1. …I’m increasingly coming to the conclusion that America’s system of jurisprudence simply isn’t up to the task of holding banks and bankers accountable for their actions. The only people who ever get prosecuted are small fry and insider traders, rather than the people who really caused the biggest damage.

    — 

    —Felix Salmon, The Legal Jujitsu of Goldman Sachs (Reuters, Aug 2, 2013) 

    I’d rather place blame on the dome shield cast by the executive and legislative branches of the US government that protects banks from being prosecuted, since “Too big to jail" seems like the guiding principle in Washington…

     


  2. The unsound foundations of Chinese economic and financial strength have been largely ignored. But then all food tastes good to the starving man.
    — 

    Satyajit Das, derivatives Rawk Star and the author of the books Extreme Money: The Masters of the Universe and the Cult of Risk  and Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives. Das posted “All Feasts Must Come to an End” – China’s Debt & Investment Fueled Growth (Part 1) to the Naked Capitalism blog today, where he discusses China’s emerging financial troubles. Reminds you of the US, Japan and Europe stories, doesn’t it?

     

     

  3. Is President Obama finally serious about going after the Bankstas? University of Missouri-Kansas City Economics and law professor William Black offers his viewpoint. You may remember Black’s book, The Best Way to Rob a Bank is a Own One

     

  4. Giving back USD 5 billion out of the 46 BILLION made could be viewed by banks as an acceptable cost of doing business. Man, there are so many things wrong with this mortgage foreclosure deal…

    song currently stuck in my head: “falling” - gaelle

     

  5. My opinion about how we should handle Wall Street has never been a secret: we need a thorough criminal investigation of the systemic lending, securitization and trading practices of financial institutions and the correlation of these practices to the 2008 market crash.

    Until now, the Obama administration appeared unwilling to go after the Bankstas. This is why the administration’s appointment of New York Attorney General Eric Schneiderman – a vocal proponent for the kind of investigation I’m talking about – to lead the administration’s newly-formed mortgage crisis unit confuses me. Either the Administration is finally summoning the ghost of Ferdinand Pecora, whose picture I added above for good luck, or the administration finally got to Schneiderman. The latter would suck. Hard. Economist Simon Johnson appears hopeful in his Baseline Scenario post yesterday. We will see…

    song currently stuck in my head: “mystic brew”- ronnie foster

     

  6. Former Reagan Budget Director David Stockman gives the real dope about leveraged buyout folks like Mitt Romney - they offer no real societal economic value but they can help their small circle of clients and friends make lots of loot…

    Stockman also crystallizes the growing problem of Too Big To Fail banks, an issue none of the current Presidential candidates appear willing to address…

    song currently stuck in my head: “never had a love like this before” - tavares

     

  7. This is the Downtown New York City park where the local government felt compelled to evict Occupy Wall Street protesters – for the benefit and safety of “The Public,” of course. This picture was taken today during The Public’s typical lunch hour. The Public appears to be predominately absent from the park…save for police officers, private security guards hired to watch the park 24 hours a day, and a handful of Ground Zero construction workers who clearly view eating in the park a massive upgrade from eating on nearby building stoops.

    Something tells me those rows and rows of police barricades – designed to protect The Public or to contain the protesters, where none of the latter appeared to be in the park when this picture was taken – have intimidated The Public from entering the park and enjoying it. The Public probably had a hard time figuring out how to enter the park amidst the law enforcement structures. Kinda ironic that the barricades clogging the sidewalks pose a safety risk.

    The price of The Public enjoying personal freedom appears to be lots of barricades.

    Let that thought seep in…

    song currently stuck in my head: “stockyard blues” - floyd jones

     


  8. I picked this off the Zero Hedge blog. Can’t say that April 15 is the day of doom, but If sovereign debt doesn’t kill half of Europe, the austerity measures will. Look at Greece right now if you don’t believe it…

    song currently stuck in my head: “the clown” - charles mingus

    (Source: zerohedge.com)