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Thursday, December 2, 2010

Corruption, eh, who cares

If you haven't seen the post just before this one, please read it. It has some optimism for a change.

This post, however, rips that optimism away and further proves my point. As previously discussed here, the value of a currency is not just about the amount of printing/currency in circulation, it is about faith that it retains value through law enforcement.

Well, several items where released, about what I consider damning corruption. Often in these cases its just the tip of the iceberg.

Revealed that SEC did not prosecute BAC for illegal activity, due to government financial intervention. My spin : Why didn't the SEC investigate BEFORE government intervention in BAC, that would have been a great reason to not intervene.......

Federal Reserve Bank has revealed it participated in common stock purchases of AIG. According to section 14 of the LAW regulating the Fed, they are forbidden to do so. So the bank that "creates money" uses it to buy stock....interesting.... This is explicitly illegal....no cops to be found.

This part isn't corrupt, but it clearly shows the public wasn't informed. Back in 2008, the Federal Reserve bank made 9 TRILLION in overnight loans. Wow. Total GDP of USA is 14 trillion ish.

This IS corruption to me, but it technically isn't. The web site Wikileaks has been taken out by the government.

This IS corruption to me again, but it technically isn't. Google kicks out prisonplanet from it's service. Can't easily get information out without an international forum.

FDIC prepares to crack down on officials of failed banks. Where are the cops? Why does it take a bank to fail, be liquidated, months if not years to pass, then try to make a case for law enforcement? Could it be FDIC needs to get money from the officials and now decides to report criminal activity in an effort to get funds? What about just plain old enforcement of the law UPON seizure of the banks, freeze the bank officials saving? I deem this corrupt from the perspective the law is not enforced....

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