full-disclosure - Re: [OT] the nigger said: "American people understand that not everybody's been following the rules"

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Date: Wed, 12 Oct 2011 19:17:41 -0400
From: Jeffrey Walton <noloader@...il.com>
To: Christian Sciberras <uuf6429@...il.com>
Cc: full-disclosure@...ts.grok.org.uk
Subject: Re: [OT] the nigger said: "American people
 understand that not everybody's been following the rules"

On Wed, Oct 12, 2011 at 3:44 AM, Christian Sciberras <uuf6429@...il.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@...il.com> wrote:
>>
>> On Wed, Oct 12, 2011 at 2:51 AM, Christian Sciberras <uuf6429@...il.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.html
>>
>>
>> > On Tue, Oct 11, 2011 at 6:07 PM, Jeffrey Walton <noloader@...il.com>
>> > wrote:
>> >>
>> >> On Tue, Oct 11, 2011 at 9:25 AM, Darren Martyn
>> >> <d.martyn.fulldisclosure@...il.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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