Tag Archives: Eric Holder

Klaus Rohrich ~ Obama’s Administration: The Most Criminally Corrupt In This Nation’s Vaunted History

CanadaFreePress  April 18 2014

Zemanta Related Posts ThumbnailOne of the hallmarks of the Obama administration is that it is among the most corrupt administrations in living memory.

Among the most corrupt functionaries of the Obama regime is Attorney General Eric Holder, who appears to be Obama’s alter ego and enforcer. From day one he let America know that he held most of its citizens in contempt by proclaiming that the American people were afraid of having an honest discussion about race.The degree of corruption and thuggery to which many administration members have stooped would make even Boss Tweed of Tammany Hall fame blush. But what’s truly remarkable about the Obama administration is that its corruption is so unabashed.

Truth is Holder’s definition of an “honest discussion” consists of lecturing white Americans about their inherent racism and selectively prosecuting crimes according to the race of the accused. When Black Panther thugs intimidated voters outside a polling station in 2008 in Philadelphia and were caught doing so on camera, Holder refused to prosecute BECAUSE THEY WERE BLACK! Had the incident been the other way around, how long do you think it would have taken for a swat team to arrest, prosecute and/or terminate the perpetrators?

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Greg Hunter ~ Weekly News Wrap Up April 11 2014 [Video & Transcript]

USAWatchdog

This headline is only half right–“Putin turns up the heat in Ukraine.”  It should read, Obama and Putin turn up the heat.  I think this is the big story, and it is being underreported.  It has both financial and real war implications.

Let’s start with what Russia is doing.  It is now going to issue a new bond based in the yuan.  Are you getting that?  This is yet another move away from using the U.S. dollar to settle international trade.  Russia is also hiking the price of natural gas to Ukraine by at least 50% in May.  The Russians are going to want the cash for natural gas up front.  Russia is warning of the dire debt crisis in Ukraine and how this could threaten Russian natural gas deliveries to the EU.  I said it’s game on for financial war, and this is proof.

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Matt Taibbi ~ Jamie Dimon’s Raise Proves U.S. Regulatory Strategy Is A Joke

RollingStone  January 30 2014

JamieDimonIf you make a big show of punishing someone, and when you’re done they still don’t think they have a behavior problem, you probably picked the wrong punishment. Every parent on earth knows this implicitly – but does the Obama White House finally get it, too, now, after Jamie Dimon’s raise?

When the board of JP Morgan Chase gave its blowdried, tirelessly self-regarding CEO a whopping 74 percent raise – after a year in which the Justice Department blasted the bank with $20 billion in sanctions – it was one of those rare instances where Main Street and Wall Street were mostly in agreement.

Everyone from the Financial Times to Forbes.com to the Huffington Post decried the move. The Wall Street pundits mostly thought it was a dumb play by the Chase board from a self-interest perspective, one guaranteed to inspire further investigations by the government. Meanwhile, the non-financial press generally denounced the raise as a moral obscenity, yet another example of the serial coddling of Wall Street’s habitually overcompensated executive class.

Both groups were right. But to me the biggest news was how brutal an indictment Jamie’s raise was of the Obama/Holder Justice Department, which continues to profoundly misunderstand the mindset of the finance villains they claim to be regulating.

Chase’s responses to Holder’s record penalties have been hilarious. Their first move was to make sure people outside the penthouse boardroom took on all the pain, laying off 7,500 employees and freezing salaries for the non-CEO class of line employees.

Next, Chase’s board members sat down, put their misshapen heads together, considered the impact of this disastrous year of settlements, and decided to respond by more than doubling the take-home pay of the executive in charge, giving Dimon about $20 million in salary and equity.

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Matt Taibbi ~ Another Batch Of Wall Street Villains Freed On Technicality

RollingStone  December 4 2013

geLogoI love covering trials, which is one reason I’ve been a little sad since switching over to the Wall Street beat: Few of the bad guys in this world ever even get interviewed by the authorities, much less indicted, so trials are comically rare.

