Thursday, August 18, 2011

Do We Still Have a Justice Dept.?

I have railed about all the fraud and avarice involved in this Great Ponzi, about how the major culprits, (too many to mention here) involved have all escaped justice so often as to make many readers numb. I have also mercilessly ridiculed and insulted the SEC and its eunuch of a former chief Chris Cox.

I was not shocked to catch Matt Taibbi with yet another article on the subject. His latest in Rolling Stone Is the SEC Covering Up Wall Street Crimes? is a must read. Please take the time to read it.

There is also a follow up article on Marketwatch by one Ronald Orol yesterday in which he often cites Matt's article called SEC may have destroyed documents.

“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro.

“It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what time frame, and to what extent its actions were consistent with the law.”

Agency staff “destroyed over 9,000 files” related to preliminary agency investigations, according to a letter sent in July to Grassley, the top Republican on the Senate Judiciary Committee, and obtained by MarketWatch.

Land of law and order huh? Justice for all huh? Careful Grassley, your campaign coffers may suffer if you offend your banking masters.

The allegations were made by SEC enforcement attorney, Darcy Flynn, in a letter to Grassley. Flynn is a current employee, and according to the letter, received a bonus for his past year’s work.

Flynn alleges the SEC destroyed files related to matters being examined in important cases such as Bernard Madoff and a $50 billion Ponzi scheme he operated as well as an investigation involving Goldman Sachs Group Inc. GS trading in American International Group credit-default swaps in 2009.

I fully expect Darcy Flynn to suffer the same fate as SEC whisteblower Gary Aguirre. He was the one investigating Morgan Stanley's CEO thug John Mack for those that have forgotten and had his career derailed.

"The letter goes into particular detail about Deutsche Bank, the former employer of current SEC enforcement chief Robert Khuzami as well as former enforcement chiefs Gary Lynch and Richard Walker.

The allegations that the SEC destroyed documents were first reported by the Rolling Stone magazine in a report Wednesday."

Yes enforcement chief Khuzami is fully willing and capable of investigating his former employer and his buddy boyz that reside over at Deutsche Bank. Larry Kudlow may drink that kool-aid but I don't even though I was born at night, sadly just not last night.

Let me get this right. The revolving door between the SEC and Wall St. has spawned an agency that potentially has destroyed evidence involving players involved in the greatest heist mankind has ever seen.

Do we still have a justice department left in this country?

still wondering why I am starting to agree with those that suggest the whole temple here perverted and diseased?

Maybe true patriots (you hear that Larry Kudlow??) like Aguirre and Flynn should have called Janet Napolitano at Homeland Security under her See Something Say Something program because what these unabashed thugs are doing to the country is financial terrorism plain and simple.

Now I have a question for Maria Bartiromo of CNBC. Dear Maria, are you still wondering why there is no trust in our capital markets? After getting a whiff of the rot over at the SEC do you still need a lowly idiot, room temp IQ blogger to explain to you how to restore it? Here's a hint, it involves acknowledging and publicly saying extraordinarily unkind things about your banking and Wall St. advertisers, but that would take a real journalist to do.

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