The Wall Street Etiquette Guide to Helping Oneself to Other People’s Money

[Octafish]

By Pam Martens: March 18, 2014

In case you haven’t figured it out yet, there is a right way and a wrong way to help yourself to other people’s money on Wall Street. The right way propels you into the one percent replete with mansions and yachts, your name memorialized on buildings, a golden parachute, an office and car for life fronted by defrauded shareholders and regular invitations to appear on CNBC and lecture others on how to structure the financial system.

Then there’s the wrong way – as Gary Foster found out the hard way in June 2012 when he was sentenced to eight years in the slammer for embezzling more than $22 million from Citigroup and compounding his lack of etiquette in the most unforgiveable fashion – he wired the funds to Citigroup’s arch rival, JPMorgan Chase.

Foster broke multiple etiquette rules for stealing money on Wall Street. First, his crime was too simple. He made it just too easy for prosecutors to explain to a jury how he wired funds from various corporate accounts at Citigroup, using fake contract numbers, to his personal accounts at JPMorgan. A man lacking so little criminal creativity is eschewed on Wall Street; he clearly has no future there so he might as well go to jail.

Foster broke another etiquette rule when he had the audacity to buy a luxury home in Tenafly, New Jersey rather than Greenwich, Connecticut. You’re just not going to build an adequate Rolodex of connections to get you out of jail in Tenafly.

CONTINUED...

http://wallstreetonparade.com/2014/03/the-wall-street-etiquette-guide-to-helping-oneself-to-other-people%E2%80%99s-money/

[The Magistrate]

1. Cold But Fair, Sir

Jesus wept....

[Octafish]

3. One part I particularly enjoy, Sir...

Note the whip causes pain, not death -- something to consider should the tumbril once again become a popular form of transportation.

[The Magistrate]

4. Many Find That a Favorite Part Of That Book, Sir

"Some men rob you with a six-gun, and some with a fountain pen."

[Octafish]

8. Here's something to enjoy on your next visit to Detroit, Sir...

Queen Philippa Interceding for the Lives of the Burghers of Calais by Benjamin West. Details from the Detroit Institute of Arts

Plan ahead, dear Friend, as the money changers are getting ready for the biggest fire sale this old town has ever seen.

[malaise]

2. He made another mistake

Steal from anyone but di robber barons - ask Bernie.

[Octafish]

5. Bernie was protected until running into a cash flow problem...

JPMorgan Doesn’t Want to Talk About Bernie Madoff

By David Cay Johnston
Filed: 12/23/13 at 7:12 PM | Updated: 12/23/13 at 11:13 PM

Bernard Madoff’s principal bank, JPMorgan Chase, has for years obstructed federal bank examiners trying to ascertain what it knew about his gigantic Ponzi scheme, an official document obtained by Newsweek shows.

The Justice Department refused in September to back up Treasury inspector general staff who wanted a court order to enforce a subpoena, in effect shielding JPMorgan from law enforcement, the October 8 document shows.

The Justice Department told the Treasury Inspector General “that they were denying the request for enforcement of the subpoena,” which means officials “could not undertake further actions regarding this matter,” wrote Jason J. Metrick, the inspector general special-agent-in-charge.

The memo revealing that Justice protected JPMorgan from an obstruction complaint raises anew questions about how much the Obama administration has done to protect the big banks, whose lies about mortgage securities and other investments they sold sank the economy in 2008.

Only minor players have been prosecuted, in contrast with the more than 3,000 felony convictions the FBI says it obtained in the much smaller savings and loan scandals two decades ago.

JPMorgan was the principal bank Madoff used in his fraud. On the day of his arrest in December 2008, he claimed to be the world’s biggest money manager, handling $64.8 billion of other people’s money, half as much as JPMorgan itself and almost as much as Goldman Sachs and George Soros combined.

CONTINUED...

http://www.newsweek.com/jpmorgan-doesnt-want-talk-about-bernie-madoff-225067

Bernie had friends here in Motown, rich friends who liked him when they were getting the, um, dividend checks. Now that the wheels fell off the cart, they don't much like him any more.

[malaise]

6. Man you have the best links

on the real criminals

[Octafish]

10. That's one of the reasons why I use disguise.

They don't call me 'Clever Pete' for nothing. I mean, 'Jake'! 'Clever Jake'!

[malaise]

11. Bwaaaaaaaaah hahahahahhahaha

DUzy

[leftstreet]

7. DURec

[Octafish]

9. The corruption problems aren't going away unless We the People do something about it.

Another recent example:

SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

By Robert Schmidt
Bloomberg - Apr 8, 2014

A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.

James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. His remarks hit home with many in the crowd of SEC lawyers and alumni thanks to a part of his resume not publicly known: He had campaigned internally to bring charges against more executives in the agency’s 2010 case against Goldman Sachs Group Inc. (GS)

The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained by Bloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.”

Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.”

His March 27 remarks drew applause from the crowd of about 70 people, according to witnesses. In an interview, Kidney said he hadn’t heard any blowback from SEC officials.

CONTINUED...

http://www.bloomberg.com/news/2014-04-08/sec-goldman-lawyer-says-agency-too-timid-on-wall-street-misdeeds.html

Thank you, leftstreet. Very much appreciate you see that it is a very small world.

[Jefferson23]

12. Fuckers.

K&R

[Octafish]

13. That's the polite word for Them.

Systemic Corruption because the money is that good.

"One of the things that is interesting about reading conspiracy theory is that much of what folks think is conspiracy is really many people acting in concert to make or protect their money." - Catherine Austin Fitts

A big shot in Poppy's crew, Fitts got fed up with the corruption at the highest levels of government, business and finance. She's doing all she can to document corruption on Wall Street and Washington and helping those who give a damn do something about it. Her Narcodollars for Beginners deserves a Pulitzer.

Integrity is an alien concept to these fuckers, the plutocrats, kleptocrats and kakistocrats that have brought the nation and planet to ruin.

[Jefferson23]

14. She is the one who coined the term, The Tapeworm Twenty..the big banks, right?

Fuckers is too polite a term...hardened criminals..the Mob has been known to display more
ethical conduct.

[woo me with science]

15. K&R