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| 2/16/2011 |
Why Isn't Wall Street in Jail? Financial crooks brought down the world's economy -- but the feds are doing more to protect them than to prosecute them By Matt Taibbi. Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that." I put down my notebook. "Just that?" "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there." Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people. This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18. The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What's more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even "one dollar" just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick "The Gorilla" Fuld conveniently failed to disclose. Yet not one of them has faced time behind bars. "You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once." (Rolling Stone) | |||
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keywords: Al Dunlap, American International Group, Art Samberg, Arthur Tildesley Jr, Bailouts, Bank Of America, Barack Obama, Bear Stearns, Bernie Madoff, Boston, Charles Grassley, Charles Schumer, Citigroup, Columbia University, Commodity Futures Trading Commission, Credit Default Swaps, Credit Suisse, Davis Polk & Wardwell, Debevoise & Plimpton, Derek Jeter, Derivatives, Deutsche Bank, Dick Fuld, Dick Walker, Eliot Spitzer, Enron, Eric Dinallo, Fabrice Tourre, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Financial Crisis, Financial Crisis Inquiry Commission, Freddie Mac, Gary Aguirre, Gary Crittenden, Gary Lynch, General Electric, George W Bush, Germany, Goldman Sachs, Government Transparency, Heller Financial, Henry Waxman, Hillary Clinton, Hilton Hotels, Immigration, JP Morgan Chase, Jed Rakoff, Joe Cassano, John Mack, Joseph St Denis, Lanny Breuer, Lehman Brothers, Linda Thomsen, Lloyd Blankfein, Lynn Turner, Mary Jo White, Merrill Lynch, Mexico, Morgan Stanley, New York City, New York Stock Exchange, Office Of The Comptroller Of The Currency, Ohio, Oliver Budde, Paul Berger, Philadelphia, Police, Portfolio Magazine, Preet Bharara, Residential Mortgage-backed Securities, Restricted Stock Units, Rite Aid, Robert Khuzami, Robert Morgenthau, Roger Clemens, Rudy Giuliani, Securities And Exchange Commission, Simpson Thacher & Bartlett, Sunbeam, Switzerland, Terrorists, US Congress, US Department Of Justice, United States, Wall Street, War On Drugs, Worldcom
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| 9/21/2010 |
EXCLUSIVE-Cyber bill would give U.S. emergency powers * Tech companies skeptical of costs, requirements * Senate majority leader pushing cybersecurity proposal * Cybersecurity expert says bill is "pretty vanilla stuff" Proposed cybersecurity legislation circulating on Capitol Hill would give the president the power to declare an emergency in the case of big online attacks and force some businesses to beef up their cyber defenses and submit to scrutiny. The draft bill, a copy of which was obtained by Reuters, allows the president to declare an emergency if there is an imminent threat to the U.S. electrical grid or other critical infrastructure such as the water supply or financial network because of a cyber attack. Industries, companies or portions of companies could be temporarily shut down, or be required to take other steps to address threats. The emergency declaration would last for 30 days, unless the president renews it. It cannot last more than 90 days without action from Congress. The draft is a combination of two cybersecurity bills which were merged into one at the urging of Senate Majority Leader Harry Reid. "It (the draft bill) is something that we hope to be able to pass before the end of the year, if we can," Reid spokeswoman Regan Lachapelle told Reuters. (Reuters) | |||
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keywords: Barack Obama, Center For Strategic And International Studies, Citigroup, Cybersecurity, Ebay, Google, Harry Reid, James Lewis, John D Rockefeller IV, Joseph Lieberman, Netchoice, New York Stock Exchange, News Corporation, Olympia Snowe, Reuters, Steve Delbianco, Susan Collins, Terrorists, Thomas Carper, Twitter, US Congress, United States, Yahoo
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| 9/3/2010 |
