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Old 12-07-2011, 08:54 PM   #581 (permalink)
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Jon Corzine's Relationship With CFTC Chair Gary Gensler Probed | Matt Taibbi | Rolling Stone

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On the road this week, so apologies for the brief post. (Have a longer thing coming out later this week.) Getting a lot of calls about Jon Corzine and his relationship with Commodity Futures Trading Commission (CFTC) chairman Gary Gensler.

Both Corzine and Gensler worked at Goldman back in the day, and the word is that Corzine personally lobbied Gensler to delay the implementation of new rules that would have helped prevent Corzine from raiding his own clients' funds.

This whole issue smacks of the improper communications between other former Wall Street co-workers like Hank Paulson and Lloyd Blankfein. More and more, it appears that, as a matter of routine, federal regulators like Paulson (in 2008) and, later, Gensler reach out to old friends on Wall Street to negotiate/discuss the timing and the form of various policy changes, bailouts, and other regulatory matters. Inside information seemingly is traded with remarkable casualness.

This is one of those issues where there's no point in calling for more regulations. No matter what laws we have, we can't have regulatory heads breezily chatting about their enforcement plans with former co-workers who have huge financial interests resting upon their decisions. The Paulson case, in which information about the rescue of Fannie and Freddie was casually disclosed to a group of hedge fund chiefs before the public knew about it, was a far worse thing than what Gensler is accused of. Gensler, despite his Goldman pedigree, has generally gotten good reviews from Wall Street reform types, and has demonstrated a willingness to help tighten up abuses in the derivatives and commodities markets (including walking back deregulatory actions in the derivatives world that he himself had a role in creating back in the Clinton days). But this business with Corzine will likely be a black eye for him, and rightly so.

But the overall problem, of regulators keeping up their chummy, chatty relationships with Wall Street guys as they make market-altering regulatory decisions, appears to be epidemic. Again, this is an issue where new regulations won't help – we just need different people in charge, people with at least some grasp of the whole propriety thing, who understand that financial friendships have to take a pause when you go to work behind the police tape.
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Old 12-13-2011, 11:59 AM   #582 (permalink)
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Old 12-13-2011, 03:35 PM   #583 (permalink)
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I agree with him mostly. He clearly doesn't understand economics though, and his rant was not about that.

Most OWS are in fact self-entitled assholes. I still want to see reform where we have a middle class again. I'm still angry about bailouts, unneeded wars, no accountability for the rich.

They need to pay up. The bottom 50%...makes no sense to have them pay taxes. Then we have to bail them out with shit like education grants for their kids, food stamps, it's just throwing money in circles with a government beaurocracy in the middle to suck some of it up...
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Old 12-13-2011, 03:57 PM   #584 (permalink)
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I'm gonna be laughing my ass off when I log into yahooka 20 years from now and read this thread again.

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Old 12-13-2011, 06:18 PM   #585 (permalink)
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I wonder what color our names will be as 30-year members...



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Old 12-14-2011, 05:39 AM   #586 (permalink)
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The Protester - Person of the Year 2011 - TIME
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Old 12-26-2011, 12:43 PM   #587 (permalink)
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Growing Wealth Widens Distance Between Lawmakers and Constituents. Why would they work for US when they having nothing in common with US. And some wonder why laws are tailored for big corps. They are hurting everyone else but don't care as long as they are doing well. Not exactly a new revelation or anything, just an opinion substantiated by articles like this, I believe..
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Old 12-27-2011, 08:38 AM   #588 (permalink)
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Growing Wealth Widens Distance Between Lawmakers and Constituents. Why would they work for US when they having nothing in common with US. And some wonder why laws are tailored for big corps. They are hurting everyone else but don't care as long as they are doing well. Not exactly a new revelation or anything, just an opinion substantiated by articles like this, I believe..

So what's your solution then, rich lawmakers making more laws that make the gap wider?

Telling business what they can and can't do (or more importantly how much it'll cost to let you) doesn't work, period. For every law there is fifty lawyers to get around it, to the point where it is an industry in itself.

How about a new set of politicians who won't be swayed by the corporate money machine...


Yeah, sure, no problem.



So really, you shot at me for quite awhile telling me I'm an idiot and I don't know shit.


So then white boy, Mr. Education, have anything to put on the table?
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Old 12-27-2011, 08:49 AM   #589 (permalink)
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*eagerly anticipates Yahookan minds to be the source of the solution no one else could think of*
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Old 12-27-2011, 10:00 AM   #590 (permalink)
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So what's your solution then, rich lawmakers making more laws that make the gap wider?

Telling business what they can and can't do (or more importantly how much it'll cost to let you) doesn't work, period. For every law there is fifty lawyers to get around it, to the point where it is an industry in itself.

How about a new set of politicians who won't be swayed by the corporate money machine...


Yeah, sure, no problem.



So really, you shot at me for quite awhile telling me I'm an idiot and I don't know shit.


So then white boy, Mr. Education, have anything to put on the table?
If you were paying attention then you would have noted that I did offer a simple and easy to implement solution. You make it seem so complicated as law makers would like you to believe. I'll say it again, make lobbying by special interest groups illegal and make political donations limited to $1,000, whether by corporations or individuals, you know, now that the Supreme Douches ruled corps are people.
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Old 12-27-2011, 10:42 AM   #591 (permalink)
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I'll say it again, make lobbying by special interest groups illegal and make political donations limited to $1,000, whether by corporations or individuals, you know, now that the Supreme Douches ruled corps are people.


They tried something like this with judges elections in FL. Limited donations, completely anonymous and doled out in increments other than donation amounts in so no one could ever know who gave what to whom.

Guess what happened, nobody donated a fucking dime to the coffers.


When there is nothing to gain, there is no reason to help.


Why not go all out and have federally funded campaigns limited to $100,000 total expenditure for the entire election?






You will miss the point again and again, as long as you have someone saying what you can and cannot do, or more importantly what your competition can and cannot do you will have corporate funded elections selling corporate funded politicians supporting corporate backed ideas so corporations can make more money.


By dissolving the state, the market will correct (and yo, all you folks posting pics of kids in coal mines be aware this country has NEVER had a 'free market' in the true sense of the concept, it can't.) without fettering from big brother only for it to work from now on you will be responsible for your actions and there will be no one to shove the blame on when you fail.


I said it before, throw the bums out...


I guess I wasn't clear enough, throw the bums out and then bulldoze the fucking building so this bullshit can't happen again.
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Old 12-27-2011, 10:54 AM   #592 (permalink)
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Old 12-27-2011, 11:00 AM   #593 (permalink)
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Old 12-27-2011, 11:04 AM   #594 (permalink)
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Mmmm the zombie apocalypse is so imminent it's delicious.

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Old 12-27-2011, 11:07 AM   #595 (permalink)
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