Where Will The FBI Investigation of Wall Street Banks Take Them?

What a tangled web of lies they weave; our politicians that is.  We are staring at the worst financial meltdown of our economy since the Great Depression and our leaders like Nancy Pelosi, Chris Dodd,  Barney Frank and Barack Obama are all patting each other on the back for a job well done while effectively selling us, our children’s and grandchildren’s economic stability down the river with this $????? Wall Street Bailout Bill.  They seem to think that this corporate welfare, pork laden bill is going to be the answer to what is ailing our economy while most economists and the American public are saying otherwise.  Our Congress just added more than a trillion dollars to our 9 trillion dollar debt.  I watched as the market on Friday went from +250 to -157 after they passed that obamanation of a bailout bill.  Thanks for that Nancy.  I hope that the FBI is also investigating the payments made to your husband from your PAC. Will the FBI be investigating Chris Dodd on that sweetheart mortgage mess that broke in June, 2008; with this follow up in August; and is the investigation that we read about back on September 24th stalling somewhere in the halls of the beltway?  For those of you that probably have not heard this story in all the fire and brimstone of the market collapsing, it was first reported in the Guardian.UK (nice, huh?); FBI Investigates Four Wall Street Firms Over Sub-Prime Meltdown. Have any of you heard a peep about this in the last 9 days?

According to the Guardian:

The FBI is investigating four Wall Street institutions at the heart of the financial crisis over their role in the sub-prime mortgage meltdown, it emerged today.

Reports said preliminary investigations into potential corporate fraud at the US mortgage finance giants Fannie Mae and Freddie Mac, the insurer American International Group and the investment bank Lehman Brothers had been opened.

They are among 26 companies being scrutinised by the FBI. Freddie Mac, Fannie Mae and AIG were bailed out by the government in the last fortnight, while Lehman Brothers filed for bankruptcy.

Senior executives at the companies are also believed to be in the FBI’s sights, while the securities and exchange commission is also reportedly assessing possible civil fraud claims against the four firms.

snip

“Where we find evidence of criminal wrongdoing, we will prosecute.”

snip

The FBI is known to have demanded information from Goldman Sachs, Morgan Stanley and – prior to its collapse – Bear Stearns.

In June, two Bear Stearns executives were arrested over charges that they misled investors as the subprime market began to disintegrate.

“Where we find evidence of criminal wrongdoing, we will prosecute.”  Does that mean they will be investigating the Congress; and specifically the Democrats, whose campaigns profited from Fannie and Freddie campaign donations?  At what point will some patriot inside the Congress come forward with legislation that states that campaign donations from corporations should be illegal?  According to Dominic Lawson of The Independent: Democrat Fingerprints are all over the financial crisis:

Of all the characteristics of a successful politician, none is more essential than bare-faced cheek. Never has this been more evident than in the past fortnight, as senior Democrat members of the US legislature have sought to lay all the blame for the country’s financial crisis on the executive arm of Government and Wall Street.

Neither of these two institutions is blameless – far from it. Yet when I see such senior Democrats as Barney Frank, Chairman of the House Financial Services Committee, and Christopher Dodd, Chairman of the Senate’s Banking Committee, play the part of avenging angels – well, I can only stand in silent awe at the sheer tight-bottomed nerve of it. These are men with sphincters of steel.

What is the proximate cause of the collapse of confidence in the world’s banks? Millions of improvident loans to American housebuyers. Which organisations were on their own responsible for guaranteeing half of this $12 trillion market? Freddie Mac and Fannie Mae, the so-called Government Sponsored Enterprises which last month were formally nationalised to prevent their immediate and catastrophic collapse. Now, who do you think were among the leading figures blocking all the earlier attempts by President Bush – and other Republicans – to bring these lending behemoths under greater regulatory control? Step forward, Barney Frank and Chris Dodd.

In September 2003 the Bush administration launched a measure to bring Fannie Mae and Freddie Mac under stricter regulatory control, after a report by outside investigators established that they were not adequately hedging against risks and that Fannie Mae in particular had scandalously mis-stated its accounts. In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives’ bonuses were linked – by a stunning $9.3billion. Between 1998 and 2003, Fannie Mae’s executive chairman, Franklin Raines, picked up over $90m in bonuses and stock options.

