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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMatt Taibbi: The biggest financial cover-up in history
Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking.
Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106
Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.
....
She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.
This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts.
And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history."
Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IJhGs9PL
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adirondacker
(2,921 posts)ReRe
(10,597 posts)Taibbi and Fleischmann on DemocracyNow today!
adirondacker
(2,921 posts)Blue_Tires
(55,445 posts)99th_Monkey
(19,326 posts)Do you think Tom Perez would be a good replacement for EHolder?
David Corn seems to think that TPerez might be willing to take on this kind of shit:
http://www.democraticunderground.com/10025753109
woo me with science
(32,139 posts)Need to learn about him.
I guess the question is, is there any way at this point that a non-toady would even be permitted into the job by the corporatists now ruling both parties, and even if that person were, would he be permitted to do his job?
99th_Monkey
(19,326 posts)with such a super-short timeframe of 2 years to get anything done, it may be
a stretch to think Perez would really make a difference.
Independent_Liberal
(4,108 posts)...to see how he differs from Holder. David Corn is usually good in much of his analysis.
WillyT
(72,631 posts)wavesofeuphoria
(525 posts)L0oniX
(31,493 posts)woo me with science
(32,139 posts)We are dealing with slimy sociopaths and criminals...in the financial castles and in our own government.
One of the ongoing myths about the financial crisis is that the government is outmatched by the legal talent representing the banks. But Fleischmann was impressed by the lead attorney in her case,a litigator named Richard Elias. "He sounded like he had been a securities lawyer for 10 years," she says. "This actually looked like his idea of fun like he couldn't wait to run with this case."
She gave Elias and his team detailed information about everything she'd seen: the edict against e-mails, the sabotaging of the diligence process, the bullying, the written warnings that were ignored, all of it. She assumed that it wouldn't be long before the bank was hauled into court.
Instead, the government decided to help Chase bury the evidence. It began when Holder's office scheduled a press conference for the morning of September 24th, 2013, to announce sweeping civil-fraud charges against the bank, all laid out in a detailed complaint drafted by the U.S. attorney's Sacramento office. But that morning the presser was suddenly canceled, and no complaint was filed. According to later news reports, Dimon had personally called Associate Attorney General Tony West, the third-ranking official in the Justice Department, and asked to reopen negotiations to settle the case out of court.
Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IJnvzrej
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Hissyspit
(45,788 posts)"According to later news reports, Dimon had personally called Associate Attorney General Tony West, the third-ranking official in the Justice Department, and asked to reopen negotiations to settle the case out of court. "
Just a reminder.
woo me with science
(32,139 posts)under a Democratic president. We have a post-partisan government now, all the election theater notwithstanding.
Both parties are purchased by and working for these criminals, and they work together.
We had better get up to speed and start responding as citizens to the reality of the government we have, rather than the government we are told we have.
woo me with science
(32,139 posts)the next one.
woo me with science
(32,139 posts)Hissyspit
(45,788 posts)SomethingFishy
(4,876 posts)The return of Tiabbi!
There are maybe 10 real journalists left. Matt is one of them. I am happy to see him back in RS where he can get the kind of exposure he deserves.
Thanks Woo!
woo me with science
(32,139 posts)The corporate coup of this country has carefully crafted a propaganda state. Being a real journalist can be very dangerous, as Risen has learned. The smear machine is already after Taibbi.
Here's to real journalists like Taibbi. Courage is contagious.
SomethingFishy
(4,876 posts)Fucking Holder man... I remember the day he announced his resignation, DU was all in a funk because we were losing this "great man".
Yeah.. keep talking folks... talk yourselves right into a class war..
colsohlibgal
(5,275 posts)I thought he might try to bail from that still not off the ground new venture, I'm happy Rolling Stone welcomed him back.
Now, keep them coming Matt and maybe more and more people will get who is really shafting them, and it's not a few welfare queens.
littlewolf
(3,813 posts)Oilwellian
(12,647 posts)It makes my face feel so warm. Oh, wait, that's me blushing at their blatant corruption and the complicity of this administration.
JEB
(4,748 posts)Now that one has stepped forward I'm hoping others will follow.
xchrom
(108,903 posts)dilby
(2,273 posts)The Political Class which includes their wealthy donors and then the rest of us Cogs who are necessary to make the machine work.
Zorra
(27,670 posts)Enthusiast
(50,983 posts)The official establishment response was, "Shut up, Occupy or we will beat you to death!"
woo me with science
(32,139 posts)Red versus Blue is theater. We live in an oligarchy now.
Marr
(20,317 posts)That's a geat, though infuriating, article.
The thing that blows me away about this whole thing is that it isn't even all of Wall Street/the financial industry that has a vested interest in hiding these crimes. It's very literally just a handful of incredibly wealthy criminals-- the .01% of the 1%. The fraud and corruption was/is so rampant that they're fleecing the rest of the financial industry.
That's how screwed up and unbalanced this system has become. It's absolutely insane.
bvar22
(39,909 posts)Crystal clear to me.
Holder (Democrat) was appointed by President Obama (Democrat),
and did exactly what a good 3rd Way pawn is supposed to do,
protect the 1%.
You will know them by their WORKS.
Autumn
(45,107 posts)SammyWinstonJack
(44,130 posts)Enthusiast
(50,983 posts)Rex
(65,616 posts)Of course I ignore most of those people now since their agenda is clear.
myohmy2
(3,163 posts)....the crooked 1% are still crooked....
Hissyspit
(45,788 posts)riverbendviewgal
(4,253 posts)I am not surprised. Yes ,we have fraud and crooks up here but not as big or rampant as down south of us.
My hat is off to her for blowing the whistle and to Tabbi for writing about this corruption.
