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The Untouchables: How the Obama administration protected Wall Street from prosecution

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Texashiker

Texashiker

Lifer
Dec 18, 2010
18,811
198
106
Genx87 said:
I will have to check this out. It surpises me to this day no high level bankers were put in prison over what happened in 2008.
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How do you put an entire industry in prison?

Who do you go after, the people following orders, or the people giving the orders, or both?
 
G

Genx87

Lifer
Apr 8, 2002
41,091
513
126
Texashiker said:
How do you put an entire industry in prison?

Who do you go after, the people following orders, or the people giving the orders, or both?
Click to expand...

I didnt say put an entire industry in prison. But there was clearly fraud going on and somebody ordered it done. Not a single high level executive running these companies comitting these frauds was brought up on charges from the meltdown? Really? According to this article even Wallstreet expected it and it never came.
 
Jaskalas

Jaskalas

Lifer
Jun 23, 2004
35,664
9,966
136
Texashiker said:
How do you put an entire industry in prison?
Click to expand...

You have both framed this wrong. You don't send them to jail, you simply refuse to bail them out and they are out on their assess without a job and a ruined reputation with a failure of a company.

Society would have pointed and laughed, tared and feathered them. Instead of government decided to pay them the riches of kings. Now they tar and feather us.

You want prosecution, start with the ones pulling the strings, our own federal government.
 
Olikan

Olikan

Platinum Member
Sep 23, 2011
2,023
275
126
not really Obama fault... happens in every place on the word

It's just a another rich guy that have more power than the state itself... there is just no law for these guys
 
SheHateMe

SheHateMe

Diamond Member
Jul 21, 2012
7,251
20
81
Cash rules everything around me, C.R.E.A.M

Get the money dolla dolla Bills yall.



Rich people don't go to jail for crimes, they either get someone else to take the fall or they disappear.

In the rare event that they do go to prison, they get the Martha Stewart treatment and still get to keep the money they stole.
 
Jaskalas

Jaskalas

Lifer
Jun 23, 2004
35,664
9,966
136
SheHateMe said:
In the rare event that they do go to prison, they get the Martha Stewart treatment...
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She was found innocent of the alleged crime. They sent her to prison for how she handled being investigated. No one has a perfect memory, if you deal with enough documents and are asked to recall them by memory - you _WILL_ go to prison.
 
A

Ausm

Lifer
Oct 9, 1999
25,213
14
81
Genx87 said:
http://www.guardian.co.uk/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

I will have to check this out. It surpises me to this day no high level bankers were put in prison over what happened in 2008. Sounds like Obama's DOJ decided it wasnt going to even try and put these guys in jail and maybe even protected them. Instead focusing on smaller players they could easily squash.
Click to expand...

I don't find it surprising at all considering who his Economic team consisted of.
 
thraashman

thraashman

Lifer
Apr 10, 2000
11,112
1,587
126
Olikan said:
not really Obama fault... happens in every place on the word

It's just a another rich guy that have more power than the state itself... there is just no law for these guys
Click to expand...

I don't think it's a case of fault. Bush had the opportunity before leaving to start something with his DOJ and didn't, Obama chose to let them off the hook, you don't have Congress clamoring for prosecution. The biggest problem here is that Obama had the opportunity to make the perpetrators of fraud pay for all the people whose lives they ruined, and chose not to. The reason for this is the same as the reason for why we did the bail outs in the first place, fear. The government was afraid of shaking up the financial market too much, so instead of doing what's right they did what they thought they had to. I understand the reasoning, but I dislike the outcome.
 
Bowfinger

Bowfinger

Lifer
Nov 17, 2002
15,776
392
126
This is one of the most shameful legacies of the Obama administration. As much as anything else, it underscores how much of the squabbling between Dems and Reps is more theater than substance. They have many differences in style and on peripheral issues, but at the end of the day they both serve the same masters.
 
