Regulating the Banksters: Fraud on Wall Street

Re: Regulating the Banksters: Fraud on Wall Street and Blocking the Finance Reform Bill   …..dateline April 27, 2010, Adele Tartaglia

We have one question to ask….are the executives of Goldman Sachs going to be indicted for fraud, insider trading, and conflict of interest, when all evidence indicates they have intentionally deceived people for unlawful gain? Today’s hearings indicate that what appears to be their stated business model may be construed as to include the aforementioned crimes. As to the appearance of racketeering, carrying on illegal business activities for profit, when it comes to the Big Boys Defense machinations, terms like illegal and unethical are rarely applied to them.
Since we have seen no justice for the fat cats that indebted our grandchildren, we don’t think they will ever see jail time. Let the law suits begin.

Shorting their own investment vehicles to undermine the market in those vehicles while pushing sales of the same vehicles, betting against their investors, the public, and their stockholders so they can profit at both ends is beyond criminal, it’s indecent. The fact that they continued to push the very products they knew were going to fail should be viewed as an indictable offense.

In the hearings they appear to be so utterly without scruples or morality they didn’t even know how to answer the question of how they felt when they contributed to the collapse the economy and scammed the federal government and the people. The absence of conscience or sense of right or wrong evident in their examination is the first requisite of a confidence scheme in a rigged market place where the repercussions of the massive loses to stock holder’s portfolios and people’s retirement accounts have reached 2 TRILLION DOLLARS. Their own statements about the government not “understanding” how their business was run indicates it was done with malice of forethought with the intention to defraud and that’s all you need to prove fraud.

Question two: When is something going to be done about our bought and paid for Congress and those so highly vested in big business like Ben Nelson who block important legislation to further pad their own pockets? His holdings in Bershire Hathaway are reported to be between one million to six million dollars so he can’t serve two masters and the people’s interests were ignored.

Is this lack of legal proceedings against both sectors because the Washington elite are so well fixed themselves none of these  criminal machinations effect them or their families? Or is it because they were groomed for generations to control the country with disdain for the populace and have built in family immunity and outstanding favors due them from the rest of the good ole boy network that insures their associates look the other way when they behave outside legal or ethical norms the populace would be incarcerated for?

The American people have woken up to the fact that we have no say and no representation in Washington so why would we trust it or anyone there? I am sixty six and I have never seen the citizenry so up in arms over the underhanded taking of lobbyist money, the unregulated insider trading and manipulation of the market, and incomprehensible pay checks for company CEO’s responsible for destroying their companies and the economy. Nor has their been such anger and disgust with the government ignoring the crisis proportion ramifications of lack of regulation of the financial industry by exerting control over the greedy deal making elite that control our county’s and the world’s economy.
I’ve worked in politics all my life since my father ran for Congress and this is the time to end all times coming right off the back of the former administration who held themselves so far above the citizens they were supposed to serve as to have no comprehension of the damage they were inflicting on them and the country, so corrupt their names were painted in infamy worldwide.
We are no longer Nixon’s Nation of Sheep thanks to the Internet. If  Washington is  ever going to change the way things are done there, now is the time. I hope you get it in time that the people have reached their breaking point and cannot take anymore betrayal and unscrupulous profiteering from the very repre-sentatives elected to act in their behalf.

The Republications have put a nail in their re-election coffins by backing Corporate America one more time and abandoning the American people. We are appalled by their continual waffling from one day to the next depending on what they have to gain by taking a side. By insisting on transparency and then filibustering to block the passage of financial legislation crucial to the economic welfare of the country, they have again proven their interests lie only in protecting their personal revenue from big business.

They continue on the path they have taken since the election of this President. They will do anything, no matter how damaging to the citizens and the country, to keep this administration from passing urgently needed legislation. Their persistent united opposition to any steps toward helping the country recover from its monumental problems should be a red flag even to those crying socialism.

Their greedy corporate associates should take full responsibility for the government returning to regulation and more control of industries rife with corruption that pads their bottom lines at the expense of the public. The time is long past due to abandon the Harvard Business School’s “bottom line at any cost” business model this country runs on. Corporate executives are getting their golden parashoots so everyone else can go down with the financial ship they’ve torpedoed.

By blocking the passage of this critical Finance Reform Bill when there is prima facie evidence on the table that Wall Street has learned nothing by collapsing our economy, [why should they when the people they scammed bailed them out] and are back to their old tricks of not only making the market, but manipulating it, the Republicans’ stance has added fuel to the fast burning fire of public indignation.