TheCharlie2323
  • Satirical Shorts
  • Other Tales
  • Banterer
  • Poems / Archives

The No Apology ― Apology

11/30/2011

0 Comments

 
Politicians and Wall Street have found the no admission of guilt style speech to be one of the best back door exit strategies for decades.  The following snippet quoting the great communicator was taken from a news article dated 12/7/86 in the Miami Herald:  "I realize you must be disappointed and probably confused," the president said in his weekly Saturday radio address. "You must be asking: What were we doing in the Middle East? What was our policy? . . . Were we engaged in some kind of shenanigans that blew up in our face?"  The following snippet quoting Judge Rakoff is from a news article dated 11/28/11 in the Miami Herald:  "In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers," Rakoff said. "Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the SEC, of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, this court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances."

As the gavel comes down, a NYC judge has declared enough is enough.  This isn't the first time Jed Saul Rakoff has rejected a settlement.  He also called BS in 2009 when Bank of America and Merrill Lynch agreed to a 33 million dollar slap on the hands over non-disclosed bonuses.  He denies a settlement by instructing both parties to tell it to a judge on their newly arranged court date.  He's the judge on the right side of the law.

Following the Great Depression, the SEC was designated as an authority to protect consumers from unfair or deceptive companies who sought investors.  They are a watchdog in place to keep investors confident in the market by keeping companies honest and ensuring that the investors best interest remains in the forefront.  It seems they may have become a bit lax when we look at the state of the current economy.  They believe it may be tough to find incriminating evidence that large publically traded corporations have treated investors unfairly, and often agree upon a fine in place of a trial.  Their recent offer with Citibank was for just pennies on the dollar when one looks at the pernicious results of Citibank's actions.

The accusations surrounding Citibank stemmed from a pool of toxic mortgage backed bonds that were represented to investors as a good deal.  Nobody knows a good bet better than the dealer and Citibank took the investors anti and made a small fortune betting against them and against the very pool they deemed a safe investment.  Imagine the individual lawsuits that could come if this financial giant was actually required to admit guilt.    

The SEC's protection of the investor seems unlikely when they settle many cases with the option of paying a small fine and keeping all the facts of the case a secret.  When the settlement is the apology, but it is done so in such a way that the victims can not actually press charges, there really is no apology.  The plaintiff thinks that the legal fees to pursue the defendant will take away from the funds reserved to investigate other fraudsters that they can make a deal with.  The defendant believes a few hundred million was a reasonable fine based on their innocence.  The man in the long black robe declared not on my watch.

0 Comments

Emergency Exit

11/16/2011

0 Comments

 
Italy is taking the direction of a movement that was popular in the U.S. following the Great Depression.  Technocracy departed around 1933 with Roosevelt's "New Deal."  To quote Archibald Putt whose identity remains anonymous, "Technology is dominated by two types of people: those who understand what they do not manage and those who manage what they do not understand."  The new Italian government body will govern by their area of expertise rather than politics.  This new technocracy will be made up of a panel of experts including a professor, CEO, Anti-trust Authority President, Navy Admiral and former EU commissioner. 

Economist Mario Monti was officially made Italy's new prime minister on November 16, 11.  This new Mario is expected to move faster and jump higher than former PM Berlusconi ever considered.  He has chosen a team of non-political experts to navigate Italy out of its debt crisis.  President Napolitano speaks of Mr. Monti with highest regards while reminding the media there are auctions in order for state bonds through the end of April, and high interest rates can cause an added stress to the government.      

Italian playboy billionaire Silvio Berlusconi was recently applauded for his resignation as prime minister.  Silvio released an album of love songs upon his departure from office.  One may find him performing at dinner parties in future.  In the past he has been criticized for the prostitutes and strippers that have performed for him.  Former PM Berlusconi has received criticism by many in recent times, including the newly appointed Italian President of the ECB.

The European Central Bank can't continue to buy up state bonds of failing economies.  The ECB's purpose is to maintain the euro's purchasing power and keep prices stable, which is an admirable goal for any country in this failing global economy.  The new Italian government has likely achieved the highest scores on ECB's Inflation Island game and is ready to play with the real euro now.