Yet Barney Frank and his chums blocked all Bush’s attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush’s initiative, Frank declared: “The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially.” His colleague on the committee, the California Democrat Maxine Walters, said: “There were nearly a dozen hearings where we were trying to fix something that wasn’t broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines.”

When Mr Raines himself was challenged by the Republican Christopher Shays, to the effect that his ratio of capital to assets (that is, mortgages) of 3 per cent was dangerously low, the Fannie Mae boss retorted that “our assets are so riskless, we could have a capital ratio of under 2 per cent”.

read the rest here.

But according to our nemesis, Nancy Pelosi, “Pelosi: Dems bear no responsibility for economic crisis” from The Hill:

House Speaker Nancy Pelosi, when asked Tuesday whether Democrats bear some of the responsibility regarding the current crisis on Wall Street, had a one-word answer: “No.”

Pelosi (D-Calif.) ripped President Bush’s “mismanagement” of the economy and a lack of regulation that led to the current situation.

“I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of these financial institutions,” Pelosi told MSNBC.

When asked whether the Democrats “deserve some responsibility” regarding the economic crisis, Pelosi responded: “No.”

“John McCain said that this is a result of overregulation by the Democrats in Congress,” she added. “Either he doesn’t know what he’s talking about or he’s misrepresenting the facts as he knows them. But it’s simply not true.”

I wonder what Nancy would have to say about the research that has been done on the dems and the sub-prime mortage meltdown?  How would she “explain” her way out of this lie?

TheMouthPeace came up with this video and I am not exactly sure how many times (2-3) it was banned by YouTube due to music copyright infringement claims by the music companies.  TMP now has a version that seems to be holding it’s own for a few days and it is well worth watching again.  “Burning Down The House: What Caused Our Economic Crisis”.  Make sure you have your mouse ready to hit pause because there is a massive amount of information and it flies by.  I checked the references stated within the video and they are true and correct.

http://www.youtube.com/v/1RZVw3no2A4&hl=en&fs=1

After having watched that, I come to my next point.  TMP states that Jim Johnson, Obama’s buddy and former employee, is on the board of Goldman Sachs; which our government has just pumped millions into along with Morgan Stanley to keep these two banks afloat. According to Goldman, here are Mr. Johnson’s stats:

Mr. Johnson has been a Vice Chairman of Perseus, L.L.C., a merchant banking and private equity firm, since April 2001. From January 2000 to March 2001, he served as Chairman and Chief Executive Officer of Johnson Capital Partners, a private investment company. From January through December 1999, he was Chairman of the Executive Committee of Fannie Mae, having previously served as its Chairman and Chief Executive Officer from February 1991 through December 1998 and its Vice Chairman from 1990 through February 1991. Mr. Johnson has been a director of Goldman Sachs since May 1999. Mr. Johnson is on the boards of the following public companies in addition to Goldman Sachs: Forestar Real Estate Group, Inc. and Target Corporation. In addition, he is affiliated with certain non-profit organizations, including as Chairman Emeritus of the John F. Kennedy Center for the Performing Arts, as a member of each of the American Academy of Arts and Sciences, the American Friends of Bilderberg, the Council on Foreign Relations and The Trilateral Commission, and as an honorary trustee of The Brookings Institution. (More on Bilderberg at a later date)

Barack Obama has been involved with these people from the start, yet denounces them as the creators of this mess.   What does this say about his integrity?  In March, 2008; Bloomberg reported this:

March 31 (Bloomberg) — Democratic presidential candidate Barack Obama called Countrywide Financial Corp., the biggest U.S. mortgage company, an example of what’s wrong in today’s economy and a political culture dominated by corporate lobbyists.

snip

“What’s wrong with this picture?” Obama asked a crowd today in Lancaster, Pennsylvania. “These are the folks who are responsible for infecting the economy and helping to create a home foreclosure crisis — 2 million people may end up losing their homes.”

These are the folks that are responsible for financing Barack Obama’s campaign.  Is that too harsh a description?  If you do not have OpenSecrets.org on speed click, do so now.  Countrywide contributed $22,900 to Barack’s campaign, $20,000 to Chris Dodd and Barney Frank received $11,000.  Fannie Mae gave Barack $126,349 and $165,400 went to Chris Dodd.

