HuffPo's RJ Eskow: Bernie's Right - Wall Street's Model Really is Fraud

[laserhaas]

Last edited Tue Mar 29, 2016, 05:55 PM - Edit history (2)

Richard J. Eskow opens up his new Huffington Post "Bernie's Right. Wall Street's Business Model Really is Fraud" with Hillary's remark that "I've said if the big banks don't play by the rules, I will break them up". Then Mr. Eskow notes a survey (here) commissioned by the law firm of Labaton Sucharow that has found;

a deeply immoral culture had taken root among British and American bankers.

The survey showed that bankers’ ethical behavior is bad and getting worse. The percentage of bankers who believed their own colleagues had engaged in illegal or unethical behavior has nearly doubled since 2012. More than one-third of those earning $500,000 or more annually said they had first-hand knowledge of wrongdoing in the workplace.

And, you must really pay attention to this additional remark that:

It also showed that financial institutions seem to condone, encourage, and protect illegal behavior. The survey found that “nearly one-third of respondents (32 percent) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law.” And it found “a proliferation of secrecy policies and agreements that attempt to silence reports of wrongdoing ...”

William Dudley, president of the Federal Reserve Bank of New York, said in 2013 that there was an “important problem evident within some large financial institutions—the apparent lack of respect for law, regulation and the public trust,” adding: “There is evidence of deep-seated cultural and ethical failures ...”

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Wall Street Fraud Continues Because the Dept. of Justice Doesn't Care
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Laws are for the wee little people: Wall Street Banks Just Pay Fines

Last year, Senator Elizabeth Warren and JP Morgan Chase's CEO Jamie Dimon had a one on one discussion (see Bloomberg story - HERE). When the Senator spoke about the bad faith behavior after Mr. Dimon complained to Senator Warren about "stiffening regulations".

Senator Warren responded that the CFPB (Consumer Fraud Protection Bureau) rules might take effect that would spell trouble for banks like JP Morgan Chase. To which, as iterated by Senator Warren, then Jamie Dimon responded, as he "leaned back and slowly smiled";

"So hit me with a fine. We can afford it"

The reasons why Jamie Dimon, Lloyd Blankfein and Mitt Romney can all be so smug about doing frauds, is that there's never been any prosecution of their companies, or the executives high up therein, for doing frauds. And, unfortunately, this is because every Dept. of Justice head, from the FBI, the SEC and the U.S. Attorney's office, have better things to do, then to punish Wall Street.

Like taking advantage of the multi-million-dollar revolving doors.

Former United States Attorney General received a DPA $50 million NO BID contract from former under employee Chris Christie, who was the New Jersey top federal prosecutor. You may wonder what a "DPA" is? It is a deferred prosecution agreement.

We used to call it something else when top fed prosecutors getting millions in dollars, to forget about prosecuting.

HuffPo's Eskow points out that the Department of Justice has settled over $200 Billion dollars in fines with Wall Street banks. Richard then goes on to point out the following;

If the purpose of Wall Street’s “business model” is to help bank executives get rich without personal risk or penalty, there is no question that fraud is at its heart. Senior bankers at our too-big-to-fail institutions have made a lot of money from fraudulent activities, but other people always seem to pay when those activities come to light. The American people bail them out, and bank shareholders pay the fines.

Then Huffington Post's Eskow concludes with the following - apropos - opinion;

Fraud isn’t just a sideline. It gives bankers a much-needed edge.

Play by the rules? For bankers, Rule #1 is “win at any cost.” As long as they can commit fraud without suffering personal consequences, fraud will be the business model for Wall Street.

We have the case that Goldman Sachs and Bain Capital have never been fined for, about, nor even investigated (because the United States Attorney, over the case, Colm Connolly, was one of those "revolving door" lawyers who worked for Goldman Sachs/ Bain Capital law firm of Morris Nichols Arsht & Tunnell {"MNAT'}).

If Bernie Sanders becomes President of the United States, he will be able to pick a U.S. Attorney General that will actually go by the law. This is why Goldman Sachs CEO, Lloyd Blankfein, stated Bernie Sanders was dangerous.