But we did have one last year, a big one, and though it was boring and jargon-laden enough on the surface that at least one juror fought sleep in its opening days, I thought it was fascinating. In a story about the Justice Department’s Spring 2012 prosecution of a wide-raging municipal bond bid-rigging case, I called it the “first trial of the modern American mafia”:

“Of course, you won’t hear about the recent financial corruption case, United States of America v. Carollo, Goldberg and Grimm, called anything like that . . . But this just completed trial in downtown New York . . . allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street.”

Dominick Carollo, Steven Goldberg and Peter Grimm were mid-level players who worked for GE Capital. They were involved in a wide-ranging scheme (one that also involved most of America’s biggest banks, from Chase to BOA to Wachovia) to skim billions of dollars from America’s cities and towns by rigging the auctions banks set up to help towns earn the highest returns on the management of municipal bond issues.

The case was over 10 years in the making and involved offenses that took place long before the 2008 crash. All three defendants were convicted in May 2012, with Goldberg ultimately getting four years and the other two getting three.

Now, they’re all free. A New York federal judge last week ordered their convictions overturned in a quiet Thanksgiving-week transaction.

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Pam Martens ~ Has Jamie Dimon’s Interests Diverged From JPMorgan’s

WallStreetOnParade  October 22 2013

Jamie Dimon Testifying at Senate Banking Hearing June 13, 2012, Adorned With His Presidential Cuff Links

It’s difficult to take a major newspaper seriously when its editorial page lives in the land of Oz. Reading “The Morgan Shakedown” yesterday in the editorial pages of the Wall Street Journal is the latest reminder of just how detached from reality these opinion writers are. The editorial attempted revisionist history for JPMorgan by misinforming the public that “Federal law enforcers are confiscating roughly half of a company’s annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies.”

It’s pretty hard for one editorial to get so many facts and the big picture so horribly wrong. First, left-wing populists will be happy with nothing less than Jamie Dimon losing his dapper worsted wools and presidential cufflinks for an orange jumpsuit. Second, JPMorgan’s earnings last year were $21.3 billion so a proposed “confiscation” of $13 billion is significantly more than (not “roughly half of”) the company’s earnings for last year. The Federal government is not doing this “for no other reason than because they can.” They’re doing it because JPMorgan is both a serial miscreant and a too-big-to-fail bank that refuses to change its jaded ways. The only language this bank understands is the pain of losing profits which translates into the pain of losing fat banker bonuses.

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Bill Whittle ~ World Gone Mad [Video]

PJ Media  August 15 2013 (Thanks, Minty)

President Obama took yet another vacation. This time, Obama used combat aircraft to fly his dog to his luxurious Martha’s Vineyard holiday rental, all while his government, including Attorney General Eric Holder, continues to flout the law. While Obama plays golf, the NSA continues to abuse power. Will Obama’s world gone mad collapse?

Jonathan Turley ~ Obama Picks Clapper For Panel To Review Programs That He Previously Lied About Before Congress

jonathanturley   August 14 2013

220px-James_R._Clapper_official_portraitPresident Barack Obama was widely ridiculed last week for his latest effort to quiet public unrest over his massive warrantless surveillance programs. As we discussed, Obama made statements on the program and Snowden that were disengenuous at best and viewed by civil libertarians as facially dishonest. His main “reform” was the rather laughable suggestion that his Administration, once again, would review itself and he would create yet another hand-picked committee to monitor his unchecked authority. While some of us said that Obama’s comments showed almost open contempt for the intelligence of the public and the independence of the press, nothing prepared us this week for his announcement on who would head the review: National Intelligence John Clapper. That’s right. Clapper, the man who admitted to lying before Congress on these programs and has been protected by Congress and Attorney General Eric Holder from a perjury charge. The White House announced Clapper’s selection on Monday and Clapper issued a statement announcing his intention to find a way to preserve national security while “maintaing the public trust.” On Tuesday, the outcry over Clapper’s selection led the White House to try to backpedal and explain this insulting appointment. The White House now says that Clapper will not “lead” the panel and that it will remain “independent” even with his looming presence.

It was the latest outrage from America’s new Animal Farm system. His selection shows the low level of respect for voters in this city and the virtual absence of any fear of confrontation by either Congress or the press in this Administration. It is, to put it simply, a disgrace. Rather than being charged with a virtual admission of perjury, Clapper will review the very programs that he lied about. He is also the person who has been overseeing and using these programs.

