I'm not requoting that willfully ignorant garbage. I guess the cluster****s known as the subprime implosion, Countrywide/Bear Sterns/lehman/wamu bankrupcies, credit shock, credit rating manipulation, LIBOR scandal and the several bailouts that followed were imaginary fairy tales. If it happened during the Bush era, it never existed to a Republican.
I honestly don't think there's one major Wall Street firm that hasn't been implicated in multiple snafus, some of them bordering to the point where there should be criminal liability associated with the many individuals in question (looking at you Tourre, for a start).
You answered none of my questions. Thanks for stopping by the Debate and Discussion Forum. And which of those would she like to see a trial for? She doesn't say.... Instead she just wants to string up some wall street firm. any wall street firm for whatever reason. The charge is irrelevant. My contention is not that wall street firms commit no crimes.
Given the context of the quote, probably the ones that instead are settling for pennies on the dollar for the amount of fraud they committed. In other words, everyone who settled on the mortgage fraud cases (BOA, etc) and all the other ones that agreed to pay fines over the last several years.
There's a difference between what I wrote and being an *******. Cruz is already the worst Texas Senator of my lifetime.
Honest question do you believe people should go to jail (even if it indirectly meant the destruction of large company) for any of the causes of the financial meltdown? And I don't mean people like Madoff who ran pyramid schemes, I mean the people who participated in the LIBOR scandal, bad loans, bad ratings, things like that.
And it's a flimsy contention to her point: that banks have committed prosecutable crimes but the best the government watchdogs have done is settle pennies for the dollar...with the money they illegally gained. It took a dumb, dishonest, moron on her first day of the banking committee to voice these concerns. And she's the one who should know better? If you've seen her debates, you'd know she does. So what do YOU think have been crimes that should've been prosecuted over the last 5-10 years? If not, what are your reasons and assertions that they're not crimes and that supports your claim that Sen. Warren is witch hunting? That's what your contention should be based on.
Anyone who bothered to watch the video of her statement understands the why she is asking that question. She said that it is problematic to be just settling rather than going to trial for two reasons. One because they have made record profits off of these shady practices so just paying a settlement is a cost of doing business and not incentive to change. Two without trial there isn't a full hearing on these shady practices. She is not asking the regulators whether they have taken any one to trial for whatever reason. There are clear reasons for taking them to trial.
I would argue legislation caused the financial meltdown. Hard send to jail legislators for passing legislation in what was deemed a Constitutional manner. Ask me a specific instance and I would give you a specific answer. Who would you like to see go to jail and for what charge? You are making the same mistake as Warren. Demanding that people need to be tried based on their legal occupation (Wall Street firms in this case) is immoral. Warren doesn't seem to care which Wall Street firm is tried as long as more are.
Your argument is flawed. The legislation to which you refer (I am assuming you are talking about the CRA) was a tiny part of a HUGE problem. Without Goldman and others packaging up garbage mortgages into derivatives designed to fail, the rating agencies being paid to rate those derivatives AAA, and the insurance company backing them, the financial crisis doesn't happen no matter how many subprime mortgages fail.
tallanvor, I can rattle off a list HSBC money laundering for terrorists Wachovia money laundering for Mexican drug dealers JP Morgan involved in LIBOR/TIBOR fraud JP Morgan Whale Trade JP Morgan energy price manipulation Goldman "false" CDOs designed to go short what say you to the truth?
Northside's list is a start. You're pretending (projecting?) like I don't read and remember the news.
So when guns are used to kill people, the tool isn't the problem but it's solely on the person taking the action. But here, you blame the legislation instead of people that made the choice to do stupid and dangerous things. Fascinating pretzel logic.
I have NS on ignore. which one would you like me to address? Although I will preface saying it doesn't matter. As previously stated my contention is not that Wall street firms don't commit crimes. My contention is Warren is immoral for calling the head of any wall street firm as opposed to a specific one. Why doesn't she ask 'why is wall street firm X not on trial for crime Y'? Instead she just calls for the head of any old wall street firm. As if being a wall street firm is a crime. It's disgusting. what is the tool in your analogy? the legislation? that makes no sense. The tool should really be pen/paper/money(the things people make a loan with) not legislation.
The witch hunt should have began sooner - like when Enron collapsed. Citi and JPMorgan helped create the off-balance sheet accounts that Enron used to manipulate debt as income.
You're blaming something several steps back in the process instead of the people who actually took voluntary actions that caused the problem. It's the very opposite of your view of gun control.
Because she was criticizing regulators here, not any particular Wall Street bank. It's like if LAPD was not going after any known murderers. The question would not be why they didn't go after murderer X - it would be why they haven't prosecuted any of the known murderers. The attack would be on LAPD, not any individual criminals.
