Universe Of Lies
National Day Of Prayer: Pray for justice

After reading Matt Taibbi’s latest Rolling Stone article, “Everything Is Rigged: The Biggest Price-Fixing Scandal Ever,” it occurred to me that the corruption of our financial system laid out in this and many of Taibbi’s previous writings are just the sort of thing that a prophet like Elijah, Jeremiah, or Isaiah would be railing about if he were alive today. 

The biblical prophets showed their people and their nation the sins that God was angry with. Idolatry. Violence. Adultery. Lying, cheating, and stealing. 

And that’s what is being revealed by a few journalists with the honesty and courage to report what the alphabet networks, the mainstream moron media, the liberal state-controlled press, have ignored or refused to investigate. Lying, cheating, and stealing. It’s at the heart of our financial industry. 

Taibbi concluded this particular article with the following: “The scale of [this corruption] is so enormous that ordinary people simply cannot see it. It’s not just stealing by reaching a hand into your pocket and taking out money, but stealing in which banks can hit a few keystrokes and magically make whatever’s in your pocket worth less. This is corruption at the molecular level of the economy, Space Age stealing — and it’s only just coming into view.” 

What we’re finding out (at least the few who are checking out the reports in Rolling Stone and a few financial blogs are finding out) is that the big banks have colluded in fixing the prices of commodities, interest rates, and all sorts of financial instruments. They’ve cheated borrowers, they’ve cheated governments, they’ve cheated their own clients. They are cheating the public, the taxpayers. It is institutional corruption, and it affects virtually everyone.

The power of these institutions and the wicked men who run them is so great that our own regulatory bodies, law enforcement bodies, and the courts, are refusing to take any serious action (meaning criminal prosecutions and jail time) against what are enormous crimes, equivalent to the largest bank robberies ever committed, multiplied by 100. Multiplied by 1000. It is clear to me that some form of intimidation or bribery or both is being used on the people who are supposed to be policing the fairness of our markets and banks. Judges dismiss charges based on the phoniest of excuses. The Attorney General refuses to bring criminal charges because, they say, it could destabilize the world economy. (I don’t actually believe this to be true, but that is their excuse.) They are too big to jail. Yes, some large fines have been levied. In the cases I’m aware of, it simply reduces the profits of the institution, profits which can be made up quickly with a few more weeks and months of their criminal operations. 

I can’t go into all the details here. Every concerned citizen, every patriot,  needs to read this article. We need an advocate for justice more powerful than the billionaires and the bent public officials they control. In addition to all the other problems this nation faces, pray for justice.  

The Queen of Sheba, when she visited Solomon’s kingdom and observed his wisdom and judgment, said, “… because the LORD loved Israel forever, therefore he made thee [Solomon] king, to do judgment and justice.” 

It is appropriate to ask God to bless America with leaders who will do likewise, against all odds. Otherwise the looting and pillage will continue, and likely escalate. 

No day of reckoning for Wall Street under Obama

Daily Beast writes:

Despite his populist posturing, the president has failed to pin a single top finance exec on criminal charges since the economic collapse.

Two months into his presidency, Obama summoned the titans of finance to the White House, where he told them, “My administration is the only thing between you and the pitchforks.”

The bankers may have found the president’s tone unsettling. Candidate Obama had been their guy, accepting vast amounts of Wall Street campaign money…  Obama far outraised his Republican rival, John McCain, on Wall Street—around $16 million to $9 million. As it turned out, Obama apparently actually meant what he said at that White House meeting—his administration effectively would stand between Big Finance and anything like a severe accounting. To the dismay of many of Obama’s supporters, nearly four years after the disaster, there has not been a single criminal charge filed by the federal government against any top executive of the elite financial institutions.

The financial fraud in mortgage lending, securitization, and derivatives has been well-documented, and summarized by critics like Janet Tavakoli and William Black (who prosecuted fraud cases in the wake of the Savings & Loan crisis). William Black presented his case in 2009 on Bill Moyers Journal (click link for video) in a straightforward and easy-to-digest discussion of how the financial crisis was built on massive fraud. 

Obama has been the best friend of the criminal fraction of the top 1% that the financial sector has ever seen. 

How the government helps the banker elite avoid jail for their crimes

Bloomberg today offers an article explaining the system by which the really, really big criminals — those who committed fraud at our largest investment banks — avoid prosecution.

It’s called “deferred prosecution” with closer government scrutiny, followed by dismissal of charges. The Department of Justice becomes the Department of Injustice. Petty criminals, beware. You’re just not big enough to get a deferral. You have to steal billions to get a really sweetheart deal.

Goldman Sachs Group Inc. (GS) won’t face criminal prosecution related to sales of mortgage-linked securities because such a move could threaten the U.S. financial system, according to Brad Hintz, an analyst at Sanford C. Bernstein & Co.

“If an alleged violation is identified during a Goldman investigation, we expect a reasoned response from the Justice Department,” Hintz wrote. “In a worst case environment, we would expect a ‘too big to fail’ bank such as Goldman to be offered a deferred-prosecution agreement, pay a significant fine and submit to a federal monitor in lieu of a criminal charge.”

Lord, send us a David to defeat this corrupt Goliath and chop its head off!