I saw a few minutes of this "grilling" by the Senate Banking Committee of JP Morgan Chase's Jamie Dimon. It was stomach turning. Matt Taibbi documents the atrocities.
Senators Grovel, Embarrass Themselves at Dimon Hearing
By Matt Taibbi, Rolling Stone
16 June 12
I was unable to watch J.P. Morgan Chase CEO Jamie Dimon’s Senate testimony live the other day, so I had to get up yesterday morning and check it out on the Banking Committee’s web site. I had an inkling, from the generally slavish news reports about the hearing that started to come out Wednesday night, that it would be a hard thing to watch.
But I wasn’t prepared for just how bad it was. If not for Oregon’s Jeff Merkley, who was the only senator who understood the importance of taking the right tone with Dimon, the hearing would have been a total fiasco. Most of the rest of the senators not only supplicated before the blowdried banker like love-struck schoolgirls or hotel bellhops, they also almost all revealed themselves to be total ignoramuses with no grasp of the material they were supposed to be investigating.
That most of them had absolutely no conception of even the basics of the derivatives market was obvious. But what was even more amazing was that several of them had serious trouble even reading aloud the questions their more learned staffers prepared for them. Many seemed to be reading their own questions for the first time.
...
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 12:43 pm
by gendoikari87
when you ask the guy you're interrogating, who just lost 7 billion dollars, how to regulate him.....
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 2:27 pm
by Bumbazine
*snip* "If not for Oregon’s Jeff Merkley, who was the only senator who understood the importance of taking the right tone with Dimon" *snip*
Yup. I'm pretty happy with most of Oregon's congresscritters, even the Republicans. Of course, compared to the rest of the republican party, a lot of our republicans look like communists.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 3:26 pm
by ErikO
Bumbazine wrote:*snip* "If not for Oregon’s Jeff Merkley, who was the only senator who understood the importance of taking the right tone with Dimon" *snip*
Yup. I'm pretty happy with most of Oregon's congresscritters, even the Republicans. Of course, compared to the rest of the republican party, a lot of our republicans look like communists.
Didn't both Oregon Senators vote against the NDAA due to the lack of amendments passing?
I really hope my company opens a data center in Portland next...
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 4:54 pm
by rolandson
ErikO wrote:
Bumbazine wrote:*snip* "If not for Oregon’s Jeff Merkley, who was the only senator who understood the importance of taking the right tone with Dimon" *snip*
Yup. I'm pretty happy with most of Oregon's congresscritters, even the Republicans. Of course, compared to the rest of the republican party, a lot of our republicans look like communists.
Didn't both Oregon Senators vote against the NDAA due to the lack of amendments passing?
I really hope my company opens a data center in Portland next...
yep. as did two of the four (at the time, we normally have five except david wu had resigned for getting his hands caught in a young lady's pants....a notorious Oregon problem) reps...one of the Ayes is a democrat, in name only, named Kurt Schrader...my rep until redistricting...
personally i would like to see him redistricted to the dark side of the moon
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 5:37 pm
by rolandson
Just out of curiosity, how many here thought, believed, expected the Obama administration to investigate the crash and prosecute the parties responsible...including the involvement of members of the bush administration?
I did. Call me stupid, but I really did.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 5:51 pm
by Bumbazine
I had hopes, but absolutely no expectations. Maybe I'm more cynical than most. Remember, it's all about getting and keeping power, and the money that makes that possible. The politicians aren't really afraid of what the voters think nowadays, not when they have spin doctors who are so very good at telling them what to think.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 6:05 pm
by Fukshot
I didn't expect, but I hoped the O momentum would help people like Bernie Sanders to get it done.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 7:20 pm
by Progurt
rolandson wrote:Just out of curiosity, how many here thought, believed, expected the Obama administration to investigate the crash and prosecute the parties responsible...including the involvement of members of the bush administration?
I did. Call me stupid, but I really did.
I did. I also expected investigations of war crimes. Maybe I'm a pie-eyed idealist, but when war crimes are committed, I expect somebody in charge to do something about them. Instead O continued them, and punished any whistleblowers. Bravo. Maximum disappointment level achieved.
I actually expected war crimes trials more than I expected credible Wall Street regulation and criminal investigations, because I saw how much financial industry dollars went to Obama in campaign contributions. I still had some hope, because I believed the line I was fed by other Democrats about how those donations are from any employees, not just the executives, and that basically all the tellers and support staff were the ones donating.
