The Untouchables: How the Obama administration protected Wall Street from prosecutions

Dec 10, 2005
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That's an 8 year old article from Glenn Greenwald. This issue was discussed ad nauseum here back then.

Grennwald spent the last 4 years criticizing democrats and giving Trump a pass.
As I said in another thread, GG is a right-wing authoritarian apologist masquerading as an investigative journalist. I don't put much stock in his opinions.
 

pauldun170

Diamond Member
Sep 26, 2011
9,139
5,074
136
Usually when I come across threads attacking "Wall Street" I approach it a certain way for reasons.

I think the more interesting story is Glenn Greenwald

I don't keep track of mouth pieces because I'm more of a "Source material" kinda guy but gotta say, Glenns life is more interesting than the words he spews
 

fskimospy

Elite Member
Mar 10, 2006
84,839
49,548
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That's an 8 year old article from Glenn Greenwald. This issue was discussed ad nauseum here back then.

Grennwald spent the last 4 years criticizing democrats and giving Trump a pass.
This is my issue with him - he doesn't actually care about banking regulation/prosecution in the slightest. If he did, he would have gone after Trump continually as Trump dramatically scaled back white collar law enforcement of all kinds. Instead, silence and raging against the fact that federal law enforcement correctly determined that Trump's campaign was in cahoots with the Russians. (this is something he still bizarrely denies)
 

Pipeline 1010

Golden Member
Dec 2, 2005
1,941
768
136
Matt Taibbi at the Rolling Stone (LOL... of all the publications) wrote some of the best articles about the financial crash, what led up to it, what types of fraud were committed, and the types of bailouts and protections the fraudulent bankers were given. Here's a recent(ish) article about the fallout 10 years after: https://www.rollingstone.com/politi...financial-crisis-ten-year-anniversary-723798/. It's a pretty fascinating read.
 
Reactions: trenchfoot

fskimospy

Elite Member
Mar 10, 2006
84,839
49,548
136
Usually when I come across threads attacking "Wall Street" I approach it a certain way for reasons.

I think the more interesting story is Glenn Greenwald

I don't keep track of mouth pieces because I'm more of a "Source material" kinda guy but gotta say, Glenns life is more interesting than the words he spews
It tells you a lot about who Greenwald is as a person that after four years of raging against what he thought were questionable facts of Trump's corruption/dealing with the Russians he had a meltdown and quit in protest over the fact that an editor wouldn't let him publish something that very likely wasn't true.

Again, his interest in factual accuracy waxes and wanes depending on who the target is. Sad to see someone so consumed by their petty grievances that they demolished their reputation.
 

fskimospy

Elite Member
Mar 10, 2006
84,839
49,548
136
Matt Taibbi at the Rolling Stone (LOL... of all the publications) wrote some of the best articles about the financial crash, what led up to it, what types of fraud were committed, and the types of bailouts and protections the fraudulent bankers were given. Here's a recent(ish) article about the fallout 10 years after: https://www.rollingstone.com/politi...financial-crisis-ten-year-anniversary-723798/. It's a pretty fascinating read.
Matt Taibbi is another one who really had a meltdown during the Trump years.

He went from decrying very real government corruption related to finance and ended up saying that the Trump's first impeachment for trying to use our tax dollars to solicit illegal election help was really a 'palace coup' by Democrats.
 
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Blackjack200

Lifer
May 28, 2007
15,995
1,685
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I'll start off simple
What law was violated.
Who exactly violated that law and should have been arrested.

It is illegal (I'm pretty sure) to submit fraudulent lending applications, and lending officers that encouraged or facilitated the submission of fraudulent applications as well as the institutions that were supposed to be supervising them should have been accountable.
 
Dec 10, 2005
24,464
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Both Greenwald and Taibbi were basically right to be skeptical of the Russia hysterics. It was never more than a smoke screen to excuse the party's failure to defeat Trump. Russia was never shown to have interfered anywhere near as much as other countries like Israel.
Still denying documented and systematic Russian interference?
 

fskimospy

Elite Member
Mar 10, 2006
84,839
49,548
136
Both Greenwald and Taibbi were basically right to be skeptical of the Russia hysterics. It was never more than a smoke screen to excuse the party's failure to defeat Trump. Russia was never shown to have interfered anywhere near as much as other countries like Israel.
Odd that so many members of the Russian government were indicted in this smoke screen. Doubly odd that Trump’s son, son in law, and campaign manager decided to participate.
 

Blackjack200

Lifer
May 28, 2007
15,995
1,685
126
Odd that so many members of the Russian government were indicted in this smoke screen. Doubly odd that Trump’s son, son in law, and campaign manager decided to participate.

Wait, we indicted people that have no chance of ever standing trial so that evidence could be presented? Wow, that's convincing. Weird that none of the Americans you mentioned were also indicted.
 

Blackjack200

Lifer
May 28, 2007
15,995
1,685
126

Right, the issue is that it was more than loan officers. It's been a while so my memory might not be as clear on this, but I believe there were also banks wrongly foreclosing on houses, banks that were misrepresenting the health of the mortgages in their structured investment products, etc.

Also, it's a little bit unfair to say 'tell me what laws were broken and who broke them' when the crimes weren't investigated and prosecuted. The way you investigate something like this is you start with the loan officer and then you work your way up to their manager, their director, their managing director, to the executives at the firm. If that doesn't happen, then it becomes impossible to answer the questions that you're asking, quite by design.
 

pauldun170

Diamond Member
Sep 26, 2011
9,139
5,074
136
Right, the issue is that it was more than loan officers. It's been a while so my memory might not be as clear on this, but I believe there were also banks wrongly foreclosing on houses, banks that were misrepresenting the health of the mortgages in their structured investment products, etc.

Also, it's a little bit unfair to say 'tell me what laws were broken and who broke them' when the crimes weren't investigated and prosecuted. The way you investigate something like this is you start with the loan officer and then you work your way up to their manager, their director, their managing director, to the executives at the firm. If that doesn't happen, then it becomes impossible to answer the questions that you're asking, quite by design.

Countrywide ran its mortgage unit like shit and looked the other way when low level minions did shady crap because "Powerpoint charts are awesome"
It imploded
Bush Administration made Bank of America an offer it could not refuse and it bought Countrywide. Note: Bank of America, like lots of Banks steered clear of high risk bullshit some of the players back then were pulling.
Bank of America began the purge of countrywide assholes and did what it could to get rid of the garbage n the books

So who do you punish?

Do you punish "Wall Street" (Ken Lewis, CEO of BOA at the time)
Or do you chase down all the low level minions at the former retail operations on main street.

The people doing the crime were lower middle class all over the country in small towns everywhere.
The people pressuring the minions and overlooking the obvious were middle class.
The people monitoring the power points were slightly upper middle class.
The people tasking those powerpoints and presenting to upper management were upper middle class
The people charge with setting the tone that empowers or discourages risk were higher upper class
The people overseeing it all and basically to make sure all that shareholder value shit looks spliffy are money bags

How do you punish each tier?
 
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fskimospy

Elite Member
Mar 10, 2006
84,839
49,548
136
Wait, we indicted people that have no chance of ever standing trial so that evidence could be presented? Wow, that's convincing.
Yes, I’m sure Robert Mueller indicted a dozen foreign officials to run cover for the Democrats.

As woolfe said, you’re delusional. Living in a fantasy world.

Weird that none of the Americans you mentioned were also indicted.
Lol - how can you be so ignorant of basic facts?
 
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