Share on Google Plus Share on Twitter 2 Share on Facebook 3 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit 1 Share on StumbleUpon 1 Tell A Friend 1 (8 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   2 comments

Exclusive to OpEdNews:
OpEdNews Op Eds

The Lucrative Revolving Door Between Washington and Wall Street --- At What Cost to Ourselves and Our Economy?

By   Follow Me on Twitter     Message Richard Clark     Permalink
      (Page 1 of 3 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

Must Read 1   Well Said 1   Valuable 1  
View Ratings | Rate It Headlined to H3 2/8/13

Author 8235
Become a Fan
  (110 fans)
- Advertisement -

What follows here is a synopsis of a recent discussion between Bill Moyers and Matt Taibbi.  

This week, two United States senators insisted that the Justice Department come clean:   Why are Wall Street's big banks not only too big to fail but too big to jail?   Senators Sherrod Brown of Ohio, a Democrat, and Chuck Grassley of Iowa, a Republican, are outraged that the giant banks violate the law with impunity -- laundering money, cheating homeowners, falsifying information -- every trick in the book.   So they sent a letter to Attorney General Eric Holder demanding to know why the banksters get away with fines instead of jail time.

Maybe they had their anger roiled by "Frontline's" recent report called "The Untouchables."   It described how the Department of Justice has looked the other way for fear that prosecuting the banksters would do even more damage to the American economy than their banks have already done to it.

ELIOT SPITZER:   Justice backed off.

NARRATOR:   Did the government fail?

MARTIN SMITH:   A number of people told us that you, Lanny Breuer, didn't make this a top priority.

LANNY BREUER:   Well I'm sorry they think that because I made it an incredibly top priority.

That's Lanny Breuer the former assistant attorney general in charge of the criminal division at the Justice Department.   A week after the Frontline report, he left his post and is now expected to return to private corporate practice -- one more government appointee passing through the lucrative revolving door between Washington and Wall Street.   And listen to this astounding "admission" by Mr. Breuer in which "he" confesses that his lucrative career would be over if he ever prosecuted any of the top people on Wall Street.   I'm almost certain there was, in this video clip, a faked voice-over that was substituted for Mr. Breuer's actual remarks, especially in consideration of his mention of how many asses he has kissed and how many fellow Americans he has "screwed" by way of his actions or lack thereof.   But if Breuer were ever to tell the truth, I'm sure that what he would say would not be much different from what you hear "him' say in this video clip.

- Advertisement -

Is the lucrative revolving door the reason why government treats the banks with kid gloves?

But if so, at what cost to the rest of us?  

A man who once worked for a big investment bank, Citigroup, Jack Lew, the president's former chief of staff, was recently picked to be the new Treasury Secretary.   Mary Jo White, the newly named head of the SEC (Securities and Exchange Commission), was a chief litigator at a top law firm representing big investment banks like Morgan Stanley.   But how will these folks deal with corruption and crime at big investment banks, like that laid out in the next couple of paragraphs, when in all likelihood both these people will be returning to very lucrative employment with such banks or the law firms that serve them?

The HSBC settlement was a shocking new low in the history of the too-big-to-fail issue.  

HSBC was a serial money launderer.   They had been twice given formal cease-and-desist orders by the government (one dating back as far as 2003, another one in 2010) for "inadequately policing the accounts" in their system.   Translation:   They laundered more than $800 million for drug cartels in Colombia and Mexico.   They also laundered money for terrorist-connected banks in the Middle East, and also for Russian gangsters.   Basically they broke every law in the book by servicing, aiding and abetting every kind of big-time criminal you can possibly imagine.   And except for the relatively small fine they had to pay, they got off scot free.   Total amount of criminal proceeds laundered:   $1.9 billion.   But there were no criminal charges whatsoever, and not even any individual fines, which is dumbfounding.  

- Advertisement -

The LIBOR price fixing conspiracy

This was perhaps the biggest financial crime of all time.   Some of the world's biggest banks got together and conspired (illegally) to artificially rig the global interest rates which are based on the London inner bank offered rate, which is a rate that determines how much it costs banks to lend money to each other.

This LIBOR rate affects the prices of hundreds of trillions of dollars of financial products.   It applies to everything from credit cards to mortgages to municipal bonds.   Basically everything in the world has a price that is somehow connected to the LIBOR rate.   And these guys were monkeying around with this for their personal profit and for that of their buddies.   But once again there were no criminal charges, which is again dumbfounding.

Next Page  1  |  2  |  3


Must Read 1   Well Said 1   Valuable 1  
View Ratings | Rate It

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

Two U.S. presidents implicated by ex-CIA black-ops assassin

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?