Tag: Matt Taibbi

Who would have ever thought that these two would ever be on the same page.

Our Congress today is a forum for legalized bribery. One consumer group using information from Opensecrets.org calculates that the financial services industry, including real estate, spent $2.3 billion on federal campaign contributions from 1990 to 2010, which was more than the health care, energy, defense, agriculture and transportation industries combined. Why are there 61 members on the House Committee on Financial Services? So many congressmen want to be in a position to sell votes to Wall Street.

We can’t afford this any longer. We need to focus on four reforms that don’t require new bureaucracies to implement. 1) If a bank is too big to fail, it is too big and needs to be broken up. We can’t risk another trillion-dollar bailout. 2) If your bank’s deposits are federally insured by U.S. taxpayers, you can’t do any proprietary trading with those deposits – period. 3) Derivatives have to be traded on transparent exchanges where we can see if another A.I.G. is building up enormous risk. 4) Finally, an idea from the blogosphere: U.S. congressmen should have to dress like Nascar drivers and wear the logos of all the banks, investment banks, insurance companies and real estate firms that they’re taking money from. The public needs to know.

Capitalism and free markets are the best engines for generating growth and relieving poverty – provided they are balanced with meaningful transparency, regulation and oversight. We lost that balance in the last decade. If we don’t get it back – and there is now a tidal wave of money resisting that – we will have another crisis. And, if that happens, the cry for justice could turn ugly. Free advice to the financial services industry: Stick to being bulls. Stop being pigs.

Can anyone imagine a common thief being caught by police and sentenced to pay back half of what he took? Just one low-ranking individual in that case was charged (case pending), and no individual had to reach into his pocket to help cover the fine. The settlement Goldman paid to to the government was about 1/24th of what Goldman received from the government just in the AIG bailout. And that was the toughest “punishment” the government dished out to a bank in the wake of 2008.

The point being: we have a massive police force in America that outside of lower Manhattan prosecutes crime and imprisons citizens with record-setting, factory-level efficiency, eclipsing the incarceration rates of most of history’s more notorious police states and communist countries.

But the bankers on Wall Street don’t live in that heavily-policed country. There are maybe 1000 SEC agents policing that sector of the economy, plus a handful of FBI agents. There are nearly that many police officers stationed around the polite crowd at Zucotti park.

These inequities are what drive the OWS protests. People don’t want handouts. It’s not a class uprising and they don’t want civil war — they want just the opposite. They want everyone to live in the same country, and live by the same rules. It’s amazing that some people think that that’s asking a lot.

Wonders will never cease

Keith Olbermann interviewed Matt Taibbi of Rolling about the movement and the lack of media attention.

Occupy Wall St. may be gaining strength but it’s not without its critics on the left. Many have applauded the movements support of the 99% in the lower rings of the ladder who will no longer tolerate the greed and corruption if the 1% on the top but the group had indeed yet to articulate any specific demands. While it may be performing a crucial roll in helpng to educate the uninformed abouthow they have been victimized by Wall St. and the “To Big To Fail” banks, the deliberate, almost lack of organization, the self-styles leaderless resistance movement and its refusal to articulate demands, could both hamper its growth and slow its being taken as seriously as it would like to be.

Glenn Greenwald also weighed in on the reasons for the scorn for the protest:

It’s unsurprising that establishment media outlets have been condescending, dismissive and scornful of the ongoing protests on Wall Street.  Any entity that declares itself an adversary of prevailing institutional power is going to be viewed with hostility by establishment-serving institutions and their loyalists.  That’s just the nature of protests that take place outside approved channels, an inevitable by-product of disruptive dissent: those who are most vested in safeguarding and legitimizing establishment prerogatives (which, by definition, includes establishment media outlets) are going to be hostile to those challenges.  As the virtually universal disdain in these same circles for WikiLeaks (and, before that, for the Iraq War protests) demonstrated: the more effectively adversarial it is, the more establishment hostility it’s going to provoke.

Nor is it surprising that much of the most vocal criticisms of the Wall Street protests has come from some self-identified progressives, who one might think would be instinctively sympathetic to the substantive message of the protesters.  In an excellent analysis entitled “Why Establishment Media & the Power Elite Loathe Occupy Wall Street,” Kevin Gosztola chronicles how many of the most scornful criticisms have come from Democratic partisans who — like the politicians to whom they devote their fealty — feign populist opposition to Wall Street for political gain.

