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woo me with science

(32,139 posts)
Thu Nov 6, 2014, 03:06 PM Nov 2014

Matt Taibbi: The biggest financial cover-up in history

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare
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
Follow us: @rollingstone on Twitter | RollingStone on Facebook
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Matt Taibbi: The biggest financial cover-up in history (Original Post) woo me with science Nov 2014 OP
K&R! nt adirondacker Nov 2014 #1
Taibbi and Fleischmann on DemocracyNow today! ReRe Nov 2014 #63
K&R ReRe Nov 2014 #64
Thanks for the heads up! adirondacker Nov 2014 #65
also here: Blue_Tires Nov 2014 #2
K&R for exposure 99th_Monkey Nov 2014 #3
Thanks for the link. woo me with science Nov 2014 #5
Yes, there's that and ... 99th_Monkey Nov 2014 #12
Perez, I don't know, will be interesting... Independent_Liberal Nov 2014 #21
K & R !!! WillyT Nov 2014 #4
K&R! wavesofeuphoria Nov 2014 #6
I'll be waiting for the next crash. We'll see who gets off then. L0oniX Nov 2014 #7
This whistleblower is courageous, and the article is an enraging read. woo me with science Nov 2014 #8
"But that morning the presser was suddenly canceled, and no complaint was filed." Hissyspit Nov 2014 #13
Third-ranking official in the Justice Department, woo me with science Nov 2014 #31
You're right. The government carefully protected all the structures that will guarantee woo me with science Nov 2014 #10
Link to the article: woo me with science Nov 2014 #9
K&R Hissyspit Nov 2014 #11
K&R SomethingFishy Nov 2014 #14
We need real journalists EVERYWHERE. woo me with science Nov 2014 #16
Just finished reading the whole piece... SomethingFishy Nov 2014 #26
Love It That Matt's Back! colsohlibgal Nov 2014 #15
K & R for exposure .... nt littlewolf Nov 2014 #17
I love daylight Oilwellian Nov 2014 #18
Sounds like others saw the same shit. JEB Nov 2014 #49
du rec. xchrom Nov 2014 #19
Anyone suprised? There are two classes of citizens in the US. dilby Nov 2014 #20
And the cops violently crushed Occupy Wall Street for trying to do something about it. Zorra Nov 2014 #22
+1 eom LittleGirl Nov 2014 #52
Occupy was simply telling the people they had been ripped off. Enthusiast Nov 2014 #56
Yes, our government under a Democratic administration did that. woo me with science Nov 2014 #69
I just can't understand why Millenials think both parties are corrupt! Marr Nov 2014 #23
...and you can't understand WHY Millenials think both Parties are corrupt? bvar22 Nov 2014 #33
Dimon and Holder need to be hauled in front of a special prosecutor. Autumn Nov 2014 #37
Think it was SammyWinstonJack Nov 2014 #39
It's hard to distinguish now. Enthusiast Nov 2014 #57
And I get mocked for saying we live in a plutocracy. Rex Nov 2014 #36
my oh my.... myohmy2 Nov 2014 #24
Kick again nt Hissyspit Nov 2014 #25
The Whistleblower is Canadian riverbendviewgal Nov 2014 #27
I am hoping her bravery will inspire others JEB Nov 2014 #51
Nothing to see here, move along. Look! Shiny object! blkmusclmachine Nov 2014 #28
This article is a very discouraging MUST READ. I thought we were better than this, I really did. Shrike47 Nov 2014 #29
Holder let them use $7B as a tax write-off!!!!!!! magical thyme Nov 2014 #30
Holder didn't want to "damage the economy'. Enthusiast Nov 2014 #58
K&R elias49 Nov 2014 #32
Makes the mafia look like nothing! Rex Nov 2014 #34
After reading this Holder and Dimon should have their fucking asses hauled in front of a special Autumn Nov 2014 #35
+100000000 woo me with science Nov 2014 #38
I thought he might be quitting over what he found out in Ferguson. Rex Nov 2014 #44
Not in the least concerned about Ferguson writ large, Holder is arm 'n arm with W.S. 2banon Nov 2014 #71
That is exactly correct. eom JEB Nov 2014 #50
+1000. First Thought as well! adirondacker Nov 2014 #53
K and R (nt) bigwillq Nov 2014 #40
It cannot be overstated how important this article is. Every man/woman in America whereisjustice Nov 2014 #41
Whistelblower goes to DoJ cops to report bank robbery and finds... Octafish Nov 2014 #42
Oh you know how it goes, destroy the lives of thousands of families in war Rex Nov 2014 #43
Geithner admitted Administration sacrificed Homeowners to ''Foam the Runway'' for Banks Octafish Nov 2014 #60
^^^^^^^^^^^^^^^^^^^^ woo me with science Nov 2014 #73
K&R for the original post and subsequent informative posts and links. JEB Nov 2014 #45
Thanks for another thread to KICK! :) Babel_17 Nov 2014 #46
K&R hay rick Nov 2014 #47
Perhaps it is only me but that reads more like Todays_Illusion Nov 2014 #48
your user name is apt nt grasswire Nov 2014 #54
I'm sure they'll be severely admonished by the SEC...... DeSwiss Nov 2014 #55
I'm waiting Locrian Nov 2014 #62
! adirondacker Nov 2014 #70
K&R! This post deserves hundreds of recommendations! Enthusiast Nov 2014 #59
This needs lots of exposure MissDeeds Nov 2014 #61
Kick Autumn Nov 2014 #66
We don't have democracy anymore. We have oligarchy. woo me with science Nov 2014 #67
Kickity kick JEB Nov 2014 #68
kick woo me with science Nov 2014 #72
kick woo me with science Nov 2014 #74
So where are the Third Way Party Loyalists Le Taz Hot Nov 2014 #75
+1 Lots of walking around the stink and pretending it doesn't exist. woo me with science Nov 2014 #76
kickity kick Rex Nov 2014 #77
 

