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Politicians are JUST employees of campaign contributors. PROOF
Posted by: ferfux ()
Date: June 23, 2012 12:24PM

a total fiasco. Most of the rest of the senators not only supplicated before the blowdried banker like love-struck schoolgirls or hotel bellhops, they also almost all revealed themselves to be total ignoramuses with no grasp of the material they were supposed to be investigating.

That most of them had absolutely no conception of even the basics of the derivatives market was obvious. But what was even more amazing was that several of them had serious trouble even reading aloud the questions their more learned staffers prepared for them. Many seemed to be reading their own questions for the first time.

It would be one thing if this had been a bunch of hick congressmen from the plains asking a panel of MIT professors about, say, ozone depletion, or the potential dangers of nuclear fallout. But these were members of the Senate Banking Committee, asking Dimon questions as though he were an alien from another world: "Tell us, Mr. CEO, what is this ‘derivative trading’ to which you refer? How long has it been in use on your planet?" The whole tenor of the proceeding was incredibly embarrassing, and showed just how unlikely it is that you’ll ever get anything like real questioning in a Senate hearing when a) the level of general expertise among the members is so shamefully low, and b) the witness is a man who controls millions of dollars of campaign contributions.

The senators could have used the hearing as an opportunity to grill Dimon in detail about the entire history of the Chief Investment Office, the unit of Chase that recently copped to unexpected multibillion-dollar derivative trading losses. This was an opportunity to show Americans how a too-big-to-fail commercial bank like Chase – supported by vast amounts of public treasure, from Fed loans to bailouts to less obvious subsidies like GSE purchases of mortgages and implicit guarantees of bank debt – uses the crutch of government support to gamble recklessly in search of huge profits, with the public on the hook for any potential downside.

The senators should have interrogated Dimon about his role in moving toward that reckless gambling strategy. Instead, they mostly cowered and cringed and sat mute with thumbs in their mouths, while Dimon evaded, patted himself on the back, and blew the whole derivative losses episode off as an irrelevant accident caused by moron subordinates.

Read more: http://www.rollingstone.com/politics/blogs/taibblog/senators-grovel-embarrass-themselves-at-dimon-hearing-20120615#ixzz1ydO8wOyz

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: gamblers anonymous ()
Date: June 23, 2012 07:46PM

Why do we continue to bail these fuckers out? Enron, savings and loan, 2008....Their greed knows no bounds no ethical code constrains them. I say prosecute!!! TOo big to fail is a farce. NOBODY IS ABOVE THE LAW. this giant CASINO and MOB RIP OFF MACHINE called Wall street should be shut the fuck down!

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: ferfux ()
Date: June 24, 2012 01:12PM

gamblers anonymous Wrote:
-------------------------------------------------------
> Why do we continue to bail these fuckers out?
> Enron, savings and loan, 2008....Their greed knows
> no bounds no ethical code constrains them. I say
> prosecute!!! TOo big to fail is a farce. NOBODY
> IS ABOVE THE LAW. this giant CASINO and MOB RIP
> OFF MACHINE called Wall street should be shut the
> fuck down!


because they OWN the swine in washington thats why.

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: PeoplearePeoplesowhyshoulditbe ()
Date: June 26, 2012 08:25AM

Corporations are PEOPLE? LOL thats why,.

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: WingNut ()
Date: June 26, 2012 08:42AM

What fascinating insight. Yawn.
Attachments:
o-corzine-hands[1].jpg

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: It rubs the money on its skin ()
Date: June 26, 2012 11:11AM

gamblers anonymous Wrote:
-------------------------------------------------------
> Why do we continue to bail these fuckers out?
> Enron, savings and loan, 2008....Their greed knows
> no bounds no ethical code constrains them. I say
> prosecute!!! TOo big to fail is a farce. NOBODY
> IS ABOVE THE LAW. this giant CASINO and MOB RIP
> OFF MACHINE called Wall street should be shut the
> fuck down!

Nobody bailed out Enron. But you forgot GM, Chrysler, AIG (nice Obamabonuses dudes!), FannieMae/FreddieMac, Solyndra...

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: Suckerz ()
Date: June 26, 2012 11:20AM

LOL. More Taibbi turds. Funniest part is you idiots actually believe that he knows WTF he's talking about. Yeah, Taibbi's a friggin financial genius. lol

But more power to him... The guy's made a good career out of passing off slanted BS as fact to a bunch of knuckleheads who completely buy into whatever crap he comes up with. He writes some jive just to fill column space and you idiots want to go out and protest around it. lmao

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: thank Greenspan ()
Date: June 26, 2012 11:38AM

Enron collapsed, but the banks received waivers from the regulators on the Enron rules. That led to the collapse in 2008 due to substantial leverage and liabilities held in off-balance sheet special-purpose vehicles.

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Re: Politicians are JUST employees of campaign contributors. PROOF
Posted by: Lester ()
Date: June 26, 2012 11:41AM

Remember also the IMF bailed out JPM on latin american debt in 2002.

Most of the time, the bailouts are swept under the rug with the Fed arranging shotgun marriages, lowering interest rates, and injecting massive liquidity as in...

1995, 1997, 1998, 2002, 2008, 2009, 2010, 2011, ...

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