One of the chief complaints, besides the “leaderless” and lack of a list of specific demands, that has been heard coming from the left is attire, as Kevin Gosztola noted in his FDL article:

Liberals have shown scorn, too, suggesting the occupation is not a “Main Street production” or that the protesters aren’t dressed properly and should wear suits cause the civil rights movement would not have won if they hadn’t worn decent clothing.

Even the liberal Mother Jones was critical:

Liberals have shown scorn, too, suggesting the occupation is not a “Main Street production” or that the protesters aren’t dressed properly and should wear suits cause the civil rights movement would not have won if they hadn’t worn decent clothing.

Both articles, Greenwald’s and Gosztola’s, need to be read in full to understand not just the reasons that the media is ignoring this movement but why and how Occupy Wall St. happened and continues.

Occupy Wall St. Is now spreading across the country:

‘Occupy Wall Street’ protest slowly spreads across the United States

The protest spread to other cities over the weekend.

A small group of “Occupy Los Angeles” demonstrators marched through the streets of downtown Los Angeles on Saturday to show their support for the protesters in New York City.

“Corporate interests seem to be controlling both parties,” one protester told LAActivist.com. “The ‘little man,’ the ‘American every man,’ just isn’t getting their voice heard. When you need $35,000 to donate to a campaign to get your voice heard, to have a meeting, that’s not democracy.”

“Occupy Los Angeles” protesters plan to begin a demonstration at City Hall on October 1. The “Occupy Los Angeles” Facebook page had nearly 2,000 likes as of Tuesday afternoon.

Another demonstration popped up in Chicago over the weekend. Around 20 “Occupy Chicago” protesters gathered at Willis Tower, formerly known as the Sears Tower, on Friday and then marched to the Federal Reserve Bank. Some protesters have remained camped out in front of the Federal Reserve Bank of Chicago, and the organizers said the “occupation” had grown from 4 people to about 50.

Other “occupation” protests are being planned for Detroit, Denver, Cleveland, Boston, Phoenix, Seattle, Kansas City, Philadelphia, and Washington D.C. The site occupytogether.org has been set up in hopes of coordinating the protests.

I have a message for the the so-called “Left”:

Get off your butts and get behind this movement because unless you are part of the 1%, they are YOU.

Poor Goldman Sachs. According to Megan McArdle, one of the Atlantic Monthly’s Wall St apologists, argued on CNN’s Your Money in a debate with Rolling Stone’s Matt Taibbi that the laws were too confusing and it would be too hard to figure out ig they did anything wrong. While conversely,  she insinuates that those who the toxic assets were sold to should have known what they were buying. Let’s blame the victims.  Megan even admits that she hasn’t read all the documents while Taibbi has. How does Megan have any credibility on this is beyond comprehension. Here are some of the “high” points from the transcript of the video:

MCARDLE: What we have to do is disclose. It’s perfectly legal for a dealership to sell me a car I’m not going to like or that’s too expensive for me. It’s not legal for them to sell me a car that’s not what they represented it as.

And we set certain legal minimum standards and that’s what happened here. At least, John Losera and all the devils who are here argues that he actually has gone through these documents and says that a lot of these things were disclosed. That in fact Goldman laid out in very lengthy detail all of the ways in which this could go wrong. I haven’t read the disclosure documents personally.

TAIBBI: I have.

MCARDLE: There are two competing versions of the story.

VELSHI: Matt, you’ve read them?

TAIBBI: Well, I’ve read all the documents in this report and I’ve also talked to some of the principals in this entire story. I definitely know some of the client that is Goldman was talking about were completely blindsided by the fact that, for instance.

They were buying assets out of Goldman’s own book when they were told that Goldman was buying these assets off the street. They definitely did not make key disclosures that they were legally obligated to make.

The People vs. Goldman Sachs

By Matt Taibbi

A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it.

Thanks to an extraordinary investigative effort by a Senate subcommittee that unilaterally decided to take up the burden the criminal justice system has repeatedly refused to shoulder, we now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn’t leave much doubt: Goldman Sachs should stand trial.

What’s so hard to fathom, Megan? They committed fraud and then lied about the fraud. Lloyd Blenkenfein isn’t too big for a cell next to Bernie Madoff. The Justice Department and Eric Holder needs to get its act together.