Showing posts with label SEC. Show all posts
Showing posts with label SEC. Show all posts

Wednesday, May 22, 2013

‘The Payoff’

 Seldom does a Washington lobbyist, lawyer and power-broker write a book. Even less often do I bother reading such a book. But it looks as if I am going to finish Jeff Connaughton's The Payoff: Why Wall Street Always Wins, in record time. It's not a page-turner for the author's writing (middling at best), his great personal charm (none that I can see), his admirable character (maybe, but like most wealthy people, he has some other aspects) or the novelty of the plot (I suspect this crap was going on long before our republic was a gleam in its founders' eyes), but because I find it simply dumbfounding that Wall Street essentially runs unregulated, and has the power to do literally anything it wants.

Read it and weep: we are wholly owned. Don't buy the book; I found it at the corner library, and you probably can, too.

Friday, August 10, 2012

SEC Will Not Prosecute Goldman Sachs
Re: Subprime Mortgages And MBSs

From Ben Protess and Azam Ahmed at NY Times:
...

In a rare statement late Thursday, the Justice Department said there was “not a viable basis to bring a criminal prosecution” against Goldman or its employees after a Congressional committee asked prosecutors to investigate several mortgage deals at the bank. ...

The Senate’s Permanent Subcommittee on Investigations had examined troubled mortgage securities that Goldman sold to investors, who later sustained steep losses during the crisis. ...

Separately, Goldman Sachs announced early Thursday that the Securities and Exchange Commission had ended an investigation into a $1.3 billion subprime mortgage deal, taking no action.  ...

“We are pleased that this matter is behind us,” a bank spokesman said Thursday.

...
No doubt they are pleased. Clearly the fix is in. Prosecution of financial misdeeds is for lesser mortals, not for the MOTU. And Golden Sacks clearly qualifies for the royal treatment.
Tong Thung (Golden Sacks)
(Looking at those makes me hungry. Hungry, not greedy.)

(Respelled from "Tung Thong" to "Tong Thung" because it seems more prevalent on the web. I don't know which transliteration is correct. Mother Google suggests "tong thong.")

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