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1 Bob Dillon  Thu, Mar 7, 2013 3:44:38pm

To big to prosecute and besides they make significant political donations with that launderd money profits.

2 EPR-radar  Thu, Mar 7, 2013 4:07:18pm

It would really irritate me to see a Republican politician pick up support by running on bank reform.

The odds of this are low, but dealing with the banks is a really big issue that both parties are pretty much ignoring.

3 Bob Dillon  Thu, Mar 7, 2013 4:16:29pm

re: #2 EPR-radar

Any one of us even thinking about doing what Corzine did we would be in the Black Hole of Calcutta instantly. The rule of law in the U.S. is dead.
.
Banning Corzine Proves Problematic

The National Futures Association, the self-regulatory group for the futures industry, faced an obstacle in considering a lifetime ban for Jon S. Corzine, the former Democratic senator who ran the now-defunct MF Global: Mr. Corzine isn’t a member, DealBook’s Ben Protess writes.

The group convened on Thursday with two of its board members pushing for a ban of Mr. Corzine as punishment for his role in the demise of MF Global, which improperly used customer money. Mr. Corzine’s lack of membership wasn’t the only stumbling block. The group’s chairman said in a statement that the board “does not wish to take any action that could interfere” with “ongoing investigations concerning Mr. Corzine’s activities at MF Global.” Once the investigations wrap up, “N.F.A. has the authority to bring disciplinary action against Mr. Corzine for violations of any N.F.A. rules that occurred while he was a member,” said the chairman, Christopher Hehmeyer.

“A ban from the futures association would have amounted to little more than a wrist slap to someone like Mr. Corzine, who once ran Goldman Sachs and served as a senator from New Jersey,” Mr. Protess reported. “Still, the move would have complicated any future plans he might have to open a trading firm. And if Mr. Corzine decides to one day rejoin the industry, he could face an unfriendly welcome.”
.
[Link: dealbook.nytimes.com…]

4 Cap'n Magic  Thu, Mar 7, 2013 5:56:41pm

What spooked the Obama Administration more than anything else was what happened when Enron and WorldCom went down and the collateral damage it caused. Frankly, HSBC should have been criminally indicted so that what was left of their US holdings could have been picked up for pennies on the dollar.

Would have a lot of innocent people been caught up in their disenfranchsement? Yes-but what has been missing since 2008 is the willingness of the DOJ/SEC/FDIC/OCC to go after the execs and boars of directors for the carnage that they caused-and when you have lap dogs like Lanny Breuer and Eric Holder calling the shots it make you wonder if the concept of ‘prosecutorial discretion’ needs to be blown up.

Actually, Once Breuer leaves the employ of the government, I think that he should lose his law license in states where he’s licensed to practice based on his non-feasance over the rampant fraud.

5 EiMitch  Thu, Mar 7, 2013 6:10:41pm

Why weren’t HSBC executives prosecuted? Because then regulations wouldn’t allow HSBC to continue to exist within America. And its too big to fail.

My question is: since we’re just selectively enforcing laws laws based on convenience anyway, why not instead prosecute these white-collar mobsters and then choose not to enforce regulations that would’ve revoked HSBC’s banking license?

See? It doesn’t take that much imagination to get the best of both worlds.

I swear, the only reason people still like Obama is because the Republican opposition is nuttier than a Planter’s factory and more venomous than a Black Mamba. If Democrats still had somewhat sane competition with half-a-brain, 2013 would’ve began much differently.

6 EPR-radar  Thu, Mar 7, 2013 6:16:28pm

re: #5 EiMitch

Why weren’t HSBC executives prosecuted? Because then regulations wouldn’t allow HSBC to continue to exist within America. And its too big to fail.

My question is: since we’re just selectively enforcing laws laws based on convenience anyway, why not instead prosecute these white-collar mobsters and then choose not to enforce regulations that would’ve revoked HSBC’s banking license?

See? It doesn’t take that much imagination to get the best of both worlds.

I swear, the only reason people still like Obama is because the Republican opposition is nuttier than a Planter’s factory and more venomous than a Black Mamba. If Democrats still had somewhat sane competition with half-a-brain, 2013 would’ve began much differently.

The thesis that there is bipartisan agreement on certain core issues (i.e., not touching the banks) is rapidly becoming more credible.

In this view, politics in the US is supposed to be a circus where people fight bitterly over real (or imaginary) issues (e.g., culture war BS), while many big deal economic/war issues (deregulation, globalization, perpetual war etc.) are not even up for discussion in the Democratic or Republican parties.

I’m not about to forget that the Clinton years gave us Glass-Stegall.

7 Cap'n Magic  Thu, Mar 7, 2013 6:39:00pm

re: #5 EiMitch

HSBC had already disposed of a number of their US assets when the feces hit the rotating blades during the financial crises (they sold their Household Finance-based credit card arm to Capital One) and they are just eking by with their branch network in NY and miniscule holdings elsewhere. Had they been crimininally indicted, many US-based financial firms would have had the ability to pick up their assets for pennies on the dollar.

8 Dark_Falcon  Thu, Mar 7, 2013 7:45:26pm

re: #7 Cap’n Magic

HSBC had already disposed of a number of their US assets when the feces hit the rotating blades during the financial crises (they sold their Household Finance-based credit card arm to Capital One) and they are just eking by with their branch network in NY and miniscule holdings elsewhere. Had they been crimininally indicted, many US-based financial firms would have had the ability to pick up their assets for pennies on the dollar.

The problem is that HSBC is a global company and if it was convicted of a serious offense in the US it would also certainly lose its banking license in the UK, which would cause to fail completely. And if HSBC fails, the economic damage might well be bad enough to put the world economy back into recession. That’s what DoJ can’t act: Because of a political/economic calculation that the fallout from acting would be worse than the fallout from not acting.

9 EPR-radar  Thu, Mar 7, 2013 7:48:07pm

re: #8 Dark_Falcon

The problem is that HSBC is a global company and if it was convicted of a serious offense in the US it would also certainly lose its banking license in the UK, which would cause to fail completely. And if HSBC fails, the economic damage might well be bad enough to put the world economy back into recession. That’s what DoJ can’t act: Because of a political/economic calculation that the fallout from acting would be worse than the fallout from not acting.

Of course, this is a completely unacceptable state of affairs, and any repeat is even more unacceptable. No single bank can be too big to kill, if necessary.

10 Locker  Thu, Mar 7, 2013 9:33:43pm

I would like to see things set up in such a way as to see these corporations gutted of their entire executive staff with no bonuses and those culpable prosecuted. Corporation should then be placed into receivership, any fines or judgements handled and the rest broken up and sold off in a measured way.

Too big to fail.. .maybe. Too big to carve up and sell? Fuck no.. that’s capitalism.

11 Sol Berdinowitz  Fri, Mar 8, 2013 12:47:28am

Too big to prosecute means too big not to regulate. Period.

This is not what the Free Market is about except in the most brutish Ayn Randian terms.


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