99th_Monkey

(19,326 posts)
3. K&R for exposure
Thu Nov 6, 2014, 03:13 PM
Nov 2014

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)
5. Thanks for the link.
Thu Nov 6, 2014, 03:23 PM
Nov 2014

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)
12. Yes, there's that and ...
Thu Nov 6, 2014, 03:47 PM
Nov 2014

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)
21. Perez, I don't know, will be interesting...
Thu Nov 6, 2014, 04:40 PM
Nov 2014

...to see how he differs from Holder. David Corn is usually good in much of his analysis.

woo me with science

(32,139 posts)
8. This whistleblower is courageous, and the article is an enraging read.
Thu Nov 6, 2014, 03:28 PM
Nov 2014

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
Follow us: @rollingstone on Twitter | RollingStone on Facebook

Hissyspit

(45,788 posts)
13. "But that morning the presser was suddenly canceled, and no complaint was filed."
Thu Nov 6, 2014, 03:47 PM
Nov 2014

"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)
31. Third-ranking official in the Justice Department,
Thu Nov 6, 2014, 07:00 PM
Nov 2014

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.

SomethingFishy

(4,876 posts)
14. K&R
Thu Nov 6, 2014, 03:54 PM
Nov 2014

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)
16. We need real journalists EVERYWHERE.
Thu Nov 6, 2014, 04:13 PM
Nov 2014

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)
26. Just finished reading the whole piece...
Thu Nov 6, 2014, 05:38 PM
Nov 2014

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)
15. Love It That Matt's Back!
Thu Nov 6, 2014, 03:56 PM
Nov 2014

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.

Oilwellian

(12,647 posts)
18. I love daylight
Thu Nov 6, 2014, 04:18 PM
Nov 2014

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)
49. Sounds like others saw the same shit.
Fri Nov 7, 2014, 01:38 AM
Nov 2014

Now that one has stepped forward I'm hoping others will follow.

dilby

(2,273 posts)
20. Anyone suprised? There are two classes of citizens in the US.
Thu Nov 6, 2014, 04:39 PM
Nov 2014

The Political Class which includes their wealthy donors and then the rest of us Cogs who are necessary to make the machine work.

