Max Keiser: 'US bankers stole billions'

[maxkeiser]

Run time: 05:30 https://www.youtube.com/watch?v=JirCbm7fz_8   Posted on YouTube: October 19, 2011 By YouTube Member: MaxKeiserTV Views on YouTube: 31   Posted on DU: October 19, 2011 By DU Member: maxkeiser Views on DU: 4119

 

[socialindependocrat]

1. Why doesn't anyone go to jail?

Why isn't there a full disclosure listing all the reasons there wasn't any penalty

Why isn't 60 Minutes doing a piece on these things.

Why isn't laundered money being confiscated?

Where are the district attorneys????

Where are the congressional hearings???

[indepat]

6. No need. A high-ranking government official has indicated crimes were not committed: just mistakes

and the like. :patriot:

[Enthusiast]

20. But these "mistakes" continue.

:patriot:

[dixiegrrrrl]

8. And the fact you have to ask these questions, what does that tell about the answer?

[slay]

10. Cause they weren't selling crack rocks for $20

cause that's a real crime you know - selling someone something they buy by choice. i don't do crack, i don't support doing crack - but the crack guy gets a felony and goes to jail while these fuckers steal billions and nobody does shit. yeah - there's a reason we're occupying wall street - the republicans AND the dems sided with them over us.

[DocMac]

18. Congressional hearings?? Did someone do steroids??

You can't take congressional hearings to heart. It's a circus...ask Elizabeth Warren.

60 minutes? At least Andy quit before he died doing his 5 minutes a week. I hope he has a hobby to occupy that brain.

The other remarks and questions is part of the reason OWS has come about.

[Quantess]

2. Aweasome rant!

I hope you don't get in trouble for your suggestions.

[DocMac]

16. What suggestions should Max be concerned about?

Even the crack comments above are not so bad. This country wants capitalism and those selling crack are meeting the demand. They are self employed and they are like some bar owners...they don't do the product. It's about profit.

I could list a number of corporations that do this society as much damage, if not more, than any drug dealer.

No need to attack my rant all. But you will lol.

[Quantess]

22. Looks like you want a fight.

I suspect that you"ll be disappointed, as I don't think we have as much to argue about as you assume.

"Suggestions": I was referring to the references about the guillotine, etc, that conjure up bloodthirsty imagery. That's why I said "I hope you don't get in trouble", as people have been known to get in trouble when using such imagery. There is a fine line and you never know when someone's going to overreact and say you crossed that line.

You have been on DU long enough to realize that it isn't always a friendly forum, I see. But if you want a fight, you're barking up the wrong tree. If you still think we have anything substantial to fight about, go for it. But so far I'm not really interested.

[civilisation]

3. Max is entertaining,.

and hits some good points.

[dotymed]

4. Thanks Max.

You are always very enlightening. You have been informing America for a while now. We see some great movements like OWS, do you think that the masses will ever realize how corrupt our entire system is? Until then, please keep informing us the fraud and theft by the aristocracy.

[Moostache]

5. There can be no recovery without fundamental change.

Obama promised it and then immediately started negotiating with himself to move right from the word go.
He could have done so much more for the country by simply sticking to his campaign promises, sadly we'll never know for sure now.

The 2012 election is only a choice between status quo (slow-motion train wreck) and radical asshats (full-blown derailment assured.
Obama won't dare to make the changes necessary and the Republicans WANT to make things worse, on purpose.

We are basically all fucked and the only choices the current system are offering won't change that.
The entire system needs to come down and come down hard.

BTW...Jamie Dimon and Lloyd Blankfein had better go to sleep at night praying that someone with absolutely nothing left to lose does not decide to trade their own life for the life of one of those vampires. A dedicated assassin, willing to die to take down his target, is nearly impossible to stop....just so they realize that. By creating MILLIONS of unemployed and homeless people, the odds of one of them becoming despondent enough to take drastic action increases by the day...they chose to steal the money, eventually the consequence will be to reap the whirlwind because of it.

[Amonester]

13. I guess he has got to keep all those millions coming in his campaign

fundraising (and since a lot of dissapointed 2008 donors either don't want to give, or just cannot give, for 2012)...

[99th_Monkey]

21. If by "he" you mean Obama, word has it that Wall St. has cut him off

and are giving all their money to Romney, because Obama was somewhat verbally critical of wall st. greed, or some such.
Not that he actually DID anything to upset their criminal applecart mind you.

If that doesn't piss Obama off enough to kick Republican ass in Nov. and use his second term to keep the promises
he's made to America, then I don't know what will. :shrug:

[DeSwiss]

7. K&R n/t

[JJW]

9. Who's the terrorists?

[pam4water]

11. I wish he was so hyperbolic with the guillotine and faquar rhetoric.

[Divine Discontent]

12. I wish we could get someone in a white house to agree with the premise that laws were broken, and

not that loopholes were found.



Get it here now, or one of a million other designs! http://www.zazzle.com/republicans_2012_keeping_millions_out_of_work_bumper_sticker-128659602907896843?rf=238107662556833486eping_millions_out_of_work_bumper_sticker-128659602907896843?rf=238107662556833486

[girl_interrupted]

14. K&R

[kimsarah]

15. This just in --

Actually, it was posted by Reuters a few hours ago. (I am not a financial expert, but it appears that a banking group gets off relatively scot-free again without fear of prosecution. This helps to explain why no one goes to jail.):
-- Citigroup avoids fraud probe with SEC settlement --
Quote from article: "Citigroup settled with the SEC without admitting wrongdoing."
Here is the copy-paste version of the story (my apologies for not just posting the link instead):

