FT recommended read
A well written book that reinforces the fact that many in law are professional, dedicated and guided by principle. Usually my vision of a "lawyer" is someone telling you to contact him/her about how to get loads of money for an auto crash. If someone is getting millions, I expect them to be in a full-body cast--looking as if they will never be able to work again. And what kind of car were they driving?
Please offer audiobook format for Doing Justice by Bahrara. It's available, and this is obviously a title with lots of interest, as would have been expected. I don't understand why you don't offer audiobook format on more titles.
[UPDATE: https://bettermarkets.com/sites/default/files/Better%20Markets%20-%20Wall%20Street%27s%20Six%20Biggest%20Bailed-Out%20Banks%20FINAL.pdf ]
Reaching the book's coverage of the Valle case, I'd already decided that Bharara was lacking as an attorney, but when he signed on to the Grand Conspiracy Theory of the 2008 financial crisis, it was stunningly obvious:
" . . . . no provable crime has been committed." And, " . . . . without proof of intent to commit crimes."
Many crimes were committed - - millions of times over - - with proof of intent!
Two examples among hundreds: Jack Lew, treasury secretary under Obama, previously with Citigroup's Alternative Assets, where they irresponsibly sold money-back guaranteed CDOs - - which they knew they could never cover, the gov't would have to bail them out, which was why more bailout funds went to Citigroup than any other bank! They committed fraud with intent, and since President Obama appointed Lew as treasury secretary, they were guaranteed to avoid prosecution! [Thanks to that WikiLeaked email of a few years back, we know that Citigroup directed newly elected President Obama to appoint Covington and Burling's Eric Holder as attorney general - - and he did!]
Second, we know that Washington Mutual wrote up fraudulent mortgages on nonexistent homes - - and from the 2010 congressional investigation that they used a "black list" against honest assessors and appraisers who they banned from employment: clearly financial fraud with intent, yet US Attorney Jenny Durkan [presently mayor of Seattle] refused to prosecute!
Bharara offers several flimsy, unsupportable hypotheticals to rationalize his specious claims - - NO DICE, BHARARA!
Where Bharara claims no provable crimes:
>>>Law of Fraudulent Conveyance, plus Sarbanes-Oxley Act [violated millions of times];
>>>Other property/real estate laws [violated millions of times - - "We don't need no stinking chain of title!"];
>>>Contract law [the PSA, or Pooling and Servicing Agreements, i.e., securitization contracts, violated and invalidated millions of times];
>>>The aforementioned nullified their REMIC status - - therefore massive violations of tax laws [millions of times];
>>>Numerous other financial fraud violations against the U.S.C. [millions of times];
>>>Many of the aforementioned committed in conjunction with the rigging of LIBOR rates as well as rigged interest rate swaps - - multi-layered financial fraud involving highly elaborate intent; and,
>>>Within many of those financial machinations massive money laundering occurred - - thus additional crimes committed!
No provable crimes? Or no competently honest US Attorneys?
At this point I stopped reading . . . .
[In the aftermath of the S&L debacle some years back, over 900 bankers were indicted and convicted, with a number of them going to jail, but were the US Attorneys simply more honest back then? Or perhaps too many Preet Bhararas and Jenny Durkans among their ranks today?]
RECAP: There were plenty of crimes committed, millions of times over - - but there were illegal payouts made, such as when Treasury Secretary Paulson pushed for bailouts for AIG, which received $85 billion, and paid out $17 billion to Goldman Sachs on credit default swaps - - those were invalid payouts since they were based upon invalidated securitization contracts [PSAs, or Pooling and Servicing Agreements] - - so all those ever-richer multibillionaires resulting from all those CDS payouts were fundamentally thieves!
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