Remember Jim Johnson, Barack’s former employee and vice-presidential vetter who is on the board of Goldman Sachs?  According to MarketWatch; More Severe Recession Now Forecast By Goldman Sachs:

10/3/08 WASHINGTON — The U.S. recession will be “significantly deeper” than they previously thought, Goldman Sachs economists predicted Friday in a research note. The economy will probably show no growth at all between the middle of 2008 and the middle of 2009, with gross domestic product falling 2% this quarter and 1% next, they said. Two other quarters will show 0% GDP growth. The unemployment rate will likely rise to 8% by the end of next year from 6.1% currently.

Who can keep track of the intricate web of money and coverups; and why do we have to read investigative reporting in British Newspapers?

Are you tired of screaming at your TV every time our politicians get behind a podium and lie?

I know Bill O’Reilly is and Barney Frank deserves much more than this:

http://www.youtube.com/v/rz-d6WPTXa8&hl=en&fs=1

UPDATE:

RightChange.Org has 4 new videos out.  Here is the one that is applicable to this subject:

http://www.youtube.com/v/SP7QbjjJi6A&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&fs=1

UPDATE: 10/7/08:

I have been digging and digging and there seems to be a media blackout on this topic.  I will keep you updated when and IF I find anything to follow up on this story.

Image courtesy of Funerella.com
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Comments
16 Responses to “Where Will The FBI Investigation of Wall Street Banks Take Them?”
  1. ms mississippi says:

    Like you, Diamond Tiger, I too am tired of the liars and thieves in Congress and in the Democratic party, a party that I affiliated with for 30 years. No mas.

    Hopefully, the FBI will prosecute offenders in Congress and on Wall Street. We cannot wait, though. On Nov. 4th, we the people need to send home as many incumbants as possible. Then, in 2010 and 2012, we need to recruit and put forth independent-minded patriots for every Congressional district and Senate seat. Perhaps you, Diamond Tiger!

  2. Diamond Tiger says:

    Mahalo for the lovely compliment Ms. Mississippi but I unfortunately am one of those independent thinkers that does not fit the mold of a politician; and yes, it has already been proposed more than once. I am happy right where I am.

    I must say though, you are in the running for the Logistics Monster’s best nickname for Bambi Obama with your nickname Dali Bama. I laughed so hard when I read that. Will keep you posted.

  3. cookiegramma says:

    Unfortunately the type of person who normally runs for higher office in politics is not overly upstanding or honest. I can remember back many years ago, my father was asked to run for a higher position than local town politics. He thanked the people and said no, that he was too honest a person to win. Look at what has occurred since the primaries. Many Clinton supporters have flown in all directions because we don’t believe Obama is qualified to be president. Where are the Clintons or any of the pther democrats who ran against him, out singing his praises. I am not dissing the Clintons, but for their political lives they must lie all the time and step along the party lines. Until this country rises up and demands that this type of control over politicians changes it will continue. There is almost no chance for even standing up and saying what you really believe and living to run another day. Look at what the politicains in Ct want to do to senator Leibermann. To be honest, his stand now is the first time I have ever respected him.

  4. Amy says:

    The story that needs to be told over and over and over again is ACORN. Obama was one its lawyers. Obama helped sue Citibank to make them hand out more subprime loans. Obama trained ACORN agitators who forced banks to give out subprime loans.

    McCain introduced legislation to stop Fanny and Freddy. It never made it out of Committee based TOTALLY on a party vote.

    God help us all if McCain and 527’s don’t start telling the truth about how dirty Obama’s hands are. We are about to put the fox in the chicken coop.

    Obama’s greatest inspiration is Sol Alinsky. But he’s the only persoon in Chicago who didn’t know Rezko was a shady-dealing influance peddler. He was the only person in Chicago who didn’t know what Rev Wright stood for (BTW, am I the only one who’s thinking that proverty is a pretty good business? Rev WRight’s million dollar plus house and $10 million fund he has access to for personal use?)

  5. Amy says:

    2:30 PM EDT, Fox News is running an invesigative report on the economic meltdown. They are naming names and following the political money trail.

