Pecora, Roosevelt, Mitchell

A little historical perspective courtesy of Dr. Housing Bubble:

Pecora Commission Where Art Thou? Lessons from the Great Depression Part XXVI: Time to put the Bankers and Wall Street on Trial. “Legal chicanery and pitch darkness were the banker’s stoutest allies.

excerpt:

“Yet who right now is pursuing this avenue? Mr. Pecora was able to do this because he had experience breaking up bucket shops and understood the corrupt structure that had infiltrated Wall Street. He managed to scour the books and present the information to the public in a manner that simply solidified the corruption on Wall Street. Right now, all we get is a high tax rate on bonuses to AIG executives. GM’s CEO has been ousted and the U.S. government is taking a hard stance against the beleguered automaker. What of Bank of America or Citigroup? What of Goldman Sachs? How exactly are they turning a profit in this market? Instead of a hard stance we give them more money!”

CalPERS opposes entire Bank of America board

But who will vote out the CalPERS board? [Reuters]

How would you like to own 55% of a white elephant?

The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.

Fiat SpA “eventually” will own 35%, and the U.S. government and Chrysler’s secured lenders together will end up owning 10% of the company once it is reorganized, that summary said.

[WSJ]

Ask the employees at the latimes.

The old K-car used to have a little badge on the dash which read “Assembled with indifference in the USA.”  I shit you not.

Ponz du jour

David Schindler, an attorney for Mr. Danny Pang, said his client expects to be fully vindicated.

[Dealbreaker] [Dealbreaker][Calif. financier Danny Pang arrested by FBI]


Men plan and God laughs.

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One Response to Pecora, Roosevelt, Mitchell

  1. Pussy Galore says:

    Baby, here’s some more quotes:

    “Price is what you pay. Value is what you get.”
    -Warren Buffet

    “For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence–on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

    “Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed. It conducts the Cold War, in short, with a war-time discipline no democracy would ever hope or wish to match.”
    -President John F. Kennedy, April 27, 1961 (Was he talking about commies or hedgies?)

    “These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.”
    -Abraham Lincoln, in speech to Illinois legislature, Jan. 1837.

    &

    “I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. . . . corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”
    – U.S. President Abraham Lincoln, Nov. 21, 1864

    Source: What Lincoln Foresaw:
    Corporations Being “Enthroned” After the Civil War
    and Re-Writing the Laws Defining Their Existence

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