Bank Of America Sold $850M In 'Toxic Waste' Mortgage Securities: DoJ

[the cac mamba]

better keep my 20 grand floatin

 

[MidwestD]

at Bank of America. Let's not forget that the only politician to ever seriously go after them, Rod Blagojevich, was arrested one day after cutting them off from all business with the state of Illinois, and is now doing 14 years on trumped up charges. BOA is the poster child for too big to fail and too big to prosecute. They write the rules, and use the dirty money to pay the fines.

 

[tru_m.a.c]

This stuff gets indefensible. But wall street is necessary.

If you want to keep buying cars and houses you need wall street to hook you up with someone with the money.

I don't think anyone beside ron paul goons are trying to throw away the current economic system. We get it, since the abacus was invented, the idea of credit has always been used to build one's economy.

 

[tru_m.a.c]

We didn't need to let anything fail back then, we just need prosecutors and a treasury department with some balls. If Spitzer is still in office then more of these charges would have been brought up. What was admitted at trial and used as proof would've been enough. Aside from that, the SEC has just been losing these cases. Not only are they hard to prove, but often the defense has better lawyers, many of whom used to be at the SEC themselves. The SEC finally got someone last week, but he's a lower level guy and the statute of limitations is just about up so it's unlikely that there will be more charges brought up.

is there a reason you conveniently left out this guy?



I think this is great that is coming back in the news. Because this guy still hasn't learned from his mistakes in the past. *cough* Summers *cough*

Republicans are right, we do have poor leadership in this country. But its not for the reasons they list. Obama is the Ned Starks of this fiscal shyt.

 

[No1]

is there a reason you conveniently left out this guy?



I think this is great that is coming back in the news. Because this guy still hasn't learned from his mistakes in the past. *cough* Summers *cough*

Republicans are right, we do have poor leadership in this country. But its not for the reasons they list. Obama is the Ned Starks of this fiscal shyt.

I highly doubt that Summers gets the job. But Obama is one of those "get somebody that knows how it's done people" and always has been. It's why he took Tom Daschle's old staff when he joined the US Senate. He wanted to avoid the Clinton mistake of bringing in his boys with him when he first got in office and having an ineffective start. Obama's problem is his addiction, is the same as many in DC's problem, the whole "the people who fukked it up will definitely know how to fix it" type of mentality. There is something to having someone who knows what they're doing, but I'm not really big on that echo chamber mentality. If he appoints Summers then he's making a mistake like when he appointed Geithner when everyone thought it was a great pick at the time. The other pick being tossed around is vicechair Yellen, and she would basically keep Bernanke's policies intact. So I guess it depends on how you feel about Bernanke.

Personally, I hope Obama listens to Sanders and picks Stilgitz or Robert Reich. We'll see when the decision comes out this fall. He has not reason not to now. I'd bet on Yellen.

 

[Melt_Man]

Too big to fail and too big to prosecute.

Really disgraceful.

I stopped reading after I got to "civil suit" system is