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Market Ticker on HuffPost WikiBankGate: Fraud, Schemes, Willful & Intentional Blinders

21 Dec

Karl, as ever, is as brazen as he is crude but he makes the right point here.

Indeed it was never a question of knowledge; it was a question of not wanting to admit what was obvious all along.

An interesting perspective….

In an interview with the Times, Assange said: “We don’t want the bank to suffer unless it’s called for. But if its management is operating in a responsive way there will be resignations.”

New York Times scribe Andrew Ross Sorkin, for his part, says it’s not Wall Street executives who are worried about WikiLeaks’ next bombshell, it’s Wall Street regulators.

If WikiLeaks reveals truly damaging information, Wall Street regulators may in a particularly awkward situation: they’ll end up being scooped by an organization that has been branded as a terrorist group.

Scooped?

I really wish people would stop being stupid.

There is no “scoop” here.

There is only intentional and willful blindness.

Indeed, Spencer Bachus has made clear exactly what Washington’s agenda has been for the last two decades - SERVICE the banks:

Bachus, who is poised to oversee the implementation of the Dodd-Frank financial regulatory overhaul, made the comment in an interview with The Birmingham News.

“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” he said.

Uh huh.

What the hell else is there to know?  Oh yeah, Bachus “clarified” his remarks later on, but the point stands.  And for those who think Bwarney Frank has done something different: He is lying.

Simply put, there were lots of things that could have been done in 2008 or 2009 – and done today.  But any of them that actually cause banks to recognize the true value (or rather, lack thereof) of their alleged “assets” would cause them to have to be broken up and resolved immediately.

Further, any legitimate investigation of what happened would lead to the inescapable conclusion that fraud was and is in fact the business model of these institutions.  That which becomes close to exposure and could lead to indictment or collapse becomes legislated or extorted around, just as it did in 2008 with TARP and just as it did in 2009 with “mark to fantasty” forced down the throat of FASB by Kanjorski.

There’s no “scoop” here.  One need only open one’s eyes to see massive and outrageous scams and frauds top to bottom. Do mortgage-backed securities actually have mortgages in them, or was that a multi-trillion dollar scam?  Were all those CDOs and such honestly created, or did banks intentionally misrepresent who bespoke what and for what purpose?  Where did the over $150 billion valuation write-down go that Bank of America took when it got a $15 TAF loan – and where did all the other 90% write-downs go on the other bank balance sheets?  We know where they didn’t go – they were never accounted for in any earnings report and yet auditors and examiners passed on these financial statements, capital ratios and current financial condition on multiple occasions, fully-aware of The Fed’s “valuation marks” on these securities.

The schemes and games have been – and still are – “in your face.”  Our failure as a nation in regulation and governance is a failure to look, not a failure of ability to see.  The evidence is quite literally right under their – and our noses.  There is no scoop here – there is, instead, willful and intentional blindness that has, and continues to, screw the public and promote a claim of “economic recovery” that is in fact fraudulently false.

Huffington Post, of course, loves to lean left.

But we do not find truth in left or right.

We only find truth when we seek it and take off the partisan blinders.

And that, my friends, exposes that Barney Frank, who explicitly admits to liking servicing men, is in fact one of the chief men on his knees in front of the banksters performing that precise obscene act.

Just like, and in concert with, Spencer Bachus.

 

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