Risk won; taxpayers lost

[Sancho]

http://www.tampabay.com/news/politics/risk-won-taxpayers-lost/1122607

I am so tired of all these elected people in bed with Wall Street! This is a long, but really good investigation by the St. Pete Times.

"Three years ago, the state of Florida made bad investments that lost hundreds of millions in value. State leaders blamed the sharks of Wall Street, who they said duped Florida money managers into buying way-too-risky securities." -snip-
"But no bank was prosecuted, no lawsuit was filed and there was never a full accounting of a financial debacle that could cost Florida governments and taxpayers hundreds of millions of dollars." -snip-
Sink said Lehman Brothers and JPMorgan Chase might have offloaded tainted securiturities on Florida and other states to keep them off their balance sheets.
In March 2008, she called a news conference to unveil 10 proposed reforms of the SBA. No. 1: determine if Florida has a lawsuit against Wall Street.
"The people of Florida deserve to know if there was wrongdoing with the sale of these investments to the LGIP," she said. ''If so, we must hold those companies that sold the investments accountable."

[xchrom]

1. This could get if WS has to open all their accounting. Nt

[clarence swinney]

2. Amen! Sancho

DERIVATIVES TRUMP STOCKS
2000-2009
Dow from 11,720 to 10,500
S&P 500 largest down 30%
WHY?
Rich Investors put money into DERIVATIVES GAMBLING CASINO
One Mgr made 4000 Million in 2009
Some lost 4000 Million
Total Stock Market Value about 50,000 Billion
Derivatives Invested over 600,000 Billion.
One has assets other has none.

WSA Owns
Major Corporations
Major Banks
Major Media
Congress
White House

How many times did you read or hear on Fox, NYT, Wash Post, Fortine, Forbes
IN 2008 THE BUSH ADMINISTRATION COMMITTED 8500 BILLION TO SAVE FINANCIAL INDUSTRY
Treasury, Fdic, Fed.
details at google: kathleen Pender san francisco chronicle

1980--1% owned 20% Total financial Wealth
1989-36% (60% Tax Cut + stock mkt growth))
2008-43% (1,400,000 (workers?)
80% owned 7 % (120,000,000 workers)

1979-2009 1% Increased Income by 281%--Middle Class by 25%

Today, America has most unequal distribution of Income and Wealth of any industrialized nation

WSA with Bush sent 2,300,000 jobs to just China
Bush created measley 31,00 Net New Jobs Per Month.Lowest since Hoover.
He needed 100,000 just to cover new entries into work force.
Short 6 Million
Laid off 8 Million
2.3M to China
----16.3 Million Jobs down a drain called WSA----

Can you wonder why we hsve such hi unemployment?

PROBLEM--Dumbocrats ae Dumb. Victory to Defeat. Fear to Smear. Hurt feelings of WSA campaign money. We have in big trouble. When both parties are owned by WSA
the middle class is headed for oblivion. It should be a cinch to destroy a party which has done so much damage to the majority.

Two Tiers--Rich the Rest

clarence swinney
political historian since 1991 of Reagan-Clinton-Bush
Lifeaholics of America
Author-Lifeaholic-Story of Workaholic Failure to Lifeaholic Success
olduglymeanhonest [e-mail]

Thanks Sancho for your post.

[clarence swinney]

3. BUSH DESTROYED A GREAT RECORD

Clinton left:
1800B Budget--took to 3600
5700B debt--- took to 11,800(yes! 9-3-09)
237,000 Net New Jobs---took to 31,0000 worst since Hoover
Peace on Earth--took top Hell on Earth two wars
Most popular peacetime president in Asia-Africa-Europe--took to most hated

Obama inherited a Hell on Earth.

How can any party lose to that record??????

clarence swinney
olduglymeanhonst
[e-mail]

[onethatcares]

4. and in the end,

you'll find that no one in charge of the pension fund really did anything, initiated any investigations, or charged anyone with abuse of public funds.

The scam is getting to be very obvious here in Floriduh,and we have two people running for gov that shouldn't be.

I'm still trying to figure out why Alex Sink. What is the end result of her gaining the mansion?

As far as the other side, Rick Scott and his Columbia Healthcare debacle should make news only if he goes to jail for the outright fraud perpetrated under his watch.

Next, check out Howard Troxler in todays' St.Petersburg Times Metro section ref the courthouse in Tallahassee.

[dkf]

5. This looks like more of a problem for Florida officials than the banks.

Sink is one of ours and Crist is our best bet at semi holding that Senate seat. I wonder if this puts the trustees in danger of being personally liable for not overseeing the fund properly.

[TBF]

6. The market always wins - it's a stacked deck. nt