Here's a fat cat bragging about rigging IL bond ratings to kill pensions

[PETRUS]

Last edited Mon Aug 5, 2013, 10:47 AM - Edit history (1)

Illinois has real problems. However, Fahner desperately hopes the public will not catch on to the fact that states are having difficulty paying out pensions because of the lack of revenue caused by a Wall Street-driven financial crisis and the deep recession it set off, regressive taxes, and the myriad bond scams financiers have already inflicted on states, cities, towns, and municipalities which have triggered funding crises for pensions and other programs. (See ” How Wall Street Fraudsters Plunder Public Finances, And 5 Ways to Fight Back.”)

Fahner has tried a number of dirty tricks to attack pensions in his career. But his most recent admission is absolutely breathtaking in its brazenness: He boasted of working to scam the Illinois bond rating.

During Fahner’s talk to the Union League Club, an unidentified person in the audience suggested that pressuring credit agencies to rig the state bond ratings in order to attack pensions might be a jolly good idea. Fahner gleefully replied that he had already thought about that — and his group has tried it.

Read more: http://susiemadrak.com/2013/08/02/heres-a-fat-cat-bragging-about-rigging-il-bond-ratings-to-kill-pensions/

[xchrom]

1. du rec.

[dickthegrouch]

2. There was almost a half-page article

in the San Jose Mercury News yesterday (Aug 4th) about insider trading and how FINRA and the SEC are finding little guys as well as big ones illegally making money off insider information. It boggles the mind that there isn't more oversight of the entire financial system. Particularly since the crashes of both 2001 and 2008.

I want a treasury secretary who will fight corruption and greed wherever they find it. I had hoped Eliot Spitzer might apply. Now I don't know who to root for.

Of course the President and parties spend a great deal of time on succession planning, but who do we, the people, want in high positions?

[Initech]

3. This is real white collar crime here.

These scumbag board members are the ones really screwing our economy and getting away with it. They destroyed the middle and lower class I. favor of the uber wealthy and thanks to Citizens United they've become immune from prosecution. That decision must go.

[Enthusiast]

5. They are a greater threat to the nation than any terrorist.....nt

[BlueToTheBone]

4. Greed should be a capital crime.nt

[marmar]

6. k/r