Brovane

Brovane

Diamond Member
Dec 18, 2001
6,361
2,567
136
I was really hoping to see some perp walks out of that Wall Street mess. At some point some very high level people comitted some very serious crimes. I know my Dad was kind of upset he lost $30k from a bond that had been rated AAA that essentially became worthless and should never had been rated AAA. However they let all the senior Wall Stree people skate by.
 
Doppel

Doppel

Lifer
Feb 5, 2011
13,306
3
0
Anothe fucking plutocrat. It was obvious years ago he didn't give a crap about this anymore than Bush.

Old boy's club and you proles aren't in it.
 
Olikan

Olikan

Platinum Member
Sep 23, 2011
2,023
275
126
thraashman said:
The government was afraid of shaking up the financial market too much, so instead of doing what's right they did what they thought they had to. I understand the reasoning, but I dislike the outcome.
Click to expand...

yep, this is the "power" that i said in my post...

they can bribe, legally or ilegally... when caught, everyone get's afraid of doing anything...
when someone goes against their will, they black mail with the tipical "this will hurt economy" or "there will be job losses"...
 
O

OlafSicky

Platinum Member
Feb 25, 2011
2,364
0
0
Every banker just got a free pass. I watched a good documentary on this on Frontline I would link to it but don't remember the name.
 
blankslate

blankslate

Diamond Member
Jun 16, 2008
8,794
568
126
If only more people watched PBS Frontline documentaries instead of the latest iteration of "So you want to be famous?"

There might be hope then.
 
Zebo

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Disgusting. Obama plays the populist card very well but man surrounds himself with most bankrupt souls and wall street insiders. Tell me who your friends are and I'll tell you who you are.

Then again seems like you can't get any money or traction from corporate America, who really run this show, without agreeing to their terms on the down low. Real power is not the president but those who put him there.
 
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Zebo

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
SheHateMe said:
Cash rules everything around me, C.R.E.A.M

Get the money dolla dolla Bills yall.



Rich people don't go to jail for crimes, they either get someone else to take the fall or they disappear.

In the rare event that they do go to prison, they get the Martha Stewart treatment and still get to keep the money they stole.
Click to expand...

Didnt used to be that way as much. Bush the first put 1000 s and l bankers in prison. Ppl had more say then. I.e. money. Today with over ninty percent of income going to one percent our voices dont matter

Bill black man who prosecuted those s and l bankers said he could put 10000 in today. Ofc wasnt allowed to.
 
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F

f1sherman

Platinum Member
Apr 5, 2011
2,243
1
0
thraashman said:
I don't think it's a case of fault. Bush had the opportunity before leaving to start something with his DOJ and didn't, Obama chose to let them off the hook, you don't have Congress clamoring for prosecution. The biggest problem here is that Obama had the opportunity to make the perpetrators of fraud pay for all the people whose lives they ruined, and chose not to. The reason for this is the same as the reason for why we did the bail outs in the first place, fear. The government was afraid of shaking up the financial market too much, so instead of doing what's right they did what they thought they had to. I understand the reasoning, but I dislike the outcome.
Click to expand...

Sorry but that's a whole lot of crap.

No one is irreplaceable.
Financial stability obviously does not rest on shoulders of these financial wizzards, and is not held together by their immense brain power. Else there would be no meltdown, would it?

Administration could have guaranteed financial stability and solvency with a fucking communist decree like they had already done with bailout.
By sending few thousand fraud committing bankers, managers, and Wall Street execs to be pounded in their arseholes till the end of their prison term,
Administration and DoJ would, if anything, reassure investors and the public that their money is handled responsibly.

So yeah conscious decision on part of Obama not to prosecute (as admitted by Lanny Breuer).
Nothing to do with "stability of financial market".
 
I

Incorruptible

Lifer
Apr 27, 2012
10,086
58
86
I have been saying this all along and yet all I got were pathetic responses defending obama and blaming others

obama is a crony and a corporatist
 
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