What is most unnerving is that Obama is not even trying to make a serious effort at evasion. He simply wants to create some review that can be cited by congressional allies as an excuse for not taking any action in the face of the erosion of privacy.

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Matt Taibbi ~ DOJ Compounds Stat Screwup By Whitewashing Old Eric Holder Speech

RollingStone  August 14 2013

Courtesy of old friend Paul Thacker, former Hill staffer and currently a fellow at Harvard’s Edmond J. Safra Center for Ethics, here’s an interesting addendum to Bloomberg’s highly embarrassing Eric-Holder-Caught-Juking-the-Stats story that came out this Sunday.

It turns out that Barack Obama’s Justice Department, in the person of Attorney General Holder, didn’t just grossly overstate the success of its Mortgage Fraud Task Force. In what at best is a bonehead mistake, the Department channeled 1984 and whitewashed a web page, re-transcribing an old speech of Holder’s to better reflect the “updated” version of the mortgage facts.

By now most people who follow white-collar crime know the backstory. Last year, on October 9th, Mr. Holder gave a press conference in which he touted the efforts of Barack Obama’s Mortgage Fraud Task Force, claiming that in a year’s time, the Department had secured “285 federal criminal indictments and informations against 530 defendants for allegedly victimizing more than 73,000 American homeowners –and inflicting losses in excess of $1 billion.”

Two days after that appearance, a pair of pain-in-the-ass Bloomberg reporters, Phill Mattingly and Tom Schoenberg, reported that at least one of the cases Holder was citing was a Bush-era prosecution, and multiple others had been filed long before the Task Force existed. “There is no attempt to fudge the numbers,” an FBI spokesman grumbled lamely at the time.

Subsequently, Bloomberg writer Jonathan Weil continued to follow up, pestering the DOJ for a list of the cases Holder was talking about. He repeatedly asked a DOJ spokesperson for the list, and whether the delay was coming from the FBI (which had the information) or the DOJ, he never got the information he was after.

Last Friday, the reason for that stalling finally emerged. The DOJ issued a revised press release, admitting that it had not, in fact, prosecuted 530 individuals in the program, but 107 – as Weil noted, an 80% decrease. Wrote Weil this weekend, in a piece entitled “Eric Holder Owes the American People an Apology”:

Holder originally said the defendants had victimized more than 73,000 American homeowners. That number was revised to 17,185, while estimates of homeowner losses associated with the frauds dropped to $95 million from $1 billion.

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Matt Taibbi ~ New Bank Investigations: Real Action, Or More Of The Same?

RollingStone  August 8 2013

Former Goldman Sachs trader Fabrice “Fabulous Fab” Tourre Peter Foley/Bloomberg via Getty Images

A lot of interesting things happening on the white-collar enforcement front. Evil hedge fund SAC Capital and its villainous ruler Stevie Cohen were run through the gauntlet, Goldman Sachs patsy Fabulous Fab took a beating in civil court (I love the detail that emerged, that Goldman executives now call him “the poor kid“), and now, apparently, a pair of high-profile investigations have been launched against Bank of America and J.P. Morgan Chase for subprime mortgage fraud. The latter investigations seem to be designed to answer criticisms that nobody is going after the real doers of evil systemic crimes.

The Chase case apparently involves a criminal investigation, which is indeed interesting. The company admitted as much yesterday, saying federal investigators out West have “preliminarily concluded” that Chase brazenly violated securities laws when it sold subprime mortgage-backed instruments in 2005-2007.

But I’m skeptical it will turn into a real criminal investigation. All of the stories that broke in the last day or two noted the same detail, that Chase has beefed up its estimates for litigation/settlement costs:

As the investigations drag on, the bank is racking up significant legal costs. To help cushion against potentially hefty payouts to the authorities, JPMorgan recorded a $678 million expense for additional litigation reserves in the second quarter, up from $323 million in the same period a year ago, according to the filing on Wednesday.

The bank also estimated it could incur up to $6.8 billion in losses beyond its reserves, nearly $1 billion more than the first quarter of the year.

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