Did market manipulation cause Wall Street ‘flash crash?’ The Securities and Exchange Commission is keeping a close eye on a stock market practice that may violate rules against market manipulation, the Wall Street Journal reported yesterday. The practice, called quote stuffing, happens when stock exchanges are flooded and, at times, clogged by huge numbers of buy and sell orders orders that are ultimately cancelled. Regulators are trying to determine if traders are using rapid-fire computerized trading systems to cause the inundation by design, purposefully gumming up the exchanges and giving traders an information advantage on small price movements in stocks. The Journal reported that the SEC is investigating whether quote stuffing may have been one of the causes of the May 6 flash crash, when the Dow briefly plunged 1,000 points in a matter of minutes. To get an idea of the volume of quotes produced by high-speed, computerized trading, consider this: During the day of the flash crash, there were hundreds of times that a single stock had over 1,000 quotes from one exchange in a single second, according to Nanex, a ticker of quotes and trades. (The Raw Story) | |||
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| 5/8/2010 |
An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan From 2005 to 2008, according to USA Today and other sources, Kagan served as a member of the Research Advisory Council of the Goldman Sachs Global Markets Institute. (Fire Dog Lake) | |||
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keywords: Alexander Hamilton, American International Group, American Israel Public Affairs Committee, Anne Fudge, Bailouts, Barack Obama, Blackrock Financial Management Inc, Blair Effron, Brookings Institution, Citigroup, Duncan Niederauer, Edward Michael Liddy, Elena Kagan, Federal Open Market Committee, Federal Reserve, G20, G7, G8, Gephardt Group, Germany, Goldman Sachs, Hamilton Project, Harvard University, Health Care, Henry Kissinger, Henry Paulson, Howard Berkowitz, Internal Revenue Service, John Thain, Joseph Biden, Laura Tyson, Lawrence Eagleburger, Matt Taibbi, Michael Froman, Michael Granoff, Morgan Guaranty Trust Company, National Economic Council, New York Stock Exchange, North American Free Trade Agreement, Oxford University, Phillip Murphy, Pomona Capital, Princeton University, Richard Gephardt, Richard Perle, Richard Perry, Robert Benmosche, Robert Rubin, Social Security, Steven Shafran, Thomas Daschle, Timothy Geithner, US Department Of The Treasury, US National Security Council, US Supreme Court, United States, Visa, Warren Christopher, Washington Institute For Near East Policy, White House, William Dudley
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| 4/27/2010 |
A List of Goldman Sachs People in the Obama Government: Names Attached to the Giant Squid’s Tentacles Here you will find, I believe, the most comprehensive list of people-groups yet available to show how Obama’s administration has really become the Goldman Sachs administration. The Obama administration is not the first administration that Goldman has infiltrated, although it is perhaps the one that has been most completely co-opted from top to bottom. (Fire Dog Lake) | |||
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keywords: Adam Storch, Alan Greenspan, Alexander Hamilton, Alice Rivlin, American International Group, Anne Fudge, Asia, Bailouts, Barack Obama, Berkshire Hathaway Inc, Bill Clinton, Bill Dudley, Brookings Institution, Business Intelligence Group, California, Citigroup, Commodity Futures Trading Commission, Commonwealth Edison, Congressional Budget Office, Council On Foreign Relations, David Lipton, Desmond Lachman, Diana Farrell, Douglas Elmendorf, Eric Mindich, Evercore Partners, Federal Reserve, Financial Crisis, Galleon Group, Gary Gensler, Gene Sperling, George W Bush, Goldman Sachs, Great Depression, Gregory Craig, Hamilton Project, Harold Ford, Health Care, Henry Paulson, Hillary Clinton, Illinois, International Monetary Fund, Jacob Lew, James Rubin, Jason Furman, Jesse Unruh, John Kenneth Galbraith, Joseph Biden, Karen Kornbluh, Lael Brainard, Larry Summers, Lehman Brothers, Mark Gallogly, Mark Patterson, Massachusetts Institute Of Technology, Matt Taibbi, Medicare, Mexico, Michael Frohman, Michael Greenstone, Military, Neel Kashkari, New York Stock Exchange, North American Free Trade Agreement, O'melveny And Myers, Ohio, Peco Energy CO, Pennsylvania, Penny Pritzker, Peter Orszag, Quadrangle Group, Rahm Emanuel, Raj Rajaratnam, Robert Hormats, Robert Reischauer, Robert Rubin, Roger Altman, Salomon Smith Barney, Securities And Exchange Commission, Social Security, Stanford Group, Stephen Friedman, Steve Rattner, Thomas Donilon, Timothy Geithner, US Congress, US Department Of State, US Department Of The Treasury, Unicom Corp, United States, University Of Minnesota, Vietnam War, Warren Buffett, White House