JEB
(4,748 posts)who saw more of this shit going on to step forward. She even describes others:
Then, on December 15th, a Chase sales executive held a lengthy meeting with reps from GreenPoint and the diligence team to examine the remaining loans in the pool. When they got to the manicurist, Fleischmann remembers, one of the diligence guys finally caved under the pressure from the sales executive. "He had his hands up and just said, 'OK,' and he cleared it," says Fleischmann, adding that he was shaking his head "no" even as he was saying yes. Soon afterward, the error rate in the pool had magically dropped below 10 percent a threshold that itself had just been doubled to clear the way for this deal.
Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IMIhWTq1
Follow us: @rollingstone on Twitter | RollingStone on Facebook
blkmusclmachine
(16,149 posts)Shrike47
(6,913 posts)Naive, I guess.
magical thyme
(14,881 posts)First, the ludicrously nonspecific language surrounding the settlement put you, me and every other American taxpayer on the hook for roughly a quarter of Chase's check. Because most of the settlement monies were specifically not called fines or penalties, Chase was allowed to treat some $7 billion of the settlement as a tax write-off.
Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IKarvv00
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Enthusiast
(50,983 posts)elias49
(4,259 posts)Rex
(65,616 posts)No wonder Holder is quitting.
Autumn
(45,107 posts)prosecutor. Now.
woo me with science
(32,139 posts)Rex
(65,616 posts)He should have realized walking into the Cheney DoJ, he would find all kinds of mass corruption going on. Shame they didn't clean house in the first term.
And get ready Fuckwad Clown Car Deluxe has now arrived at Congress! Prepare to watch billions get shited away as they shutdown the government again!!!!
WILL THE M$M say anything about it? Sure they will! They will blame Obama!
Never should have bailed out those massive criminals, their crimes will hang around our necks like a milestone for decades. Just imagine how much we don't know about in TRILLIONS got shited away from the country and into off shore accounts?
And we thought Enron was something...shhhhhhhhhhhhhhhhhhhhhiiiitttt....
2banon
(7,321 posts)There lies his professional roots. I just didn't know it until this morning listening to Matt Taibbi on Democracy Now!
Well we knew he was shilling for W.S. et al, just didn't know why, until now.
JEB
(4,748 posts)adirondacker
(2,921 posts)bigwillq
(72,790 posts)whereisjustice
(2,941 posts)knows that the immunity given to Wall Street was wrong. The injustice hiding the criminal negligence behind these secret deals was a major reason Democrats lost bigtime.
Holder tried to cover up a big pile of shit. It still stinks.
Octafish
(55,745 posts)...the cop behind the desk was the same guy driving the getaway car.
Rex
(65,616 posts)and your nation wins - hey they were the 'enemy' should of capitulated. Destroy thousands of families with massive financial fraud, IN YOUR OWN COUNTRY, get protected by the government and a guarantee to run out the chance for prosecution by waiting until the statue of limitations runs out while in litigation.
Murder someone and you will always be tried if you are caught alive, no time limit.
Cause millions to go homeless, maybe 8 - 10 years in court and hush money to run out time.
24 million dollar bonuses for everyone!
No wonder 1 in 3 children go to bed hungry at night in America, what are the chances they got bounced from their house over toxic robosignings?
It's no big deal Congress Fuckwad Clown Car has finally arrived! 24 million? What the fuck is that!?
WE GONNA WASTE 26 BILLION, AGAIN...now watch this drive...
"But but but murder is not like causing millions to go homeless Rex...shame on you!" Yeah true, it is just murdering the spirit of that family to the destitute abyss of hunger.
Octafish
(55,745 posts)Neil Barofsky: 'Geithner Admitted To Us Privately That Obama's Housing Policy Was DESIGNED To Sacrifice Homeowners In Order To "FOAM THE RUNWAY" For The Banks'
SOURCE: http://dailybail.com/home/barofsky-geithner-admitted-to-us-privately-that-obamas-housi.html
10 Million Americans lost their homes (including several families in Detroit and its suburbs whom I know).
http://www.alternet.org/investigations/10-million-americans-foreclosed-neighborhoods-devastated
woo me with science
(32,139 posts)Thank you.
JEB
(4,748 posts)Babel_17
(5,400 posts)It's so good to see this truth coming out.
hay rick
(7,624 posts)Todays_Illusion
(1,209 posts)a political attack piece than an expose and the story is being given traction everywhere.
grasswire
(50,130 posts)DeSwiss
(27,137 posts)...and excoriated by the judges, scolded by the prosecutors and damned by the Wall Street Journal. Then they'll hold their collective heads low, pay a significant fine and meet later with the guys at 1pm for a late afternoon tee-off.
- Democracy in-action.
K&R
Locrian
(4,522 posts)I'm expecting a "sternly worded letter" to go out any minute now....
Enthusiast
(50,983 posts)MissDeeds
(7,499 posts)K&R
Autumn
(45,107 posts)for the morning
woo me with science
(32,139 posts)Both parties belong to the criminals who have purchased our government, and they collude together behind a mask of two parties to protect the very same criminals and advance the very same corporate agenda.
We need to stop pretending that Democrats are "spineless" and acknowedge that this collusion is what the Princeton study that said we are an oligarchy was talking about.
We have one government now, and it's corporate. It puts on all kinds of theater to convince us we are still working within the old democratic system.
But we aren't.
JEB
(4,748 posts)woo me with science
(32,139 posts)woo me with science
(32,139 posts)Le Taz Hot
(22,271 posts)telling us how this isn't Obama's fault because ponies? **crickets**
There's no way they can cover up the stink of this one.
woo me with science
(32,139 posts)Third Wayers really, really don't like threads about what their politicians are actually *doing.*