Friday, April 30, 2010

Plunder - The Crime Of Our time

"When plunder becomes a way of life for a group of men, they create for themselves, in the course of time, a legal system that authorizes it, and a moral code that glorifies it.”

– Political economist Frederic Bastiat, The Law [1850]


If Mr. Bastiat was around today, he might of added that they also created a monolithic media empire that not only helps cover up these massive thefts and frauds, but glorifies the ones doing the heists.

“I used to think of Wall Street as a financial center. I now think of it as a crime scene.”

– Filmmaker Danny Schecter, Plunder (2009)


PLUNDER: THE CRIME OF OUR TIME A New Film By Danny Schechter

Plunder: The Crime of Our Time is a hard-hitting investigative film by Danny Schechter. The "News Dissector" explores how the financial crisis was built on a foundation of criminal activity uncovering the connection between the collapse of the housing market and the economic catastrophe that followed.

The film opens with the conviction of Ponzi King Bernie Madoff, whose acknowledged criminality drove a $65 billion dollar pyramid scheme. It argues that the wrong doing committed by a few individuals distracts from the real story, implicating the best-known institutions that financed and profited from fraudulent sub prime lending. This connection is now being investigated by the FBI as part of a probe into what it calls a "fraud epidemic."

PLUNDER shows how these firms created special securities to repackage and resell these dubious loans after they were re-rated as Triple A. These firms then bet against many of these toxic assets with credit default swaps and other insurance scams. By leveraging these investments, they recklessly put trillions of dollars and the world economy at risk.

Plunder also shows how hastily arranged government bailouts did not revive the economy and may have lost billions.

The film also delves into the complicity of the major media outlets, which failed to sound the alarm or investigate wrong doers.
No serious discussion about the looting of trillions of dollars from 401K retirement accounts and pension plans by the banksters would be complete without mentioning the role of the notorious Federal Reserve:
Neal Barofsky dropped a bombshell in an interview with Richard Teitelbaum of Bloomberg.com yesterday. He indicated that individuals at the New York Federal Reserve Bank may be liable for criminal or civil charges. Barofsky is the Special Inspector General of the Troubled Assets Relief Program (SIGTARP).

Barofsky says the question of whether the New York Fed engaged in a coverup will result in some sort of action.

“We’re either going to have criminal or civil charges against individuals or we’re going to have a report,”
Barofsky says. “This is too important for us not to share our findings.”
A report? WTF?

And slap their wrists at least once, that will teach those leeches a lesson!

Criminal charges, trials and severe prison time for that gang. And let's 'claw back' most, if not all of the loot they stole.

Don't look for the criminal masterminds behind this caper, like current Treasury Secretary Geithner to get in much trouble, even though he helped orchestrate the sacking of Wall Street while 'Capo' of the New York Federal Reserve.

If the peasants start screaming too much, Timmy will resign and slither back to one of the Wall Street Casino operations and be forced to get by on some measly seven figure salary.

And without the 9/11 false-flag, none of this would have been possible.

1 comment:

  1. Should we consider a Corporate Windfall Profits Tax in order to balance the U.S. federal budget? Please share your opinion at www.dyslexinomicon.blogspot.com

    In 1965, even after Kennedy's historic tax cuts, corporate taxes made up 21.8%(1) of federal revenues, the marginal corporate income tax rate was 70%(2) and unemployment was at 4.5%(3). But as of 2007 corporations slashed their share down to 14.4% of federal revenues while shoving an additional 4% of the burden on individual tax payers. Currently the marginal corporate income tax rate is 35%, and unemployment hovers around 10%.

    Check it out yourself:
    (1) Federal burden sharing by sector:
    www.whitehouse.gov/omb/Budget/historicals , Office of Management and Budget Table 2.2

    (2) Marginal federal income tax rates: www.wikipedia.org/wiki/Income_tax_in_the_United_States for marginal tax rates,

    (3) Unemployment history: www.gpoaccess.gov/eop/tables10.html , Table B-42 Civilian Unemployment Rates 1962-2009

    ReplyDelete

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