Essay of the Day
Goldman Sachs Above the Law
Goldman Sachs Above the Law
No doubt, the chief crook on Wall Street is virtually immune from any law that brings lesser mortals to their knees. The latest outrage summed up nicely in "Relieve Goldman Sachs of Their Legal Exposure", passes with little notice in the establishment media.
"Goldman Sachs got a rare "reverse Wells notice" from the SEC, when they were told that a mortgage-backed securities deal which they earlier heard they would face prosecution for would not net them any civil enforcement. But that was just the beginning. Later in the day, they learned they would not face any prosecution from the Justice Department for the misdealings brought to light in a Senate Permanent Subcommittee on Investigations report a year ago."
In case you have not heard the details, the Eric Holder, DOJ of criminal protection and selective prosecution, hit a new low.
"In a written statement, the department said it conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the 2008-2009 financial crisis.
"The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time," the department said."
TARP was designed to bail out the insolvent banks. Goldman Sachs transformed itself into a BANK so that the firm could borrow from the Fed window. The revolving door cycle of government regulators, opting for a promotion as an investment bankster and compensatory profit well earned from previous service, hardly gets the attention of the financial community or government oversight. The entire obscene relationship of crony favoritism inevitably leads to a society where the rule of law only applies to the competition.
The definitive "vampire squid" watchdog site, Goldman Sachs 666, is so effective that the Goldman Sachs hires law firm to shut blogger's site. "The bank has instructed Wall Street law firm Chadbourne & Parke to pursue blogger Mike Morgan, warning him in a recent cease-and-desist letter that he may face legal action if he does not close down his website." Such excessive efforts to inhibit investigative reporting may seem that the global financial titan is afraid of public scrutiny. However, encouraging it is that the flow of information persists; the deplorable reality is that there is no political will to enforce common law violations.
The slanted regulations are written by Goldman Sachs attorneys and shepherd into law with their lobbyists. Their bought and paid for legislators dutifully do their bidding and eagerly take their campaign contributions. That is why the rejection of holding Goldman Sachs accountable by the Department of Justice is significant.
The incomparable ZeroHedge explains in, Confused Why Goldman Will Face No Criminal Charges? Here's Why.
"We learned courtesy of Goldman's 10-Q, that the US justice department will not press criminal charges against Goldman Sachs. This, despite Senator Carl "Shitty Deal" Levin, in one of the most bombastic kangaroo court spectacles on live TV ever, asking for a criminal investigation after the subcommittee he led spent years looking into Goldman, and in which he said Goldman misled Congress and investors."
The Department of Justice functions to discipline the other guy. Goldman Sachs is the hub of the financial pyramid. When partners are installed on the Federal Reserve or are appointed to Treasury, the money elite contain their grip on their control of the fiat money system. This model dominated by bureaucratic technocrats, runs roughshod over the regulators. The mere notion that any Attorney General will enforce statues is naive, when every administration is bought and paid for by the same moneychangers.
Using the distinctive absurdity of legal rationalization, RT reports:
"The Justice Department said that it had conducted an "exhaustive investigation" into allegations of fraud during the crisis from 2008 to 2009. The probe reportedly uncovered email conversations between employees of Goldman Sachs branding mortgage securities sold to investors as "junk" and "crap".
Moreover, the probe writes that the bank "used net short positions to benefit from the downturn in the mortgage market, and designed, marketed, and sold CDOs [collateralized debt obligations] in ways that created conflicts of interest with the firm’s clients and at times led to the bank’s profiting from the same products that caused substantial losses for its clients."
Alas, such illegal conduct is acceptable in the world of politicized injustice. No one gets the judicial breaks and skates the fine line of illegality better then Goldman Sachs. The DoJ operates as a mob lawyer for the accused. Prosecuting the proprietors of the criminal system is taboo.
Accepting this obscenity as normal is frustrating. Until now, no practical legislative, regulatory, administrative, legal or punitive response has seen the light of day to hang the Goldman Sachs pirates from the yardarms. Legal recourse will never provide comprehensive relief or rectify the abuses of this wicked protection racket that keeps Goldman Sachs above justice.
Only a total ban and breakup of the House of Rothschild and all their surrogate entities, can resolve by liquidation the monetary monopoly of debt created finance. Reinstituting Glass-Steagall would be a necessary first measure, but that reenactment alone is mere window dressing on a fraudulent Ponzi scheme.
Goldman Sachs stays one-step ahead of a critical mass meltdown, much of its own creation. The risks taken by this firm do not end with their former partners or current shareowners. This house of cards is entrenched in the IOU pecuniary system. What visibly sets Goldman Sachs apart from the rest of Wall Street is their network of entangling influences in every corner and crack of government, media, business and the courts.
No other financial organization enjoys picking financial policy makers on every level in the process. If Congress cannot get the Department of Justice to follow the law, who can honestly believe that a viable Presidential candidate can buck the Wall Street culture that controls and funds the two party facade?
Tragically, the corruption of corporatist is not confined to crony investment banksters. The legal and court organism that watches over the crooked money machine deserves widespread disrespect for their complicity. Goldman Sachs’ day of reckoning await the wrath of the populace.
James Hall – August 15 2012
Aug 15, 2012