Sunday, October 09, 2011
One Example of Wall Street Corruption
8 October 2011
Despite hundreds of billions in taxpayers' bailouts and trillions in losses for investors, 2008 ended with a huge bonuses for wall street. The firms paid $18 billion in bonuses and the largest firms reached to $265,000. In 2010 the average bonus for the firms was $128,000 in addition to the salaries, options and perks. Warren Buffet said, "If an institution had to go to society and say, "save me because if you don't I'm going to topple society, I would have it so that that person, the CEO and his spouse at least come away broke."
There has not been any negative consequence for the people who toppled the global economy. Their wealth was protected and they continued with their games with the knowledge that their firms were to big to fail.
When the protesters for "Occupy Wall Street" marched on wall street in New York, they held signs that said, "We are the 99 percent." Firm employees watched the protest from their office balconies drinking champagne and held signs that said, "We are the 1 percent." Now if that is not a punch in the face with arrogance, I don't know what is.
Some of the countries in Europe initiated huge tax rates for large bonuses and increased the tax rates for those who make over 90,000 Euros for the next two years. Here in the U.S. there are no penalties for failures, or shall I say, the penalties trickle down to the tax payers, the middle and lower class taking away from what little they have. We pay the price for others' incompetence and the mistakes that they made and we are continuing to pay that price.
The one percent would say, "that is capitalism, if don't work hard enough then you don't get the bonuses, it is their problem...not mine." I have also heard, "Well, we all know that life is not fair, who ever said that it was?" Okay, I agree that life is not fair, but who gave the right for bankers and Wall Street to steal and get away with it? Our problem is, that if I made a mistake with my business, I know that I cannot go to the government and ask for free money to help me stay open.
We all know that our financial system is corrupt and I am glad that some Americans are marching in the streets...I only wish that their were more of them to make a difference. This is important and we must make the time to be heard as a large group. The American dream is being stolen, the financial players will just about do anything if they feel that they can get away with it while contributing to the destruction of our economic machine.
Here is a small example of gold manipulation and corruption I have read about:
- They are manipulating with the price of gold and silver and the Commodities Futures Trading Commission, who are supposed to be regulating the firms have been sitting back, doing nothing while watching it all happen. A whistle blower exposed the manipulation of the world gold and silver. Here is how it goes: "Back in November 2009, Andrew Maguire, a former Goldman Sachs silver trader in Goldman's London office, contacted the CFTC's Enforcement Division and reported the illegal manipulation of the silver market by traders at JPMorgan Chase.
Maguire told the CFTC how silver traders at JPMorgan Chase openly bragged about their exploits - including how they sent a signal to the market in advance so that other traders could make a profit during price suppression episodes."
"Traders would recognize these signals and would make money shorting precious metals alongside JPMorgan Chase. Maguire explained to the CFTC how there would routinely be market manipulations at the time of option expiries, during non-farm payroll data releases, during commodities exchange contract rollovers, as well as at other times if it was deemed necessary.
On February 3rd, Maguire gave the CFTC a two day warning of a market manipulation event by email to Eliud Ramirez, who is a senior investigator for the CFTC’s Enforcement Division.
Maguire warned Ramirez that the price of precious metals would be suppressed upon the release of non-farm payroll data on February 5th. As the manipulation of the precious metals markets was unfolding on February 5th, Maguire sent additional emails to Ramirez explaining exactly what was going on.
And it wasn't just that Maguire predicted that the price would be forced down. It was the level of precision that he was able to communicate to the CFTC that was the most stunning. He warned the CFTC that the price of silver was to be taken down regardless of what happened to the employment numbers and that the price of silver would end up below $15 per ounce. Over the next couple of days, the price of silver was indeed taken down from $16.17 per ounce down to a low of $14.62 per ounce.
Because of Maguire’s warning, the CFTC was able to watch a crime unfold, right in front of their eyes, in real time." (The Economic Collapse Blog)
What did the CFTC do? Nothing, nada, not a thing. A trial was held later, that was recorded on video and the testimony had only 5 minutes to give his voice and Maguire was not invited to testify. *Please See the Bill Murphy of GATA reveals whistle-blower" Video on this blog.
The Movement: Occupy Wall St.
Making Sense of the Bank of America Mortgage Fraud
Making Sense of the Failing Economy and U.S. Downgrade
Debt Plan Fact Sheet
Our Tax Dollars at Work
Satellite View of Foreclosures
American Struggling Middle Class (Video)
Global Confidence in Economy Collapses
Crime Against Humanity