Enthusiast

(50,983 posts)
56. Occupy was simply telling the people they had been ripped off.
Fri Nov 7, 2014, 08:48 AM
Nov 2014

The official establishment response was, "Shut up, Occupy or we will beat you to death!"

woo me with science

(32,139 posts)
69. Yes, our government under a Democratic administration did that.
Fri Nov 7, 2014, 01:18 PM
Nov 2014

Red versus Blue is theater. We live in an oligarchy now.
 

Marr

(20,317 posts)
23. I just can't understand why Millenials think both parties are corrupt!
Thu Nov 6, 2014, 04:51 PM
Nov 2014
"...the state waited far too long to look at these cases and is now taking its sweet time investigating, while the last statutes of limitations run out".

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)
33. ...and you can't understand WHY Millenials think both Parties are corrupt?
Thu Nov 6, 2014, 07:21 PM
Nov 2014

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.

 

Rex

(65,616 posts)
36. And I get mocked for saying we live in a plutocracy.
Thu Nov 6, 2014, 07:25 PM
Nov 2014

Of course I ignore most of those people now since their agenda is clear.

riverbendviewgal

(4,253 posts)
27. The Whistleblower is Canadian
Thu Nov 6, 2014, 05:39 PM
Nov 2014

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)
51. I am hoping her bravery will inspire others
Fri Nov 7, 2014, 01:44 AM
Nov 2014

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

Shrike47

(6,913 posts)
29. This article is a very discouraging MUST READ. I thought we were better than this, I really did.
Thu Nov 6, 2014, 06:08 PM
Nov 2014

Naive, I guess.

 

magical thyme

(14,881 posts)
30. Holder let them use $7B as a tax write-off!!!!!!!
Thu Nov 6, 2014, 06:44 PM
Nov 2014

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

Autumn

(45,107 posts)
35. After reading this Holder and Dimon should have their fucking asses hauled in front of a special
Thu Nov 6, 2014, 07:23 PM
Nov 2014

prosecutor. Now.

 

Rex

(65,616 posts)
44. I thought he might be quitting over what he found out in Ferguson.
Fri Nov 7, 2014, 12:29 AM
Nov 2014

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)
71. Not in the least concerned about Ferguson writ large, Holder is arm 'n arm with W.S.
Fri Nov 7, 2014, 04:18 PM
Nov 2014

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.

whereisjustice

(2,941 posts)
41. It cannot be overstated how important this article is. Every man/woman in America
Thu Nov 6, 2014, 11:56 PM
Nov 2014

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)
42. Whistelblower goes to DoJ cops to report bank robbery and finds...
Fri Nov 7, 2014, 12:11 AM
Nov 2014

...the cop behind the desk was the same guy driving the getaway car.

 

Rex

(65,616 posts)
43. Oh you know how it goes, destroy the lives of thousands of families in war
Fri Nov 7, 2014, 12:25 AM
Nov 2014

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)
60. Geithner admitted Administration sacrificed Homeowners to ''Foam the Runway'' for Banks
Fri Nov 7, 2014, 08:53 AM
Nov 2014
&t=0

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

Todays_Illusion

(1,209 posts)
48. Perhaps it is only me but that reads more like
Fri Nov 7, 2014, 01:16 AM
Nov 2014

a political attack piece than an expose and the story is being given traction everywhere.

 

DeSwiss

(27,137 posts)
55. I'm sure they'll be severely admonished by the SEC......
Fri Nov 7, 2014, 03:40 AM
Nov 2014

...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

woo me with science

(32,139 posts)
67. We don't have democracy anymore. We have oligarchy.
Fri Nov 7, 2014, 12:16 PM
Nov 2014

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.

Le Taz Hot

(22,271 posts)
75. So where are the Third Way Party Loyalists
Sun Nov 9, 2014, 06:38 AM
Nov 2014

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)
76. +1 Lots of walking around the stink and pretending it doesn't exist.
Sun Nov 9, 2014, 07:14 AM
Nov 2014

Third Wayers really, really don't like threads about what their politicians are actually *doing.*
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