The Obama Justice Department is the worst in the history of this country. It's an absolute joke. It makes the old Soviet Politburo look like a system based on rule of law. Eric Holder is one of the most corrupt Federal officials that I have witnessed in my lifetime, starting with the pardon letter that he drafted, to pardon infamous tax evader Marc Rich, for Clinton to sign as Clinton was walking out of the Oval Office for the final time. - Dave in DenverThe Orwellian cloud of Government deceit that is hanging over our system is now thicker than the 420 cloud that will hang over most cities where people are having big 420 celebrations, like the one in Denver at Civic Park. Civic Park sits between the Colorado State Capitol and the Denver City and County Courthouse.
It was reported today that the SEC has decided to pursue enforcement actions against the Egan Jones credit rating agency for making "material misstatements" on its 2008 application to begin rating asset-backed and sovereign (e.g. U.S. Government bonds) LINK
Egan Jones is the least well known of the major credit rating agencies (Moody's, S&P, Fitch, Egan Jones). But anyone who has been around the credit markets for a long time knows that Egan Jones is the most honest and forthright. To be sure, Egan Jones is not influenced by the undo monetary and political persuasion that is successfully exerted on, and happily received by, Moodys and S&P.
Literally two weeks ago, Egan Jones downgraded the credit rating of the U.S. Government from AA+ to AA: LINK Of course, anyone who understands the factors that go into assessing any entity's credit rating knows that the U.S. Government, in reality, has a C credit rating for being on the verge of default. If it weren't for the U.S. Government's unfettered ability to print money, it would have already defaulted. So a AA credit rating by any standard of measurement should be welcomed with a red carpet by the Obama Administration. And really, the move in gold from $250 to $1650, despite the considerable headwinds presented by Central Bank manipulation, is telling us that the U.S. is in de facto default.
Be all of that as it may, the SEC has decided to go after Egan Jones for these "misstatements" from 2008. Why all of a sudden did the SEC decide that Egan Jones committed violations four years after the fact? Having been through SEC/FINRA regulatory application processes several times over the past 25 years, I can say with certainty that, at most, the Egan Jones "misstatements" were most likely nothing more than clerical errors or general oversight. I'm sure 90% of all regulatory applications have these issues. It was certainly, to be sure, nothing to do with Egan Jones' ability and competency to analyze and assess credit ratings.
What really blows my mind is that the SEC looks the other way when Jon Corzine, MF Global, JP Morgan, Goldman Sachs, Bank of America et al, ad nauseum commit grave and obvious crimes of theft and fraud. Why isn't the SEC scouring over these firms' regulatory applications in order to come up with meaningless filing violations?
Anyone who truly believes that this action by the SEC is merely coincidental to Egan's ratings downgrade of Treasury bonds two weeks ago has been spending too much time at too many 420 celebrations. It's getting worse by the day, as the Government enables the big wealthy entities who fund elections and Presidencies to get away with murder and capriciously enforces rules and laws against those who are not always in a position to properly defend themselves. Hopefully Sean Egan owns his own politician or Government official who is in a position to deflect this nonsense, although I doubt he does because this would not have happened in the first place if he did.
And Obama was supposed to change all of this. Everyone remember his mantra of "Hope" and "Change?" Has there been any real, material change created by Obama? I was at lunch yesterday with two attorneys who are staunch, dogmatic Democrats. I mentioned to them that Obama had not delivered on one single campaign promise he issued during his campaign. I also reminded them that I attended his campaign rally as a supporter in October 2008, so I heard these promises firsthand. My lunch friends were not there. (I subsequently withdrew my support for Obama as soon as he nominated Geithner for Treasury Secretary - it's been all downhill since then...). I explained to them that Obama had not delivered on ONE single promise that I heard, firsthand, in person that day. Not one. Even the health care bill, which is one giant clusterfuck and does not even come close to delivering on the health care agenda set by Obama during his campaign, can not be used as an example of something Obama has achieved (one of them threw that at me).
The Golden Truth is that not only has Obama failed as a leader and has turned out to be just another straw man, farce of a human being, but he's continued down the path set by his predecessors of ignoring and shredding the Constitution and completely eliminating habeus corpas and Rule of Law. Our system as we've known it for 236 years just can not survive without habeus corpas and Rule of Law. Obama will be written about by historians who are motivated to present the facts and the truth as the President who ushered in totalitarianism and Rule of Privilege.
Happy 420 day, if that's your thing. Please try to enjoy what you can, while you can, as much as you can. I plan on enjoying playing in a big tennis tournament this weekend, starting this afternoon.