    It all goes back to ACORN, Barack Obama and Freddy and Fanny’s “friends” in Congress. Those who think Bush is the antichrist, aren’t going to like the fact that his Administration started trying to get Freddy and Fanny corruption under control in his first year in office and again in 2004 and McCain tried again in 2005. Guess who stopped them? Countrywide, Freddy, Fanny and their tools in Congress: Dodd, Barney Frank, Chuck Schumer, the entire Black Caucus and The One himself.

    I’m a Republican. I worked for a guy named Goldwater. I love this country and believe it’s strongest when there are TWO viable political parties. The economy needs a bail-out and Democrats need to take their party back. We are headed toward a one-party country: a party that controls two branches of government and controls the purse strings that will dole out money to their philosophical soul-mates, such as ACORN and open borders and who will give Europe a veto over our rights and sovereignty. No I am not a right-wing nut. I’m well read and eschew the extremists who seemed to take over MY party. I’m a Goldwater Republican which means I believe in the rights and responsibilities of the individual. I believe in national defense. I believe that when we demand a risk free existence, we give up that wonderful spark of creativity and striving that separates us from the rest of the animal kingdom.

    Obama’s cult is right now out stealing the election via ACORN. The MSM is right now producing propaganda instead of news. They are absolutely complicit in hiding the Obama agenda and foul tactics that couldn’t survive the light of day and which stole the election from Clinton.

  6. Dale says:

    We listened to the FOX news special Sunday evening regarding Barack Obama’s ties with ACORN (Association of Community Organizations for Reform) and others. We need Barack Obama to speak to this information with specifics. We are not willing to risk the FREEDOM that Americans enjoy even if only 10% is true.

    It appears that much is about to surface from FBI investigations, etc. as to how the potential financial melt down of our economy was orchestrated by ACORN and others that would see our government move toward Socialism. Fox News painted a very real scenario in great detail. Now it is up to MSNBC or preferably Barack Obama to give the American people specific facts that would prove the Fox News story 100% false.

    At a time like this, we all need to become Americans. Not Republicans or Democrats. Just Americans. Government will not rescue us if we are not willing to do it ourselves. We must all listen very closely with unbiased ears to both sides. Our FREEDOM is just too precious to do otherwise.

  7. Diamond Tiger says:

    Dale,
    read some more of the monster…we are americans first and as for MSNBO investigating anything; forget it. They and CNN are so far in the tank a person can no longer see them. Unfortunately, Fox is actually correct. I have not yet seen a story that wasn’t true on Fox. The question is, how high was the price that Fox was asking for and that Barack wouldn’t pay….

  8. Besa says:

    foreign funding of this election needs an investigation:

    http://www.iranpressnews.com/english/source/045318.html

  9. Diamond Tiger says:

    Besa,
    It is a good idea not to piss off the blog owner – got it?
    I will allow your comments as long as they are credible and polite.

  10. Besa says:

    Thank you!!!

    Anyone with any familiarity with “security clearance background checks” knows that Obama cannot meet the needed criteria. Questions like Ayers, that church and drug use are the usual disqualifiers for everybody else. How can he be considered for the position of commander in chief of the U.S.A if a security clearance may not be issued for him?

  11. Besa says:

    one more piece on the friendship between the Iranin terrorists and the Obama fascist front:

    http://www.iranpressnews.com/english/source/048219.html

  12. cacky says:

    I forgot to say thank you for this site. It is greatly appreciated!

  13. Great info.Very good article.Bookmarked your blog plz keep it up 🙂

  14. Mark Glasser says:

    Any FBI investigation of Wall Street Banks
    should encompass in depth scrutiny of Goldman Sachs Managing Director, David Lawrence who maintains an apparent reputation and personna on Wall Street as Head of the Dirty Tricks Department for Goldman Sachs. It is this writer’s contention that investigating the activities of David Lawrence may prove to a time effective exercise. In my experience where David Lawrence empowered the Elder Abuse of Lillian Glasser, it appeared that David Lawrence was extremely arrogant and may have seen little reason to effectively cover his tracks. If Mr Lawrence was so cavalier and
    arrogant on larger scale actiities, needs to be determined.
    Mark Glasser Miami, Florida

  15. Some more tips would be great as real estate loans do change often. Plus more experiences are appreciated.

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