US bankers planning to sue or walk if bonuses are too low.
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Cathedrals of Wall Street, 1939. Florine Stettheimer, American (Metropolitan Museum) My first post here at Polizeros was about that Manhattan federal court judge who rejected a proposed settlement between the S.E.C. and Citigroup last November. The S.E.C. has just announced that it is changing its policy on some settlements. The Securities and Exchange Commission [...] Bloomberg asks rhetorically. Did Psychopaths Take Over Wall Street Asylum? Psychopaths caused the financial crisis … And they will do it again and again unless they are removed from power The Independent quotes a UK investment banker: “At one major investment bank for which I worked, we used psychometric testing to recruit social psychopaths [...] Man Clutching Moneybags While Banks Collapse, Emmanuel Wyttenbach, American (Metropolitan Museum) Back in the 1960s, there was an absurd TV ad campaign that stated “Remember…you have a friend at Chase Manhattan.” I knew that wasn’t true even then. And things certainly haven’t improved. Frank Pasquale delves into the ongoing mess in the housing sector [...] After all they’ve done for the country too. Oh wait, they called anyone criticizing them “idiots” and of course made no reference to the rampant criminality by their class that is fueling the anger against them. Instead of being lauded when they appear in public they now fear being protested against. Oh the horror. [...] Belgium and France have decided to halve the guarantees that they provided for Dexia’s bad bank. The bad bank was created to group all Dexia’s problematic loans when the group was dismantled last October. Journalist Andy Carling in Belgium tells me on Facebook, “This is what’s likely to bring down Belgium…” [...] Wells Fargo pays $148 million to settle Wachovia muni bid-rigging charges This is the same Wachovia that laundered billions for drug cartels. And no one has been indicted much less gone to prison. Ex MF Global CEO Jon Corsine did not tell Congress he didn’t break rules, just that he didn’t mean to. Which leaves him much weasel room, should it be shown he did. Yet Sarbanes-Oxley requires that CEOs sign off on financial matters. Ignorance is not an excuse, except perhaps for Corsine, who is an [...] Because there’s just so much of it now… Richest nations giving up on climate change, probably because the banksters can’t figure out how to properly loot it. The real reason Obama may veto indefinite detention (it has nothing to do with protecting liberty). Countrywide whistleblower. Mortage fraud is systemic. Have we been captured by psychopaths? Um, [...] So the Justice Department isn’t even bothering to enforce the law, says a departed official. Well gosh, that’s just swell. They pretend to enforce the law and we pretend everything is fine. But it’s not. Deliberately not enforcing criminal law against a specific set of lawbreakers means we no longer have a functioning legal system. [...] |  | ||||
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