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64 Comments
- thegrantman, on 04/28/2009, -5/+46We have been investigating this for two years and nothing has been done.
Hmmm.
Could it be those in charge don't want the answers? - inactive, on 04/28/2009, -2/+33Could it be that those in charge worked for the same banks that they are supposed to be investigating?
- faskippy, on 04/28/2009, -1/+24*****. One of my pensions is held by UBS. Moving it as fast as I caaaaaannnnnn!
- naderventura, on 04/28/2009, -7/+28dugg for justice*)
- kemp34, on 04/28/2009, -4/+23We need a truth and justice commission here in the U.S.
- shig, on 04/28/2009, -3/+19"Milan’s financial police seized 476 million euros ... amid a probe into alleged fraud"
It appears our Continental cousins like Asset Forfeiture just as much, if not more, than we do.
Reference: United States of America v. $124,700 in Eighth Circuit Court
http://en.wikipedia.org/wiki/USA_v._$124,700
In America, your property has no presumption of innocence. If there is no evidence your property was gained through legal activities (drug trafficking appears to be the default accusation), or you fail to convince the court of your property's innocence even in the presence of sufficient evidence, then it can be seized by the State without compensation. I'm sure these firms will be fighting against similar stacked decks in the heart of Mafialand... - pak314, on 04/29/2009, -1/+9Waterboard them. Its not torture.
- billraydrums, on 04/29/2009, -4/+12Can't we just start killing bank execs and putting their heads on sticks as a warning to the others who screw the American people? (kidding....sort of...)
Then again, would you expect anything less than a bank exec who sends American jobs overseas when so many are starving? (Call your bank and ask the customer service rep where they are in the world....chances are India or the Philippines).... - schnikies79, on 04/29/2009, -1/+7Preferably not operated by the federal government.
- collution, on 04/29/2009, -1/+7Or maybe we just need to downsize our government altogether.
- Doxocopa, on 04/29/2009, -0/+5Yes... it is a true cabal!
- Gndoab, on 04/30/2009, -0/+5The reason why there have been no arrests (not true, two people, the heads of two major banks during the early 2000's, can't remember which ones though) is because no laws have been broken.
I'm reading into this as we speak, a book called "House of Cards" (it was plugged on the Daily Show). These bank people figured that people wouldn't default on their mortgages, and on that assumption, valued the mortgages at a certain rate. Banks accepted that as collateral, and all was well.
Problem is, people DID start defaulting on their mortgages. Not many, but enough that the value that was originally pegged to the mortgages was no longer correct. Banks then decided that they needed more colateral for the same amount of money loaned. Within a few weeks, you're talking about billions of dollars more of needed collateral for the same loans. People got wind that the liquidity of the firms was now being tied up in collateral for loans, and a run on the bank happened, which worsened the liquidity position of the investment banks, which crashed the value of bank stocks, and froze credit (since the collateral historically used is now worth a fraction of what it was, and because people were taking all their money out of the system, they lacked the liquidity to deal with the ever increasing amount of collateral required).
Where in what I explained did something Illegal happen? You could say that they shouldn't have leveraged so much, but they were within guidelines for investment banks, so that becomes a matter of personal taste, and not that of the law.
and for ***** sake Digg, fix the jumping text box in firefox. - Pseudorious, on 04/29/2009, -3/+8When you move from fixed to variable interest rate debt, you have to know there's a possibility of interest rates rising. This asset seizure is little more than the tantrum of a bully stung by a loss.
You can't throw the casino dealer in jail if you're the mayor of Las Vegas and you lose at the blackjack table. - InetRoadkill, on 04/30/2009, -1/+6The EU justice system is making the US system look like a bunch of Keystone Cop amateurs. I guess this is not really all that surprising given that big money effectively owns our govt.
- roho76, on 04/29/2009, -2/+6While I agree that it is wrong that the State can just take your ***** for no reason and never return it, this has nothing to do with that.
