Posted on 08/21/2011 5:13:36 AM PDT by Java4Jay
The story is about growing scandal in the banking industry centered around banks allegedly overcharging pension funds for currency transactions.
The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit. If the name sounds familiar that's because Markopolos was a whistleblower on the Madoff Ponzi scheme, only to have his claims ignored by the SEC for the better par of a decade.
(Excerpt) Read more at finance.yahoo.com ...
Believe me, I am wondering if I am an idiot, because I have consistently MAXED OUT my contributions. That is my salary that I deferred for my retirement. Nationalizing 401ks might really cause blood in the streets.
>And some said I was crazy to be against TARP<
I was against it too. I knew it was BS. I got a flaming stalker on FR for a while for expressing that opinion.
Just imagine what Obama would do if he had nothing to lose - having already lost his re-election. The communists won't go quietly after working for this moment for so long.
Nationalizing 401ks might really cause blood in the streets.
It had better. The threat should be loud and clear for all to see.
[ Many co-workers thought I was nutz, but I never started a 401k because, quite frankly, I just don’t trust the government keeping THEIR greedy hands out of it.]
401k’s were a good idea in the beginning.. to offset the rampant socialism... I’ve been waiting for “them” to come for all that beautiful money over there in 401k accounts..
The Clintoons have lusted for that money for a long time..
No doubt they are advising Zero Obama to go fer it...
Goldman Sachs and their minions.. and the democrats are working on it to get “all up in that” pretty money.. as we speak... Obama while patting you on the back has his other hand in yer pocket.. massaging your package no matter yer gender..
The democrat party is indeed a criminal enterprise..
And many republicans are also “connected” as well...
We had better “get busy” for Nov. 2012..
I’m a pension lawyer. This is a HUGE issue in this industry. It’s blowing now because a massive union in Oakland California has filed suit against Mellon Bank of New York. A whistleblower detailed how BoNY ripped off the Union plan for $200 million. Now six state AG’s are getting into this and suing State Street and BoNY for doing the same with state pension plans. It’s the tip of the iceberg.
The WSJ has been doing a yeoman’s effort in covering this. E-mail me if you wand a copy of the article on the California union plan. It summarizes the issues clearly and succinctly.
Last week I reviewed that case to refresh my memory. Markopolos submitted his findings five times, and was ignored.
Who from the SEC has been prosecuted?
crickets.....
The real problem is that Congress refuses to go after the mega-crooks, probably because they'd be implicating too many of themselves. It almost seems that if you want to commit a money crime, make sure it's a really, really big one, and then you'll be immune.
The fingers of corruption run deep
SEC = Fox watching the hen house
I always thought Carlin summarized the corruption of politicians and Wall Street fairly well. My buddy hates this Carlin rant.
As a maverick I like Carlin but then I’m not die-hard corporatist Republican, I’m a die-hard conservative, and there is a huge difference in philosophies. Politicians use conservatives but only when it is to their advantage.
It has never been conservative to support illegal immigration, or taking us into crazy reckless wars or giving China our security and economy.
http://dailybail.com/home/george-carlin-video-the-truth-about-wall-street-and-washingt.html
Thanks for your insight.
So, what is your prediction for the "end game?" Obama seizing 401Ks? Nationalizing pensions? Govt reneging on Federal and Military pensions?
He went into the archives of the elite and wrote about their plans. He believed that, since the 1950's, there was no turning back from the antics in business and politics we see now, so it might as well be out in the open. "Comprehensive" immigration and health care. They shove it down our throats against our will. They've turned words like "bipartisan" and "empathy" and "comprehensive" into cuss words. Whenever they say them, you know it ain't gonna be good for you.
But the dumbed-down people that George is talking about love the sound of them. Especially the way Dear Leader says them: Em-pa-theh. For the com-mu-neh-teh.
Carlin was right on, on that one. Corporations and Government are completely in bed with one another. Anybody that thinks the government is against the big corporations is fooling themselves, they are one in the same.
I think you’ll see the latter before the prior. Obama wouldn’t dare go after private pensions and 401(k) in the next 18 months. It would be political suicide.
It is amazing to see the pensions of American heroes who served this nation in combat have their pensions threatened before anyone else's pension.
I guess there are just more illegals and people collecting Food Stamps and SSDI that vote for Democrats - and veterans vote primarily Republican, so their pensions will be slaughtered.
There are very few competitors in the Pension Management/Asset Custody/Asset Management space, and one has to wonder if three are implicated, if the remaining two or three will also be....
I work for a big multi-national bank (which I will NOT name...) and I was against TARP.
Hell, the big multi-national bank I work for was against TARP too, but you know those pushy feds: they stick a gun to your head and tell you to take the money so they can "hide" the bad banks from the good, then charge you 10% interest to repay the TARP money you didn't want in the first place.
True story, happened to the bank I work at. We didn't want the TARP funds, the Fed's forced us, and then made us pay a "penalty" of 10% to "pay it back early" and get off the TARP list.
Bastards.
Anyone who was for TARP is an un-American bastard. That includes John McCain and most Republicans.
This scares me as something that could be a tipping point again for the banks...
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