Will technocracy be the wave of the future?  It could be, if there proves to be a major turnaround for the Euro.  Former Prime Minister Berlusconi served three terms in office.  Prime Minister Monti looks to stay in control til at least 2013.  While Mr. Berlusconi did not have great support from the public near the end, his family has shown their support in print.  The newspaper owned by his family showed their approval of the new government with the headline, "It Can't Last Long." 

0 Comments

Return of the titans

11/2/2011

0 Comments

 
Wall Street titans, who make the move to government after serving on the boards of our nation's largest corporations, may not have the public's best interest at heart.  There are those who serve time in government, then move back to Wall Street.  How reputable could we expect a powerful individual to be who has experience with both? 

Jon Corzine, former CEO of Goldman Sachs, served in the senate and as governor of New Jersey, before making his way back to Wall Street.  His most infamous endeavor is likely his current one as CEO of MF Global.  The company's recent collapse is under investigation by SEC and the FBI.  In an attempt to save themselves, billions of dollars were transferred out of customer accounts.  MF Global filed for Chapter 11 in October of 2011.

Corzine was preceded by Henry Paulson as CEO of Goldman Sachs in 1999.  Paulson later made the move to Treasury Secretary during the Bush administration.  In 2008, the Paulson Plan was rolled out.  His previous position as CEO of Goldman Sachs could be considered a conflict of interest.  Some have accused him of being a Wall Street insider, as Goldman Sachs benefited the greatest from the AIG bailout.  Alongside Ben Bernanke, Paulson had a great influence on the bailout of AIG.

Chris Christie preceded Corzine as governor of New Jersey.  Christie has been accused of misusing his position when he awarded a "no bid contract" to a former US Attorney who investigated Christie's brother in a fraud case with Wall Street firm, Spear, Leads and Kellogg.  One could assume the attorney had earned that contract by choosing not to prosecute Christie's brother.

These three powerful men certainly fit the original line up of the "Clash of the titans" American Carnage tour.  "Slayer"―Corzine, brought ruin to MF Global.  "Megadeath" ―Paulson, who is familiar with dealing in units has seen to the death of millions of units.  "Anthrax"―Christie, not completely understood, but thousands of cells can fit into a single pinhead.  Keep an eye on Wall Street and the return of the titans.

0 Comments

    Author

    My banter was on current affairs and ran from 2011 - 2016. I currently enjoy writing satire and horror shorts.

    I chose themes to run against each current event to bring some entertainment to my Banters. I began writing the banter in February 2011, and wrote my last in February 2016.

    Archives

    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011

    Categories

    All
    2011
    4th Amendment
    5-4
    Aaa
    Administration
    Aer Lingus
    Aol
    Arizona
    Bailouts
    Barclays
    Bassar Al-Assad
    Benghazi
    Berlusconi
    Bin Laden
    Boehner
    Bryson
    Buffett Rule
    Caucuses
    Cheif Of Staff
    China
    Chris Christie
    Citibank
    Citigroup
    Commerce
    Daley
    Deutsche
    Dez Bryant
    Draft
    Economy
    Engagement
    Euro
    Facebook Ipo
    Fannie Mae
    Fed
    Federal Reserve
    Freddie Mac
    Ftc
    "Game Change"
    Geithner
    Gingrich
    Goldman Sachs
    Gop
    Governor Walker
    Henry Paulson
    Huffington Post
    Hugh Culverhouse
    Immigration
    Iran-Contra
    Ireland
    Italy
    John Paulson
    Jon Corzine
    Lew
    Lockout
    Madoff
    Mets
    Michael Grimes
    Michael Hayden
    Millionaire Tax
    Mitt Romney
    Monti
    Muddy Waters
    News Of The World
    Nfl
    Nothaus
    Obama
    Ochocinco
    Pay For Performance
    Pelosi
    Picard
    Presidential Race
    Rakoff
    Referee Lockout
    Richard Grenell
    Romney
    Romneycare
    Russia
    Sarah Palin
    Sec
    S&P
    Technocracy
    Trust In God
    Union
    Veto
    Vikram Pandit
    Wisconsin

     Subscribe in a reader

    Thecharlie2323.com Pagerank