Full Disclosure mailing list archives
Re: [OT] the nigger said: "American people understand that not everybody's been following the rules"
From: Jeffrey Walton <noloader () gmail com>
Date: Wed, 12 Oct 2011 19:17:41 -0400
On Wed, Oct 12, 2011 at 3:44 AM, Christian Sciberras <uuf6429 () gmail com> wrote:
Regarding who's doing the most damage to US economy, I'll just say I won't comment. I take issue with the 1%/99% idea; ie, the excuse that some people deserve more just because they are allowed to lie - even if it makes them hypocrites.
Don't focus on the 1%/99% idea. Its much larger than who deserves what, and what are the demographics. When the economic terrorists on Wall Street committed their crimes, they affected you (and Thor) also. Right now, your savings and retirement accounts are probably not growing as expected because the economy is depressed. If any of the perpetrators face securities related civil charges, they will pass on the cost to the share holders. So your retirement account (regardless of whether you hold shares directly, or indirectly through a fund) will absorb the losses. $100M to litigate, and a $300M or $500M fine is a lot of money taken away from the 99% for the benefit of the 1%. Criminal prosecution is probably out of the question. PAC contributions has purchased a lot of political protection. Its readily apparent in Obama's statement that started this thread. To play devil's advocate: why do you choose to endorse or protect those who are effectively stealing from you? Jeff
On Wed, Oct 12, 2011 at 9:40 AM, Jeffrey Walton <noloader () gmail com> wrote:On Wed, Oct 12, 2011 at 2:51 AM, Christian Sciberras <uuf6429 () gmail com> wrote:Darren's and indeed many other people's lame excuse is that they're too humble to be greedy. As if!Its not about greed - pursuit of wealth is fine. You just can't harm others while doing it. (Well, apparently you can in the US). One of the funniest things I ever read regarding Bin Laden's little war was a boycott of the US dollar to reduce reliance [on the dollar] and to harm the US economy [1]. Thought experiment: terrorist wanted to ruin the US economy. US Financial institutions threw the US (and world) economy into a recession (again). The US financial institutions responsible must be terrorist organizations. Thank {insert higher being here} that Bin Laden did not make a PAC contribution on 9/10. Jeff [1] http://www.nytimes.com/2010/01/30/world/middleeast/30binladen.htmlOn Tue, Oct 11, 2011 at 6:07 PM, Jeffrey Walton <noloader () gmail com> wrote:On Tue, Oct 11, 2011 at 9:25 AM, Darren Martyn <d.martyn.fulldisclosure () gmail com> wrote:Chris - Empathy, guilt, and morals. Guilt being a major factor. The possibility was always there to make millions via evil means, but morals and knowing it would be hard to live with. The problem is not getting lots of money. That is the easy part. The issue is with living with yourself afterward.How about illegal? Check out the Hobbs Act [1]. I'm not making this crap up - the US has laws on the books for negatively affecting commerce (which the crash did), and using fear to peddle their warez (how financial institutions market their instruments). There's probably provisions in the PATRIOT Act, too. The last tine I checked (about a year ago), the SEC had opened fewer than 100 civil investigations. No criminal investigations, despite the fact that some of the financial institutions created spurious ratings companies just to rate their instruments 'good'. Jeff [1] http://www.justice.gov/usao/eousa/foia_reading_room/usam/title9/131mcrm.htm [SNIP]
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Current thread:
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules", (continued)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Jeffrey Walton (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" 夜神 岩男 (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Ivan . (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Paul Schmehl (Oct 13)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Zach C. (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Paul Schmehl (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Benjamin Krueger (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Michael Schmidt (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Zach C. (Oct 12)
- Re: [OT] Obama said: "American people understand that not everybody's been following the rules" Bob Dobbs (Oct 13)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Jeffrey Walton (Oct 12)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Ivan . (Oct 12)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Ivan . (Oct 12)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Jeffrey Walton (Oct 12)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Georgi Guninski (Oct 13)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Thor (Hammer of God) (Oct 13)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Georgi Guninski (Oct 11)
- Re: [OT] the nigger said: "American people understand that not everybody's been following the rules" Georgi Guninski (Oct 11)