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| 7/9/2009 |
The Great American Bubble Machine From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy. (Rolling Stone) | |||
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keywords: Al Gore, Alan Greenspan, Alternative Energy, American International Group, Arjun Murti, Bailouts, Bank Of America, Barack Obama, Bart Stupak, Bear Stearns, Big Oil, Bill Clinton, Blue Ridge Corporation, Blue Source Llc, British Petroleum, British Petroleum, Brooksley Born, California, California Public Employees' Retirement System, Canada, Carbon Dioxide, Changing World Technologies, Chicago Climate Exchange, Citigroup, Climate Change, Collateralized Debt Obligations, Commodity Futures Trading Commission, Countrywide, Cramer & CO, Credit Default Swaps, Daimlerchrysler, David Blood, David Viniar, Dennis Kozlowski, Derivatives, Ebay, Ed Liddy, Electric Vehicles, Eliot Spitzer, Enron, Eric Salzman, Etoys, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Financial Crisis, Freddie Mac, Gary Gensler, Generation Investment Management, George W Bush, Germany, Gibson Greetings, Goldman Sachs, Great Depression, Green Growth Fund, Gsamp Trust, Henry Paulson, Horizon Wind Energy, International Monetary Fund, Internet, Internet Bubble, Ipos, Italy, J Arons & CO, Jay Ritter, Jerry Yang, Jim Cramer, Jmp Securities, John Kenneth Galbraith, John Mccain, John Thain, Jon Corzine, Joshua Bolten, Kansas, Keith Olbermann, Ken Lay, Ken Newcombe, Larry Summers, Lehman Brothers, Lloyd Blankfein, Lloyd Doggett, Marcus Goldman, Mark Ferguson, Mark Patterson, Massachusetts, Massachusetts Institute Of Technology, Meg Whitman, Merrill Lynch, Michael Greenberger, Michael Hecht, Michael Masters, Moody's, Nasdaq, National Economic Council, Neel Kashkari, Neil Levin, Netzero, New Jersey, New York, New York City, New York Stock Exchange, New York Times, Nicholas Maier, Oil Bubble, Orange County, Peter Harris, Procter & Gamble, Residential Mortgage-backed Securities, Robert Rubin, Robert Steele, Samuel Sachs, Securities And Exchange Commission, Shenandoah Corporation, Sidney Weinberg, Simon Johnson, Standard & Poor's, Stephen Friedman, Strategic Petroleum Reserve, Texas, Tyco International, US Congress, US Department Of The Treasury, US Energy Information Administration, US Government Accountability Office, United States, University Of Florida, University Of Maryland, Wachovia, Wall Street, Webvan, White House, William Dudley, World Bank, Yahoo
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| 6/1/2009 |
Banks run Congress, top Democrat says It doesn’t take a rocket scientist to deduce that the banking and financial services industry has an outsized influence in Congress (The Raw Story) | |||
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| 1/8/2009 |
10 Things You Didn't Know About Leon Panetta Democratic sources revealed Panetta is Obama's pick to lead the CIA Since leaving the Clinton White House in 1997, Panetta has remained active in public life. He is codirector of a think tank, the Leon and Sylvia Panetta Institute for Public Policy at California State University—Monterey Bay. He also served on the Iraq Study Group and the Board of Directors for the New York Stock Exchange and has taught at Santa Clara University. (US News & World Report) | |||
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keywords: Army Intelligence School, Barack Obama, Bill Clinton, California, California State University, Central Intelligence Agency, Fort Ord, Iraq Study Group, John Lindsay, Leon And Sylvia Panetta Institute For Public Policy, Leon Panetta, Monterey CA, New York City, New York Stock Exchange, Office Of Civil Rights, Richard Nixon, Santa Clara University, Sylvia Panetta, Thomas Kuchel, US Army, US Congress, United States, Wall Street, White House
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| 9/29/2008 |
U.S. stocks hammered after House rejects rescue Dow posts biggest point loss ever, topping plunge after Sept. 11, 2001 Taking unprecedented steps, the Fed and other major central banks on Monday poured hundreds of billions of dollars of added liquidity into money markets left paralyzed by fears of further bank failures in the United States and Europe. (Wall Street Journal) | |||