Heck, if Senator Bernie Sanders - even mentions eToys - Humpty Fraudster Dumpties will fall off their high hubris Walls.

Wouldn't that be a sight to see?

Just sayin........
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[font size=6] Proof of Goldman Sachs Mega Frauds in [/font] [font size=6 color=red]e[/font][font size=6 color=navy]Toys [/font]

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1. Goldman Sachs ripped off eToys public offering (see NY Times 2013 "Rigging IPO Game&quot

2. MNAT law firm, lies about Goldman Sachs to become eToys attorney (see Chief Justice Opinion pages 24 through 29)

3. While benefiting from Perjury, MNAT handpicks Paul Traub to sue Goldman Sachs (in essence, Sachs sued Sachs & eToys lost).

4. Obstruction of Justice occurs when MNAT lies under oath to help Goldman Sachs destroy eToys case evidence
(funny thing is, we learned about this Smoking Gun tidbit, from Goldman Sachs counsel in NY - Jeremey Bates)

4. Paul Traub was also partners with fraudsters Marc Dreier and Tom Petters Ponzi (Petters REceiver Complaint)

6. Colm Connolly, a partner of MNAT, becomes the U.S. Attorney over the eToys case (see DOJ Resume Office of Legal Policy)

7. Corruption by Connolly is reported to a Task Force - and that Unit is Shut Down with prosecutors threatened to be silent

See Los Angeles Times article "Shake-up roils federal prosecutors"

In essence, Goldman Sachs ripped off eToys, from beginning, during the bankruptcy and at the very end of eToys suing Goldman Sachs, which settled the billion dollar fraud case, for only $7.5 million that MNAT, Traub and Barry Gold got to keep.

MNAT continues to conceal, to this very day, the frauds of MNAT representing both eToys and Bain Capital (that owns Kay Bee) when the sales prices of eToys to Bain/ Kay Bee were reduced by MNAT.

By the way, yours truly knows all of this, being I'm the one who sold eToys to Bain/Kay Bee, for tens of millions. MNAT and Paul Traub tossed me out and put in Traub's partner, Barry Gold (who worked for Michael Glazer and Romney at Stage Stores) - using a forgery to the Delaware Bankruptcy Court, after they confessed deliberately lying under oath, saying moi "waived" my right to be paid and gave away eToys for free.

MNAT submitted this "HAAS Affidavit" but the judge wouldn't allow HAAS to inform the court it was a forgery.

Did someone really need to tell the court that I didn't give away my year long work - payment?

This bankruptcy fraud on the court issue means there's NO statute of limitations. Once Bernie Sanders team has the time to look at this - Goldman Sachs and Bain Capital are doomed!

Just sayin.......

[bobbobbins01]

1. Absolutely, anyone can see that.

It's like giving your grandmother a twenty dollar bill because she's going to Reno with some bingo buddies. You'll never see that money again.

Then after she gets back she charges you a service fee for letting her blow your money.

[laserhaas]

2. Ha Ha .... spot on. It's a wonder Goldman Sachs & Bain Cap. haven't been able to get a crooked judge

to rule that I should have let them steal $3 Billion - instead of $2.

And, hence, moi owes them a billion more.

[Rebkeh]

3. knr nt

[laserhaas]

4. Wonderful premise "People of Color for Bernie"

[Ferd Berfel]

5. “I’ve said if the big banks don’t play by the rules, I will break them up.” —Hillary Clinton

Is she really this delusional? or Tone-deaf? or Stupid? How can she pretend that it's not past time to break them into a thousand pieces?

Something stinks, and is desperately wrong here.

[laserhaas]

6. Yup...whi can we trust for justice in our eToys case

The gal worth $100million who gets that from the lijes of Goldman Sachs
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Ir the man who refuses to take money from such?
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As you nite...the first thing to finding a solution...is admiting you have a problem.
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Hillary thinks it is all a joke...
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Like vote rigging and email server stymies