Tuesday, November 15, 2011

Legal Stealing

One of my themes is that the business and political elite are stealing money from the middle class and nothing is being done about it by the people voted in office who are in charge of enforcing Rule of Law.  Obama was elected overwhelmingly on his promise to clean up DC and restore some semblance of Constitutional-based justice in this country.  He has failed miserably.  In fact, I see no evidence that he's even made any attempt to honor his campaign promises.

And the corruption and theft is becoming more open and egregious now that the crooks are the same ones who are supposed to be enforcing the laws. As many of you know, 60 Minutes ran a story on the "legal" insider trading going on in Congress:  LINK  It was no surprise to me that Nancy Pelosi, who has a long resume of graft, nepotism and corruption, was one of the more conspicuous perpetrators. House Rep Spencer Bauchus - a ranking member of the House Financial Services Committee - has a long documented record of personal stock account trades that correlate with information he received in private meetings as part of his position on that infamous Committee:  LINK  What's most shocking for me about this is that this story should be front and center in the news and there should be a strong public cry for justice.  But to whom do you cry?  You gonna write a letter to your Congressman?  LOL

This is a blatant example and it's hilarious to me that the Pelosi's and Bauchus' of the world have chosen to hide behind a feigned veil of Congressional immunity.  But what about JP Morgan's role in the MF Global collapse.  It would appear that JPM is connected to the disappearance of the at least $600 million in missing customer funds.  But JPM's role has been obscured and the it looks like the restitution is being negotiated behind the scenes, out of sight:  LINK  Where's Jon Corzine these days?  I would surmise that he is being kept well-hidden and protected by his powerful political cronies.  He knows where a lot of "bodies" are buried throughout the system and he represents a clear and present danger to all the "legal" criminals both on Wall Street and in DC.  

Meanwhile, back at the collapse, Jefferson County Alabama filed the largest municipal bankruptcy of all time:  LINK  The funny thing is that most Americans, even the ones who make a half-hearted attempt at following the news, likely never saw this report.  And even the ones who do know about it have no clue that JP Morgan is the party responsible for putting Jefferson County into financial collapse. 

The same names keep coming up in connection with extreme financial fraud and corruption:  JP Morgan, Goldman Sachs, Bank of America, AIG.  It is just unbelievable that a former Goldman Sachs partner is the chairman of the CFTC - the entity responsible for the oversight of MF Global.  It's even more inconceivable that Obama's White House chief-of-staff is a former JP Morgan director.
When you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed  (Atlas Shrugged)
Our system is collapsing.  And the people who are in position to steal as much as they can, while they can, are now doing so openly and without shame.  The ones who blow it like Corzine walk away with shame but no punishment.  It's true that our system assumes innocence until guilt is proven.  But the evidence against Corzine is overwhelming and he should at least be incarcerated while the pieces are sorted out.  But that will never happen because the people in a position to enforce and create laws to protect our system are the Pelosi's and Bauchus' of the world.  Our society is doomed.


  1. If you can't beat 'em, keep a low profile until they beat themselves.

    They will.

  2. Off topic -- hilarious, the things that we have in common: goldbugs, U. of Chicago MBAs of similar provenance (’92), Italian two-wheeled tractors (Grillo 85D for my Arizona ‘Doomstead’) and bloodlines. I, too, sail, but boats much smaller than your future Finnish yacht. Once I am comfortable that the U.S. is not going the route of ‘Mad Max’, I will buy an Alerion Express 28.

    Ciao from La Jolla!

  3. Thanks for taking the time to educate us on these topics. Your point of view is much appreciated.

  4. The motion has created a stir as customers already upset over the handling of customer funds see this as a way to increase fees for the trustee and also a form of “double dipping” as the trustee is already charging a fee for his services.

    “What is clear is that the trustee is trying to make as much money as possible,” says James Koutoulas, co-founder of the Commodity Customer Coalition. Koutoulas is representing a group of former MF Global customer and brokers and is looking for the trustee to return all customer segregated fund to their rightful owners.

    One industry insider when informed of the motion said, “It just adds insult to injury. What more can they do to these people.”


    TPTB want you to..... https://www.youtube.com/watch?v=wZNMjknWMr8&feature=related

  5. CFTC will launch a vewy, vewy, vewy tough investigation of wascally MF Global ... wight after CFTC finishes its silver investigation *wink*.

  6. Corzine eats shit. If there were any justice, he'd be sentenced to life without parole.

  7. "Our society is doomed"

    Just remember the "Golden Rule" in the process. We're all going to need a lot of help during the next 10 or so years to make it through this "Phase Transition" period, to the other side.

    It's going to get nasty out there.

  8. It's a free for all...

    MF Global Customer Fund Mystery - "Something Nefarious or Illegal Happened"

    If the customer funds are not returned, and justice is not done, then nothing and no one is safe from rapacious bankers and insiders who decide to seize your funds for themselves.

    Anyone who is familiar with the markets and has a shred of decency is absolutely appalled by this outrageous theft from customer accounts and breach of fiduciary trust. And the wall of silence from the financial system and the Obama Administration is deafening.

    It looks like TBTF & Associates are "singing in the rain"....the gagged victims are OWS...you know who the bankers are....once again art imitates life!


  9. Great article, but one correction: O'Bama hasn't "failed miserably"
    ! The Bush boys passed the ball to him, and he's proudly carried the ball through the end-zone at lightening speed to tyranny! I'm fairly sure in his book, he's succeeded beautifully!!