There is substantial evidence of international fraud and malfeasance and Italy is just doing something about it. The IMF and the Central Banks, that are all owned by the same people have created this breading ground for malinvestment and over leveraging and they new it. These financial institutions have been around a long time and they should have mastered this business ye3t every 20-30 years we have the same problem. These are not mistakes these are planned. This is what destroys the Middle class and makes the rich richer.
Some guy carrying wads of cash in a rental car not registered in his name (which is his right as long as there is no crime happening) and international monetary fraud are two different things.
Que NoLibertarians with a dumb ass comment in 5....4....3....2.... - inactive, on 04/28/2009, -3/+7UBS is in severely bad shape.
Get your money out of their and invest in a commodities - inactive, on 04/29/2009, -1/+5So long as it is operated at an individual state level, I'm fine with that.
- nepidae, on 04/29/2009, -0/+4Tons of stuff has been done. Just look at Goldman Sachs stock price over the last few months when everyone else was flying straight into the *****. You would think by looking at that that Paulson had worked for GS or something.
- wiggles, on 04/29/2009, -1/+5Sounds like Orwellian newspeak for propaganda and oppression.
- EarlOfLade, on 04/29/2009, -0/+3Luckily my pension is guaranteed by http://en.wikipedia.org/wiki/The_Government_Pensio ...
- masamunecyrus, on 04/29/2009, -0/+3A Justice League?
/Batman & Robin 2012!! - faskippy, on 04/29/2009, -2/+5"Que NoLibertarians with a dumb ass comment in 5....4....3....2...."
LMFAO! No *****! That boy just ain't right. - inactive, on 04/30/2009, -0/+3Um, you do know that Philippines is harboring terrorists, right? Now might be the time to invade.
- McLieberman, on 04/30/2009, -0/+3The government is just as guilty as the banks. They work hand in hand and most people don't realize the stranglehold banks have on their political puppets. You won't see this in the US... Corruption breeds even more corruption. Just see Barney Frank's senior Aide who is going to work for Goldman Sachs aka Golden Sacks. What this will do in seizures of banks assets is tighten either further the banks practices, making economies even worst.
The whole fractional reserve banking and PONZI schemes of banks and the government regulations and their Central Banks.
It all stinks, and most people just don't get it... Government and Banks are the problem. The people will pay the price in the long run, just look and history and now the creative futures of government/bank swindling. - specimenfred, on 04/30/2009, -0/+3In the U.S. they'd be given 100 billion and asked to run the treasury. That'd be funny if it weren't so true.
- blacklilyninja, on 04/30/2009, -0/+3it just keeps getting better
- inactive, on 04/29/2009, -0/+2The onus was on the city's financial manager to partake in due diligence for Milan, where was he when the contract was signed and the swap was made?
- jbmcb, on 04/30/2009, -0/+2Could it be that it's freaking complicated? Greenspan said in an interview that he didn't understand how they worked, and he had dozens of Nobel-caliber mathematicians and economists working for him.
If I don't understand how an investment works, I don't put money into it - it's rather simple. - Jlaugh, on 04/30/2009, -0/+2So let me get this straight the banks making shaky (maybe even fraudulent) investment vehicles. Leverage out the entire earths GDP ( Somewhere around 4 quadrillion dollars worth of junk ). they pump up a serious of bubbles ( knowing full well that the bubbles will collapse ) Then the American tax payers bail them out, then the government of Italy steals our money from the banks? So the banks make a percentage on our scammed money which is followed up by Italy stealing it legally.
- inactive, on 04/29/2009, -0/+2http://www.pbgc.gov/
- nirvanix, on 04/29/2009, -2/+4Thank you Milan for standing up for justice!
- ASfinkterSezWut, on 04/30/2009, -0/+2You can't handle the truth. Just walk away. These are not the facts you're looking for...
./s - firewall1, on 04/30/2009, -2/+4The US government will step in and bail out Chase.