Not making that mistake again.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 9:36 pm
by GlockLobster
rolandson wrote:Just out of curiosity, how many here thought, believed, expected the Obama administration to investigate the crash and prosecute the parties responsible...including the involvement of members of the bush administration?
I did. Call me stupid, but I really did.
Before the election I was totally convinced, but 2 years after I accepted he never would do it. The financial crime that occured is so well documented, chalk lines are still around were the bodies fell but BO (or Romney for that matter-but that's no surprise) can't threaten a Wall St donor pool.
Hate to say it, but with the amount of cash Wall ST poured into his 2008 campaign, Wall St essentially bought him outright judging by his (lack of) action. Shameful.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sat Jun 16, 2012 11:32 pm
by RJHinPDX
rolandson wrote:Just out of curiosity, how many here thought, believed, expected the Obama administration to investigate the crash and prosecute the parties responsible...including the involvement of members of the bush administration?
I did. Call me stupid, but I really did.
Sadly, I had no expectation of that at all. You don't bite the hand that feeds you.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 9:44 am
by Vodkin
rolandson wrote:Just out of curiosity, how many here thought, believed, expected the Obama administration to investigate the crash and prosecute the parties responsible...including the involvement of members of the bush administration?
I did. Call me stupid, but I really did.
I never have high expectations for a president no matter what party he is to fulfill any promises.
I figure if I expect nothing than I can never be disappointed but sometimes they do the right thing and surprise me and I like surprises.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 1:22 pm
by rolandson
duplicated deleted
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 7:44 pm
by JayFromPA
I'm guilty, I thought he was going to make good on 'change' as well.
At this point, I see he is a lawyer, mentally constrained to the pathways of the structure. Very 'inside the box' because outside the box is outside the law and that's just crazytown to those trained as lawyers. Law and order, there's a process for you to use if you have issues and if you get no relief... well, you only have the right to petition for redress - actual redress of your grievances is not guaranteed. And though he may be able to talk the talk of how the law changes over time as the population modifies what is written, I see him as a poll-follower, as evidenced by how his 'evolution' over gay marriage played out in real time.
We'll get no literal reform from him, nothing that re-forms the structure in any significant manner. And so, what we have will continue until it crumbles the foundation, leaving the banksters and super rich to fend for themselves.
And I think they, the one percent, are aware of the path that we are on, and are taking steps to sit on the throne:
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 9:02 pm
by highdesert
I'd like to see Wall Street bankers and stock managers frog marched to jail, but it's a dream. Politicians need all those campaign donations especially this year when the Presidential campaign spending will exceed $1 billion. We're not the only country that hasn't learned lessons from this financial disaster, just look at Europe and the EU which is still in recession. Canada seems to be the only smart country, the Liberal Party that was in power for many years didn't allow deregulation of the financial sector.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 9:13 pm
by rolandson
Reform? Change?
I was hoping for what some might call retribution and others karma; I honestly expected that following his oath we would see DoJ instructed to investigate and indict everyone associated with 8 years of scamming the nation. All of it; WMD, Wall Street, Haliburton, The Patriot Act...everything.
I was truly expecting that the abuses that plagued us under the bush administration would be ferreted out and those responsible prosecuted wherever and whenever possible.
Stupid huh? The only people who will answer for bush's crimes are those who have all along...us.
The thing is, Obama's campaign asked me for money the other day...I don't think leaving people feeling like idiots is a particularly stellar approach to fund raising. I'll not be contributing this time around.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 10:52 pm
by highdesert
After the first few Federal prosecutions on Wall Street started falling apart the Obama DOJ didn't quickly press on, it appears they abandoned further investigations. I wanted grand juries impaneled to investigate not only banks but mortgage brokers and realty companies, but nothing happened. No heads rolled after investigations at the SEC the agency that was supposed to police Wall Street, but they were complicit in it. We needed some heads rolling from the guillotine to close the door on the Old Regime, but the Administration did not understand that the pent up emotion of revenge had to play out and they'll pay for their ignorance.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Sun Jun 17, 2012 11:12 pm
by gendoikari87
Anyone else thought of throwing in the towel, and just accepting a plutocracy?
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 11:21 am
by GlockLobster
gendoikari87 wrote:Anyone else thought of throwing in the towel, and just accepting a plutocracy?
