The Mega Scandal Everyone Has Forgotten

[RickN]

A very interesting piece on the housing market collapse, Fanny, Freddie and Country Wide.

Representative Hansen Clarke, a Michigan Democrat who will soon retire, was asked by Dave Weigel of Slate this month to name the most important lesson he’d picked up in Congress. His statement is extraordinary:

Everybody in this building knows that the housing market was the root of the financial crisis. Here’s the problem: They’re scared of crossing the financial industry and being defeated with the industry’s money. So they’re silent. Silent. Silent. Silent. Their rationale is: If I get defeated, I’m not going to be able to do anything. That’s what the problem is.

http://www.nationalreview.com/articles/336632/mega-scandal-everyone-has-forgotten-john-fund#

 

[TwoForFlinching]

I was hoping to read new info about fast and furious... Since the media cut it

 

[RickN]

I was hoping to read new info about fast and furious... Since the media cut it

I would have posted that in the 2nd forum.

 

[TwoForFlinching]

I would have posted that in the 2nd forum.

You mean there's more than one forum???

 

[sklfco]

There are many forums, but this one is yours, this forum is your best friend, it is your life, you must master it as you would master your life, without you this forum is useless, without the forum you are useless, you must post on the forum true...........................sorry, kinda rambled on there.........

 

[Oklahomabassin]

I thought this would be about the Mega lower group buy.

 

[Lurker66]

I was thinking moon landing but ever since Noober1 left, nobody wants to talk bout that.

 

[TwoForFlinching]

I was thinking moon landing but ever since Noober1 left, nobody wants to talk bout that.

There can be no moon landing as we cannot accelerate beyond the speed of the flat earth.

 

[LightningCrash]

wickard v filburn, now there's a scandal.

 

[Billybob]

Is it really about being forgotten or is it like the banks are too big to fail, and some criminals too big to jail?

HSBC: Too Big To Prosecute?

[Europe's largest bank will avoid a potentially crippling criminal prosecution for its role in moving cash for known terror groups, Mexican drug cartels, and rogue governments such as Iran, instead agreeing to pay a record $2 billion settlement, U.S. Justice Department officials announced at a press conference today.

Announcement of the immense fine was overshadowed Tuesday by efforts to explain why, in one of the clearest cases of criminal money laundering in recent memory, no one would be facing jail time. Criminal conviction on money laundering violations would have also forcibly prevented HSBC from doing business in the United States...]

http://abcnews.go.com/Blotter/hsbc-pay-record-19-billion-settle-money-laundering/story?id=17934134


Banks Financing Mexico Gangs Admitted in Wells Fargo Deal

[The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.

This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine...]

http://www.bloomberg.com/news/2010-...rtels-admitted-in-wells-fargo-s-u-s-deal.html