory crimes. That's why we don't need any new laws. There are plenty of laws on the books already, which aren't being enforced and probably never will be enforced for those with connections and the government at their back.

[-] 2 points by shoozTroll (17632) 1 year ago

They paid to have those laws changed years ago, and ALEC has their back in all the States........

If there's a ray of hope to be found? Keep an eye on OWS's case against the SEC.

Illegal to manipulate markets..........lol

That's truly funny.

ALL markets are manipulated, they always were, by the very nature of their existence..

They don't exist without manipulation.

[-] 0 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

Twinkle

[-] -1 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

An obvious TRUTH - how is it that some claim the inability to see it?

[-] 1 points by bensdad (8977) 1 year ago

Manipulating the market is different from buying & selling securities with "fraudulent" intentions.
Can any lawyers out there tell us what laws could be used?

[-] 2 points by frovikleka (2563) from Island Heights, NJ 1 year ago

The market can be manipulated by a process called churning

This rarely enforced illegal practice causes artificial highs in the stock price

The smart money bails, while the little guy gets left holding the 'little' bag

http://financial-dictionary.thefreedictionary.com/Churn

~Odin~

[-] 1 points by bensdad (8977) 1 year ago

Is this a state law? federal?

[-] 1 points by frovikleka (2563) from Island Heights, NJ 1 year ago

Don't know, either way it is highly unethical, and if it is a key stock that is being churned in a particular sector or industry, that whole sector can fall or rise substantially

And once again the smart or the manipulative $ people gets out or in sometimes, usually with profits or lower stock prices, and that leaves the little guy holding the bag with losses

~Odin~

[-] 1 points by frovikleka (2563) from Island Heights, NJ 1 year ago

Churn has two definitions as far as i am can see, but they both involve buying and selling stocks. It's just the reasons that are different, I believe, but the effects may be pretty much the same. The other definition that i did not mention is when the stock broker, where you have your money invested just buys and sells to generate commissions. Both pracitices are illegal by the 1934 SEC law, not that, that means much

~Odin~

[-] 1 points by enough (589) 1 year ago

Why would anyone manipulate the market unless he was up to no good?

[-] 1 points by shoozTroll (17632) 1 year ago

These guys have been up to a lot of no good for a good many years.

http://occupywallst.org/forum/the-price-of-gas-doesnt-drop/

One of the reasons for the XL is to raise prices in the midwest.

Market manipulation....everywhere you look.

[-] -2 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

And lies to the public - as this is not meant for domestic use - but is meant for export - and to hell with what you are paying at the pumps - we got you by the short curlies ( fossil fuel says ) so whatcha gonna do about it?

[-] 0 points by shoozTroll (17632) 1 year ago

Buy a Prius and let the electricity guys manipulate THAT market!!!!

YAY!!!

Remember the good ship Enron!

[-] 1 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

Will be interesting to watch what happens with Tesla over the coming years. Plan to date is = Installing fast recharge stations all over California and other states in the south-west - free to use for Tesla owners. Followed by an expansion to northern states.

[-] 2 points by JesseHeffran (3903) 1 year ago

It's funny that an electric car is named Tesla. Do you know that when tesla was alive he created wireless electricity. He had made these giant Tesla coil looking things that would power one of his fluorescent light bulbs, while he held it in his hand.

If we lined are interstate highway system with wireless energy transmitters not only would it be a boon to the economy, but electric cars would become more efficient. Not having to worry about a car's battery dying would make the Tesla more appealing.

[-] 2 points by shoozTroll (17632) 1 year ago

Oh man. I hate to do this, but I'm a huge fan of Tesla and those pics with the HUGE coils were trick photography, double exposures.

When he did live demonstrations with smaller coils, he wore thick rubber soles on his shoes. He knew his shit and the last thing he wanted, was to make ground..........................:)

Did you know he invented wireless remote controls?

[-] 1 points by JesseHeffran (3903) 1 year ago

That makes sense. I'll have to look into that one more.

No, I did not know that.

[-] 1 points by shoozTroll (17632) 1 year ago

He designed a "drone" war ship and made a working model to demonstrate it to a military big wig in WWI. He didn't believe what he saw and rejected it.

The servos to operate it were controlled remotely by radio waves.

[-] 1 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

Yep - I saw the experiments when I was in grade school. It would be interesting to see long term study on possible health effects. But my understanding was his coil could power all manner of electrical devices as long as they had a receiver.

[-] 1 points by shoozTroll (17632) 1 year ago

I wish them well, but these things need to come down in price and weight.

I hear even Ferrari is coming out with one.

[-] 1 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

Problem with any new product - all the tooling created including molds and such to create the product = expensive to say the least - that is why as volume of created product goes up that the cost comes down - more units to spread out the initial costs of starting production.

[-] 0 points by shoozTroll (17632) 1 year ago

Call the brothers Koch and ask them.

I'm betting they needed the money.

[-] -2 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

Fraud is an obvious one even to a layman - collusion/conspiracy is right there on the same level of understanding ( IMO ).

[-] 0 points by bensdad (8977) 1 year ago

Fraud may be immoral but
IS IT ILLEGAL ?
remember the cigarette executives

[-] 1 points by DKAtoday (27956) from Coon Rapids, MN 1 year ago

See how long this law has not been enforced on the wealthy? Tis SICK!!!!

[-] 1 points by analystwanabe99 (153) 1 year ago

Does that make it rite???? NO!!

[-] 2 points by bensdad (8977) 1 year ago

Of course right/wrong is different than legal/illegal
but you cannot prosecute "wrong"

[-] 1 points by shoozTroll (17632) 1 year ago

And hedge fund managers, and regular old WallStreet CEOs, and members of the MIC like Haliburton, and the brothers Koch, and Rupert Murdock, and on and on and on.

I certainly don't need a conspiracy theory site to tell that.

They seem to pretend it's new thing that they just discovered.

It's not.

It's been going on for decades.

[-] 0 points by enough (589) 1 year ago

ZeroHedge is not a conspiracy website. It is one of the most respected sites out there for unmasking Wall Street scandals and telling it like it is about our markets and our financial system. Check it out before you jump to conclusions.

http://www.zerohedge.com/about

[-] 1 points by shoozTroll (17632) 1 year ago

Sure it's not.

What's it say about MMT?

What's it say about the gold strandard?

How often does it show up on prisonplanet?

[-] 1 points by gnomunny (6647) from St Louis, MO 1 year ago
[-] 1 points by enough (589) 1 year ago

Exactly. Wall Street owns the Securities and Exchange Commission and the U.S. Justice Department; not to mention, almost every elected official in the federal government from the top down.

[-] 1 points by gnomunny (6647) from St Louis, MO 1 year ago

Agreed. Just like Monsanto owns the FDA and the USDA.

[-] 1 points by OTP (-203) from Tampa, FL 1 year ago

JP Morgan bailed out the US gov in 1895.

The next five years, wall st trades multiplied by six.

The rest is history.

[-] 1 points by enough (589) 1 year ago

And in 1913, one hundred years ago, JP Morgan and the big Wall Street banks completed the takeover of our financial system by creating the Federal Reserve System.

[-] 0 points by OTP (-203) from Tampa, FL 1 year ago

700 Trillion in derivatives, a dead beat congress, and a population that is more concerned with The Jersey Shore than what is actually floating in the Jersey shore.