Last year, ain't no fixin' this mess.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 11:23 am
by ErikO
highdesert wrote:I'd like to see Wall Street bankers and stock managers frog marched to jail, but it's a dream. Politicians need all those campaign donations especially this year when the Presidential campaign spending will exceed $1 billion. We're not the only country that hasn't learned lessons from this financial disaster, just look at Europe and the EU which is still in recession. Canada seems to be the only smart country, the Liberal Party that was in power for many years didn't allow deregulation of the financial sector.
Also, the Liberal Party there robbed the coffers which didn't help matters one bit.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 12:50 pm
by Elmo
gendoikari87 wrote:Anyone else thought of throwing in the towel, and just accepting a plutocracy?
I would never just accept plutocracy, but I have to say I don't see a plan of action through traditional political channels to change it or defeat it.
The bastards pretty much have us check-mated. As long as the chessboard isn't upset.
But the chessboard will be upset. Bet on that.
The questions remaining are:
1. What will be the proximate cause of upsetting the chessboard. Will it be economic collapse, climate catastrophe, fossil fuel or other resource depletion? A combination of those factors? Something else?
2. When? Hard to say.
3. What comes next? Even harder to say. There will be opportunities to create something better. However, we must be realistic about the possibility of facing something even worse.
Cheers. Cling to your guns.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 12:57 pm
by gendoikari87
larrymod wrote:
gendoikari87 wrote:Anyone else thought of throwing in the towel, and just accepting a plutocracy?
I would never just accept plutocracy, but I have to say I don't see a plan of action through traditional political channels to change it or defeat it.
The bastards pretty much have us check-mated. As long as the chessboard isn't upset.
But the chessboard will be upset. Bet on that.
The questions remaining are:
1. What will be the proximate cause of upsetting the chessboard. Will it be economic collapse, climate catastrophe, fossil fuel or other resource depletion? A combination of those factors? Something else?
2. When? Hard to say.
3. What comes next? Even harder to say. There will be opportunities to create something better. However, we must be realistic about the possibility of facing something even worse.
Cheers. Cling to your guns.
To those who make it to B side, good luck. I won't be there, there is 0% chance of me surviving; fat, out of shape, no semi-auto of any kind with real kick, no survival knowledge... . just remember not to make a system with greed as it's primary motivating factor next time? is that too much to ask?
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 2:04 pm
by the comedian
The 1890s USA is the capitalist ideal: illegal to strike, form labor unions, any sort of relief from sickness, poverty, or hunger was taken care of by private charities ( ineffectively ), if you have debt you go to the workhouse, healthcare only if you can afford it, child labor, a 16 hour instead of 8 hour day, no weekends for workers, a worker's life expectancy of 40 years, no workplace safety laws, the boss can lock workers inside the factory to ensure they fullfill their quota, etc. etc. etc.
The only change the elite would make would be to keep the income tax- on us of course, not themselves. Unlike 1890, they have to have their massive war machine to subjugate lands overseas and exploit their resources.
There will be an economic collapse again, but the rich won't care- depressions are for the masses.
So I think you will survive that kind of world, gendo. At least until you die of tuberculosis or an industrial accident!
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 2:06 pm
by RJHinPDX
larrymod wrote:
gendoikari87 wrote:Anyone else thought of throwing in the towel, and just accepting a plutocracy?
I would never just accept plutocracy, but I have to say I don't see a plan of action through traditional political channels to change it or defeat it.
The bastards pretty much have us check-mated. As long as the chessboard isn't upset.
But the chessboard will be upset. Bet on that.
The questions remaining are:
1. What will be the proximate cause of upsetting the chessboard. Will it be economic collapse, climate catastrophe, fossil fuel or other resource depletion? A combination of those factors? Something else?
2. When? Hard to say.
3. What comes next? Even harder to say. There will be opportunities to create something better. However, we must be realistic about the possibility of facing something even worse.
Cheers. Cling to your guns.
1. Maybe gross government/corporate violence? Not just a few cops acting like the gestapo, but something more organized and deadly. Maybe economic collapse worse than we've seen before, even in the Great Depression?
2. No idea
3. "Meet the new boss, same as the old boss." Look at what's happening in Egypt.
Re: Think we'll see Wall St. banksters frog marched to priso
Posted: Mon Jun 18, 2012 3:06 pm
by ErikO
As to the #3, nature and political science abhors a vacuum.
I'm pretty sure I am in the same group as Gendo. I fail at Rule #1: Cardio. Guess I'll just have to score some better firepower to make up for my shortcomings.