Dugg!
What a ***** outrage that all these banks get bailed out. And instead of helping and working with people in foreclosure, all they do is keep lobbying to keep late fees and other ***** fees legal.
And the banks win *every* time.
Let them go bankrupt, for ***** sake!
They get a government loan for about 0.5%, then turn around and charge us all 5-25%? The *****. - faskippy, on 04/29/2009, -0/+1Unfortunately, everything has to be done by snail mail. It's my smallest one, but still!
- ZimbuTheMonkey, on 04/29/2009, -3/+4"A 22 year-old male from Middleboro, MA (US) who joined Digg on September 9th, 2008"
Grateful to you? Yeah you've done so much for the world, pal. Stop riding the coattails of your much more distinguished predecessors. I'm not positive, but I'm pretty sure narcissism and jingoism aren't gonna save the world. - kemp34, on 04/29/2009, -0/+1Independent from Federal Officials.
- tehknotte, on 04/29/2009, -1/+2lol pwned
- randumbusername, on 05/02/2009, -0/+1bad shape?
- kaosethema, on 04/30/2009, -0/+1actually, a black CEO would've been arrested long ago....
and a white kid stealing a stereo would've got a slap on the wrist and no more.
@interwebtroll was making a point. - Gndoab, on 04/30/2009, -0/+1"but we keep giving them more money and encouraging them"
you mean by taking out mortgage loans? Nobody gives them money directly, they give them money by purchasing big ticket items, like houses (this is the prime example, since the housing market crashed).
Unless you mean the Fed is giving them money, which is only partially true, since if you recall correctly, both Lehman brothers and Bear Stearns failed. The rest of the banks that have gotten money were *NOT* solely investment banks, and rule that stipulates that the Fed can loan money to banks with little to no oversight has been on the book since the great depression.
and besides, putting money in the stock market is a GAMBLE. if someone loses money, that is their fault for not putting it somewhere where there is significantly less risk (myself included, I lost more then enough money in the crash to be angry, but then I should have put it in a MM or a CD instead.) - Uriah, on 04/30/2009, -0/+1Yeah, I prefer a more decentralized system, as suggested by Ron Paul, however this only succeeds if there is free and unrestricted transport between them. I have a feeling that if we did decentralize to this level, you might see that diminish, similar to what we see in small countries that are close to each other.
- inactive, on 04/30/2009, -0/+1The chairman of Citigroup is black and he's still prowling the streets of the Upper East Side, an omnipresent danger to the community!
- NidStyles, on 04/30/2009, -0/+1Yet I don't mind. They need job's in other countries too after all. If you'd ever seen the poverty in the Philippine's you probably would not be so cynical about them.
- ZimbuTheMonkey, on 04/29/2009, -5/+6How long are you Americans going to let World War II be the shield against criticism for modern-day ***** ups?'
Yeah yeah we got it, we would all "be speaking German" if your ancestors (not YOU) hadn't intervened. But Christ, get over it already. - inactive, on 04/30/2009, -0/+1The same would happen if the kid was white or the banker was black.
See, unlike you, some of us aren't racists, and don't really mix or care about colors in every damn story they see. - inactive, on 04/29/2009, -2/+3This is wrong. Everybody knows that stealing trillions of dollars is completely legal. Now if some black kid stole a stereo or something, I'd be really outraged and demand justice.
- cgil, on 04/30/2009, -0/+0May be it's the beginning of a DOMINO EFFECT !
http://en.wikipedia.org/wiki/Domino_effect - Boris2k, on 09/25/2009, -0/+0indeed lucky.
now, whats wrong with that? - muckemuck, on 04/30/2009, -1/+1... but we keep giving them more money and encouraging them.
and it's easy to do things legally when you donate bajillions of dollars a year to campaigns and spend bajillions every year on lobbyists to get the laws changed to ALLOW you to do whatever the hell you want. -
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