By Jonathan Stempel and Aruna Viswanatha
Wed Oct 19, 2011 5:36pm EDT
(Reuters) - Citigroup Inc will pay $285 million to settle charges that it defrauded investors who bought toxic housing-related debt that the bank bet would fail, the U.S. Securities and Exchange Commission said on Wednesday.
The SEC said the bank's Citigroup Global Markets unit misled investors about a $1 billion collateralized debt obligation by failing to reveal it had "significant influence" over the selection of $500 million of underlying assets, and that it took a short position against those assets.
It said one experienced CDO trader called the portfolio "possibly the best short EVER!" while an experienced collateral manager said "the portfolio is horrible."
In a statement, Citigroup said the SEC did not charge the unit with any "intentional or reckless misconduct" and that the settlement "resolves all outstanding SEC inquiries into those activities."
The settlement is the third by the SEC against a major bank it accused of marketing a CDO without disclosing it was betting against it or allowing others to do so.
The SEC has also settled cases against Goldman Sachs and JPMorgan.
The agency and criminal prosecutors are under pressure from lawmakers and the public to bring cases that hold Wall Street figures accountable for their role in the 2007-2009 financial crisis that triggered a deep recession.
According to the SEC's case against Citigroup, the CDO, Class V Funding III, defaulted in November 2007, fewer than nine months after it closed, leaving investors with losses even as Citigroup made $160 million of fees and profits.
On the other side of the deal was Ambac Credit Products, which agreed to sell insurance on the $500 million in assets Citigroup had selected.
"The securities laws demand that investors receive more care and candor than Citigroup provided," SEC enforcement chief Robert Khuzami said in a statement.
The sanctions will go to the investors who lost money on the deal, the SEC said.
Citigroup settled with the SEC without admitting wrongdoing. The SEC also filed charges against Brian Stoker, who it said was the Citigroup employee primarily responsible for structuring the transaction.
A lawyer for Stoker said there was "no basis" for the SEC's allegations against him. "He was not responsible for any alleged wrongdoing -- he did not control or trade the position, did not prepare the disclosures and did not select the assets," said Fraser Hunter, Jr., with Wilmer Hale.
In marketing materials outlining the deal, the SEC said Citigroup represented that the collateral manager of the CDO, a unit at Credit Suisse Group AG, had independently selected the assets. In reality, it said, many had been selected by Citigroup, with the intention of taking the short position.
The SEC settled separate charges against Credit Suisse's asset management unit as well as Samir Bhatt, the Credit Suisse portfolio manager mainly responsible for it.
Credit Suisse will pay $2.5 million to settle, while Bhatt agreed to a six-month suspension from associating with an investment adviser, the SEC said. Neither admitted wrongdoing.
A spokeswoman for Credit Suisse and a lawyer for Bhatt declined comment.
The SEC has been conducting a broad probe into mortgage-bond deals, with several settlements this year. "This is not the last one," an SEC official said in an interview. "I think we are likely see a couple more."
In June, JPMorgan Chase & Co agreed to a $153.6 million settlement over the Squared CDO 2007-1, while Goldman Sachs Group Inc in July 2010 accepted a $550 million accord over the Abacus 2007-AC1 CDO.
As part of the settlement, Citigroup will give up the $160 million of alleged improper fees and profits plus $30 million of interest, and pay a $95 million fine.
The settlement requires court approval. The case was assigned to U.S. District Judge Jed Rakoff in Manhattan, who chastised the SEC and ultimately rejected its proposed $33 million settlement in 2009 with Bank of America Corp over that bank's purchase of Merrill Lynch & Co. He later grudgingly approved a revised $150 million accord.

[snappyturtle]

17. Excellent! nt

[bushmeister0]

19. Nut job. Poster boy for the right to discredit our side!

Way to provide talking points for FauxNews! WTF? Guillotines? Seriously? Besides, why would anyone use the French Revolution as an example of what has to happen now? That led ultimately to Napoleon. Ours is a much better example of revolution. No one got slaughtered, the Loyalists moved to Canada. Which is looking like a much better option nowadays, as well.

Do not keep posting this whacko's bullcrap. He's the rightwing's wetdream, just as Beck is to us.

[90-percent]

23. Max

If you employ a little critical thinking to strip away Max's hyperbole, I think the points he makes are valid and well informed.

Can you recommend some economic and wall Street pundits as informed as Max, but without the hyperbole, for us?

Beck deals in in manufactured paranoia. I think Max without the hyperbole remains as making many excellent points about how corrupt our entire financial system is. Personally, I think all of the institutions we rely on for life, liberty and the pursuit of happiness are infested with greedy and corrupt sociopaths.

Dylan Ratigan famously "went Max" a few weeks ago, and had some constructive things about financial corruption to say. Perhaps if more of our MSM "went Max" it would trigger the overhaul all our institutions require to restore the American dream.

With the increasing public awareness from OWS, it certainly is becoming more obvious our leaders are wearing no clothes!

-90% Jimmy

[rpannier]

24. Yeah! Don't post it!

He's been correct for the past 6 years on almost everything he's been saying
Let's not post the guy who knows what he's talking about

If you don't like him, don't watch the video
I for one am impressed with how much he knows and how often the things he's been saying are proven to be true.

[Oilwellian]

25. Who gives a shit about Faux News?

Personally, I agree with Max. We should replace Wall Street's bull with a new and improved, modern day guillotine, to be used every day at high noon. That would end their corruption and theft instantly.

[Jeroen]

26. Thank you Max! n/t

[civilisation]

27. you are way off base, .

Max uses questionably entertaining antics, to convey some great analysis and suggestions for folks,. Guillotines where invented when the 1% went too far and needed correcting. Seems a rather obvious connection to now.

[BEZERKO]

28. Come on Max!

If you have something to say, come on out and say it. Don't beat around the bush!