Thursday, February 9, 2012

Wall Street Takes "Nuclear" Option In Fighting New CFTC Regulations

Who do you think will win this battle?   The ink is barely dry on Dodd-Frank - and the volumes of associated bureaucratic multi-hundred page "handbooks" are just now rolling off the Government's other printing press LINK - and already Wall Street is employing the highest level of influence and firing lethal legal weapons in order to protect its "family" and its license to steal.

(You think I'm kidding about the mushrooming bureaucratic paper being generated?  Here's an excerpt from that link, which everyone should read: 
Dodd-Frank isn’t all rule-making in order to act the legislation — it’s also about actual homework assignments, like that assigned by Section 719(c) which:  requires the Commissions jointly to conduct a study (“Study”) and then to report to Congress (“Report”) on how swaps and security-based swaps (collectively “Swaps”, unless otherwise indicated) are regulated in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized. The above is from the introduction to the 153-page study itself — just published on January 31st and which gives an exhaustive amount of detail on existing regulatory frameworks and proposals for swap regulation.)
It turns out that Wall Street is attacking the new CFTC limits on speculative positions - and thereby fighting limits on their ability to manipulate the gold and silver markets - using none other than Eugene Scalia as their lead attorney.  For those of you don't recognize that last name, Eugene is the son of Supreme Court judge Anthonin "I hunt with Dick Cheney for favors" Scalia  LINK.    Now,  of whom in hell do you think the justice system is going to rule in favor?  Quite frankly, on Federal litigation matters there should be absolutely no connection between any of the legal representation and the judicial system.  This particular connection is absurd.  How many of you actually would believe that there won't be influence pedalled here?  Then again, I guess mob organizations like Wall Street are best served by hiring mob attorneys like Scalia...

And then again,  it turns out that the facts belie the rhetorical garbage spewing from Obama's mouth: 

Obama Prosecuting Fewer Financial Crimes Than Under Reagan or Either Bush  LINK

(click on graph to enlarge)

It turns out that the "grassroots reformer" elected by this country to clean up DC/Wall Street and restore Rule of Law is actually trampling all over the laws that are already in place.  If Obama won't enforce the laws that exist, then why in the hell do we need new ones like Dodd-Frank?

I'll tell you why.  Read thru the link in the opening paragraph above and you'll see that all of this new legislation is designed to do nothing more than create massive piles of paperwork and "studies" in order to deflect any possibility of the Government bureaucracy from actually doing its job of enforcing laws and prosecuting the big banks and corporations who are stealing our wealth.  By the way, Obama supporters, how's that new healthcare legislation working for you?   It's all frighteningly Orwellian...but then again, Atlas shrugs.


  1. That is simply amazing. I wonder if the justice will recuse himself?

    It's getting so I can't recognize my country anymore and I'm routinely having to fight off the fear that we no longer live in a society of justice.

    It's not exactly on the topic of CFTC or the Supreme Court, but to put a point on it, I saw yesterday a news item that in my home state of FL there is an effort to get a bill in the State Senate that will essentially say that the burden of proving a traffic violation via Red Light cameras will sift to the Law Enforcement.

    Which is to safe, before now, if you got flashed at a light you were automatically guilty.

    I thought we lived in a society that operated under innocent until proven guilty and where you could face your accuser in the court of law. But, apparently, somewhere that got turned on it's head too.

  2. The stench of Chicago's backroom politics still reeks foul odor down the Avenues in Washington DC enabling politicians to act out in devious ways their self rightous indignation.

    How would have the Founders of this once great nation viewed these pathetic losers ?!

    One can only imagine !

  3. Fed Plays Wall Street Favorites in Secret Deals

    The Federal Reserve secretly selected a handful of banks to bid for debt securities acquired by taxpayers in the U.S. bailout of American International Group Inc., and the rest of Wall Street is wondering what happened to the transparency the central bank said it was committed to upholding.

    “The exclusivity by which the process has shut out smaller dealers is a little un-American,” said David Castillo, head of sales and trading at broker Further Lane Securities LP in San Francisco, who said he would have liked to participate. “It seems odd that if you want to get the best possible price that it wouldn’t be open to anyone who wants to put in the most competitive bid.”

    ‘Crony Capitalism’

    “The purpose should be to get the best price for the taxpayer,” said Robert Eisenbeis, a former research director at the Federal Reserve Bank of Atlanta who’s now chief monetary economist for Sarasota, Florida-based Cumberland Advisors. “Anybody knows the more bidders the better, so it’s a little hard to understand why they would essentially pick potential winners and losers. That smacks of crony capitalism.”

    Andrea Priest, a spokeswoman for the New York Fed, declined to comment.

  4. How do you undo corrupt when it pervades a system?

    The Wall Street Conspiracy Documentary

  5. Rothschilds Want Iran’s Banks

    Some researchers are pointing out that Iran is one of only three countries left in the world whose central bank is not under Rothschild control. Before 9-11 there were reportedly seven: Afghanistan, Iraq, Sudan, Libya, Cuba, North Korea and Iran. By 2003, however, Afghanistan and Iraq were swallowed up by the Rothschild octopus, and by 2011 Sudan and Libya were also gone. In Libya, a Rothschild bank was established in Benghazi while the country was still at war.

    Since the Rothschilds took over the Bank of England they have been expanding their banking control over all the countries of the world. Their method has been to get a country’s corrupt politicians to accept massive loans, which they can never repay, and thus go into debt to the Rothschild banking powers. If a leader refuses to accept the loan, he is oftentimes either ousted or assassinated. And if that fails, invasions can follow, and a Rothschild usury-based bank is established.

    The Rothschilds exert powerful influence over the world’s major news agencies. By repetition, the masses are duped into believing horror stories about evil villains. The Rothschilds control the Bank of England, the Federal Reserve, the European Central Bank, the IMF, the World Bank and the Bank of International Settlements. Also they own most of the gold in the world as well as the London Gold Exchange, which sets the price of gold every day. It is said the family owns over half the wealth of the planet—estimated by Credit Suisse to be $231 trillion—and is controlled by Evelyn Rothschild, the current head of the family.

  6. Fielding Mellish says, "It's a travesty of a mockery of a sham of a mockery of a travesty of two mockeries of a sham."

    Why the Foreclosure Deal May Not Be So Hot After All

    Really this looks like America's public prosecutors just wilted before the prospect of a long, drawn-out conflict with an army of highly-paid, determined white-shoe banker lawyers. The message this sends is that if you commit crimes on a large enough scale, and have enough high-priced legal talent sitting at the negotiating table after you get caught, the government will ultimately back down, conceding the inferiority of its resources.

    Read more: