And So I Go: Yesterday, Today and Tomorrow

UPDATED: When a Culprit or a Crisis isn’t available the WH merely creates one.

Posted on: April 20, 2010

A Difficult Path in Goldman Case – NYTimes.com

This is a fairly easy to understand explanation of what is happening with the Goldman-Sachs vs SEC (Securities and Exchanger Commission).  It is of course a big blustering fraud perpetrated by the White House to get their Financial Reform legislation passed.

The stakes are huge. The S.E.C., battered by its failure to identify or prevent several major frauds in recent years, is eager to re-establish its credibility as an enforcer. But in choosing such a difficult battlefield, the commission also risks losing a case at a time when it is trying to re-establish its reputation as a tough watchdog.

Goldman’s sterling reputation, a foundation of its financial success, is also on the line. Rather than settling with the government, it has so far chosen to fight back. The company says it provided its investors with all the information required by law. It has also stressed that it sold the securities to financial firms that were sophisticated investors.

This bill as written will effectively turn the financial institutions over to the federal government.  Let’s see now:  these guys have the US Post Office bleeding our tax dollars, Medicare and Medicaid with billions in fraud every year,  Amtrak  our rail system which can’t run on time and  is also eating tax payers dollars,  Interstate Highways with all these  bridges ready to take a nose dive  into the nearest river or ravine,  they have just recently jammed down our throat a universal Health Care Bill that effectively took over 16% of our economy and will bankrupt the country in less than ten years  and to help their cause they used a small California company who raised their rates as an example of “out of control insurance companies, and now they have latched onto the scheme of charging one of the largest financial firms in the world with fraud just when the Obamanites want to take over the financial system in the United States.  I will bet anyone that the case will be dropped as soon as Congress manages to jam this bill down the American tax payers throat too.

I agree there should be better control over Wall street and the financial institutions because the SEC (Securities and Exchange Commission) is  doing the job.  They allowed the latest Financial Crisis 2008-09 to develop and are continuing to allow problem areas to develop because Rep. Barney Frank and Senator Chris Dodd  the two who single handedly cause the Financial Crisis are still putting pressure on financial institutions to make risky loans.  They have known of a man who has been  running a Ponzi Scheme  since the 1990’s and they have done nothing about it.  (You will find this report on their web site but you will have to dig for it!)  And last but certainly not least the Financial Reform Bill was written by none other than Senator Chris Dodd  who is retiring this year because he knows he will  not be re-elected.  No doubt at all that he has been promised a really, really lucrative job if he can pull this bill thru the Congress for Obama and the Communist/Socialist  White House!

Yes there needs to be some reform but to my mind it is a reform of Congressmen that needs to take place more than anything.  Banks are in the business to make money in any legal way they can.  Legal is the operant word here.  There are too many loop holes that need closing and the SEC shaped up, but certainly nothing like  what is being proposed.  This is just another Obama RIP OFF  of the nation and his smoke screen while doing the dirty deed.  BB

UPDATE:   Obama’s Wall Street Bill Lets Crooks Escape a must read!

All the president’s Goldman Sachs men Michele Malkin

1 Response to "UPDATED: When a Culprit or a Crisis isn’t available the WH merely creates one."

here is another crisis in the making ; More evidence of the Consolidation of Freedom and Consolidation of wealth through taxation without representations ;

Tell your Congressman to vote NO on the Puerto Rico Democracy Act (H.R. 2499) today! Don’t let them try and make Puerto Rico the 51st state

http://www.capwiz.com/eagleforum/issues/alert/?alertid=14966151&type=CO

Costly IRS Mandate Slipped into Health Bill ; Talk about collateral damage . This has Nothing to do with health care , talk about egregious acts .

http://www.cato-at-liberty.org/2010/04/26/costly-irs-mandate-slipped-into-health-bill/

Costly IRS Mandate Slipped into Health Bill
Posted by Chris Edwards

Most people know about the individual mandate in the new health care bill, but the bill contained another mandate that could be far more costly.

A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare.

Under current law, businesses are required to issue 1099s in a limited set of situations, such as when paying outside consultants. The health care bill includes a vast expansion in this information reporting requirement in an attempt to raise revenue for an increasingly rapacious Congress.

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BB’s file cabinet

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