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keywords: 9/11, American Express, Apple, Bailouts, Bank Of America, Belgium, Bradford & Bingley, Citigroup, Cleveland, Credit Suisse, Dow Jones, European Union, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Fortis, Freddie Mac, Germany, Glitnir Hf, Google, Howard Silverblatt, Hypo Real Estate, Iceland, Luxembourg, Marc Groz, Nasdaq, National City Bank, Netherlands, New York Stock Exchange, Residential Mortgage-backed Securities, Resolution Trust Corp, Standard & Poor's, Topos Llc, US Department Of Commerce, United Kingdom, United States, Wachovia, Wall Street, Washington Mutual
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| 9/29/2008 |
U.S. Stocks Slide, Dow Plunges 777 Points, As Bailout Bill Fails Dow Hit By Biggest-point Loss Ever, Topping Post 9/11 Loss The sell off is the largest percentage drop for the S&P 500 since Oct. 26, 1987. It also translates into a $700 billion loss for the day for the S&P, according to Howard Silverblatt, senior index analyst at Standard & Poor's. (CBS, Market Watch) | |||
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keywords: 9/11, American Express, Bailouts, Bank Of America, Belgium, Chicago, Citigroup, Credit Suisse, Dow Jones, European Union, Fannie Mae, Federal Deposit Insurance Corporation, Financial Crisis, Fortis, Freddie Mac, Henry Paulson, Howard Silverblatt, Luxembourg, Marc Groz, Nasdaq, National City Bank, Netherlands, New York Stock Exchange, Resolution Trust Corp, Standard & Poor's, Topos Llc, US Congress, US Department Of Commerce, US Department Of The Treasury, United States, Wachovia, Wall Street, Washington Mutual
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| 10/9/2001 |
Suppressed Details of Criminal Insider Trading Lead Directly into the CIA's Highest Ranks CIA Executive Director "Buzz" Krongard Managed Firm That Handled "Put" Options On UAL Until 1997 A.B. "Buzzy" Krongard had been Chairman of the investment bank A.B. Brown. A.B. Brown was acquired by Banker's Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker's Trust-AB Brown, one of 20 major U.S. banks named by Senator Carl Levin this year as being connected to money laundering. The levels of put options purchased above were more than six times higher than normal. (From the Wilderness) | |||
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keywords: 9/11, A B Brown, A B Krongard, Alex Brown, Allen Dulles, American Airlines, American International Group, Banamex, Bank Of Credit And Commerce International, Banker's Trust, Berne, Bill Clinton, Carl Levin, Carlyle Group, Central Intelligence Agency, Chicago, Citigroup, Clark Clifford, David Doherty, Deutsche Bank, Dwight Eisenhower, First American Bancshares, France, George H W Bush, George Tenet, Germany, International Policy Institute For Counter Terrorism, Iran-contra, Israel, John Deutch, John F Kennedy, John Foster Dulles, Maurice R Greenberg, Merrill Lynch, Mexico, Morgan Stanley, Nazi, New York Stock Exchange, Nora Slatkin, Options Clearinghouse Corp, Pentagon, Reuters, Richard Nixon, Ronald Reagan, San Francisco Chronicle, Securities And Exchange Commission, Switzerland, The New York Times, US Congress, US Department Of Defense, Ual Corp, United Airlines, United States, Wall Street, William Casey, World Trade Center, World War II
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| 6/27/1999 |
NYSE Chief Meets Rebel in Colombia The chairman of the New York Stock Exchange explained markets to a senior leftist guerrilla commander Saturday in Colombia's steamy southern savanna--and invited him to Wall Street for a firsthand look. Richard Grasso met for 1 1/2 hours with Raul Reyes of the Revolutionary Armed Forces of Colombia, or FARC, in the remote hamlet of La Machaca. Grasso told reporters afterward that the surprise meeting, his first with a rebel chief, was intended to demonstrate to FARC leaders the support of the world financial community for Colombia's fledgling peace process. Stressing that his talks with a group that is on the State Department's terrorist list were strictly private, Grasso said he hoped his visit "will mark the beginning of a new relationship between the FARC and the United States." He said he explained how Colombia would benefit from the increased global investment it could expect if nearly four decades of civil conflict can be ended. (Associated Press) | |||
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keywords: Andres Pastrana, Colombia, Drug Cartels, New York Stock Exchange, Raul Reyes, Revolutionary Armed Forces Of Colombia, Richard Grasso, Terrorists, US Department Of State, Wall Street, War On Drugs
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