Oct 17 2009
Wall Street Greed
What do Intel, the Galleon Group and McKinsey & Co have in common? Greed:
Among those accused of insider trading include Raj Rajaratnam, the founder of the $7-billion hedge fund Galleon Group, and two executives at California firms Intel and McKinsey & Co.
Reporting from Los Angeles and New York -Federal authorities shook the often secretive world of hedge funds with the arrests Friday of the billionaire founder of a major New York operation and five others on charges they engaged in extensive insider trading that allegedly netted more than $20 million in illicit profits.
This is looks way too much like the fat cats aligned with the Obama administration playing by their own rules to get rich why everyone else suffers. And I fail to see the distinction between these people and another person in the news:
Rep. Charles Rangel (D-NY) will remain the nation’s top tax-law writer after the House Democratic Caucus voted on Thursday to keep him as chair of the Ways and Means committee.
Rangel, 37-year veteran lawmaker, is being investigate by the House Ethics panel if he inappropriately solicited donations from businesses and four apartments for below-market rates despite the evictions of less influential tenants, and his use of one of these apartments as a campaign office, in violation of city and state regulations.
One of many misdeeds by the Congressman from New York. The only ‘change’ I have seen is the fact the greed and corruption has gotten worse and includes more Democrats. Not a good sign for our young president and his party.
Insider trading is now so common that it is probably the rule at the highest levels, not the exception. This reminds me of probably the best writing I’ve seen on the proximate causes of the meltdown last fall, which is an article by Matt Taibbi in Rolling Stone about some the collapse of Bear Stearns and Lehman which were the events that triggered everything else.
Among other things, it covers one of the most blatant cases of insider trading, one which netted a $270 million profit in 13 days, which the SEC to this day is refusing to investigate. Who are they protecting? Read it and see.
It’s a long and dense read, at 8 pages, but it’s some of the best and most insightful investigative reporting I’ve seen done on the topic, and I (for one) consider it to be absolutely brilliant. It’s rather amazing that none of the major media outlets have paid any attention at all to the stories he relates here, and it’s left to a magazine like Rolling Stone to print what is an absolute bombshell concerning everyday practices at the major Wall Street firms. (might make a suspicious person think that most everyone else is all part of one big, happy, let’s all be friends and not tip over each other’s applecarts club)
You have to work to make your way through it, but it’s worth it. What’s shocking is how blatant and open so much of the theft was, and is. No one is really trying to hide it – apparently
when you own the regulators, you know there’s no need to hide anything.
http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1
The Democrat Party and their cronies are the most corrupt institution this country has seen in a very long time and it is basically due to a press that enables it. If they enable it, they must be benefiting from it.
The bigger the government…..the bigger the greed and corruption.
What is the citizens recourse when all systems fail.
Taxation without representation!
Corrupt politicians who refuse to listen to consult or even let the citizens see what they are doing!
Prosecutors and a court system that will not prosecute the corruptocrats and this goes back to the ham handed, lax, Bush administration and its hands off policy on illegal immigration, Barney Frank, Chris Dood, Charles Rangel and ACORN crimes!
Rampant non prosecuted voter fraud and theft Minnesota!
A press who does not investigate or report the crimes of one party!
What is the recourse for the citizenry?