TeluGlobe » USA

How money corrupts congress

Ramana — Wed, 14 Dec 2011 07:19:35 +0000

What an amazing talk by Lawrence Lessig! I think this describes the in and out of corruption in US congress and not only is it exposed bare naked, but he actually lays out a plan to stop it without a possible equivalent of french revolution! A must watch to understand politics of U S A. Many of us from India we know what corruption is which we see if we have to visit any government or semi-goverment office in India to get any work done. It is very simple to grasp that. Whereas we don’t see that apparently here in US, we all know there is corruption here otherwise we can’t understand how on earth in a system that looks so bullet-proof can allow such blatant looting by be it wall street or insurance industry or housing finance industry. Well, this video will be an eye-opener for those who believe in this system and an eye-popper for those who knew what the system is and yet could not have explained better. When you hear terms like ‘Socialize the Risk, Privatize Benefits’ it kind of resonates with what many of us are seeing things happening in a helpless way. Please watch this important one.

The talk is almost an hour long but be patient it is really worth watching it in full. First few minutes by the speaker is a bit abstract, but soon it gets interesting.

The Fleecing of Customers: One of the Many Tools in the US Banks’ Toolkit

Admin — Tue, 06 Dec 2011 22:22:22 +0000

For the last decade and half or so, many of the US banks have become beat-up horses for me. If you have not been monitoring your checking account carefully and ended-up paying overdraft fees to banks, you may have been fleeced -- by your bank. Here is an actual account. No further explanation needed.

Citigroup and SEC’s Shapiro Get an Earful from Judge Rakoff

Admin — Mon, 28 Nov 2011 21:55:00 +0000

CitiBank has no business being in business. It failed as a business at least three times in the last twenty years. Got bailed out each time. Not only that, like many other banks where fraud is a business model (thank you, Karl Denninger), Citi got caught committing fraud several times. Each time they were caught, they ‘settled’ the case without admitting any wrong doing. Recently Citi entered another such shady settlement deal with the SEC.

The Court concludes, regretfully, that the proposed Consent Judgment is neither fair, nor reasonable, nor adequate, nor in the public interest.…

Most fundamentally, this is because it does not provide the Court with a sufficient evidentiary basis to know whether the requested relief is justified under any of these standards. Purely private parties can settle a case without ever agreeing on the facts, for all that is required is that a plaintiff dismiss his complaint. But when a public agency asks a court to become its partner in enforcement by imposing wide-ranging injunctive remedies on a defendant, enforced by the formidable judicial power of contempt, the court, and the public, need some knowledge of what the underlying facts are: for otherwise, the court becomes a mere handmaiden to a settlement privately negotiated on the basis of unknown facts, while the public is deprived of ever knowing the truth in a matter of obvious public importance.

…

“In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers,” the judge said. “Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the SEC, of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency’s contrivances.“

Yes. Fraud has long been a business model at Wall Street IBs. They steal billions and settle for millions without admitting any wrong doing or without anybody going to jail.

Just as we have resigned to this fate, finally this one federal judge who stands up to these thieves at IBs and the scoundrels at SEC who breach public trust. Judge Rakoff, kudos, sir!

Poetic Justice: Even Today Good Journalism Matters

Admin — Sun, 27 Nov 2011 00:15:16 +0000

Remember this TG article which talked about a Fraudclosure law firm called Steven J Baum. Joe Nocera, The New York Times columnist who brought the story to focus scored a fantastic moral victory against those leeches at Steven J Baum.

Joe Nocera, NY Times Reporter

Joe Nocera’s latest NY Times column talks about the aftermath.

“Mr. Nocera — You have destroyed everything and everyone related to Steven J. Baum PC. It took 40 years to build this firm and three weeks to tear down.”

Thus began a lengthy e-mail that I received, on Thursday evening, from Steven J. Baum, the owner of his eponymous law firm, the largest “foreclosure mill” in New York State. Foreclosure mills, of course, are firms that represent banks and servicers trying to foreclose on the millions of homeowners who have defaulted since the housing bubble burst.

Baum was referring to a column I had written in late October after a former employee had sent me some photographs of the firm’s 2010 Halloween party. They showed employees wearing costumes that mocked people who had lost their homes; the ex-employee who forwarded the pictures had described them as “appalling.”

..

“There is blood on your hands for this one, Joe,” he wrote at the end of that second e-mail. “I will never, ever forgive you for this.”

I think that’s what they call shooting the messenger.

Lost in the Thanksgiving Holiday week is the news that this Fraudclosure firm headed by a bunch of sociopaths is now closing down.

Well done, Mr. Nocera!

Police Reaction to OWS Protestors: It is Geeting Ugly

Admin — Sun, 20 Nov 2011 21:21:13 +0000

The Pepper Spray Cops of UC Davis

Unbelievable scene, isn’t it?

For years I have been ranting against the unethical behavior of big banks and Wall Street interests. I have been warning about the impending pitch-forks and torches on the main street. This prediction has manifested in the form of Occupy Wall Street exactly two months ago. On September 29th I wrote: And so it Began: the Revolt on the Financiers. There are no signs of the movement losing steam. In fact, pepper-spray incidents like the one at UC Davis are fueling more steam into the movement.

Police pepper spraying and arresting students at UC Davis

There are signs that bankster cartel is getting concerned. In a memo intended for the American Banking Association, a lobbying firm outlines the strategy to defeat OWS at next elections.

The secret proposal has been revealed in a memo obtained by the MSNBC program ‘Up with Chris Hayes’.

The proposal was written on the letterhead of the lobbying firm Clark Lytle Geduldig & Cranford (CLGC) and addressed to one of its clients, the American Bankers Association (ABA), reports MSNBC.

………..

The memo indicates that CLGC would research who has contributed financial backing to OWS, noting that, ‘Media reports have speculated about associations with George Soros and others.’

‘It will be vital,’ the memo says, ‘to understand who is funding it and what their backgrounds and motives are. If we can show that they have the same cynical motivation as a political opponent it will undermine their credibility in a profound way.’

Sam Geduldig, one of the authors of infamous memo on 'investigating' OWS

Read more

(See the memo here)

The lobbying firm is welcome to use TeluGlobe as one of the many internet platforms providing ‘intellectual capital’ for OWS. Not only that, the next time we have a protest on our campus, I plan to join the students in solidarity.

In the Great GOP Race for Greater Idiot the Latest Winner is: Herman Cain

Admin — Tue, 15 Nov 2011 00:47:52 +0000

First it was Dubya. Then came Sarah Palin to one up on W in “intelligence”. Not to be out done by Palin, Michelle Bachman jumped in and made Sara Palin look very smart. Enter Rick Perry and his infamous gaffes.

Herman Cain made all the above look incredibly smart compared to what he pulled today. Look at this interview by Cain. Just look at it! You would think that it would be hard to beat Sara Palin in number of degrees of plain old dumbness. Man, oh, man! Herman Cain, takes the cake in absolute ridiculousness. Oh, my. Look what has happened to the party of Lincoln!

I never thought that “I can see Russia from my front porch” may sound like a relatively better answer.

Zero Hedge absolutely nailed it:

So in the Perry aftermath, is everyone now going for the sympathy “I am just as big an idiot as Dubya” card, or are all Republican candidates seriously insane and/or raving, deranged lunatics? Will it seriously be that difficult to give Ron Paul a full body botox, cut off his frontal lobe, have him grope several women, promise to bomb someone or something, execute a few hundred illegal immigrants, and see him gain 200 extra pounds? Because if that is what it will take to make him “appeal” to the general Joe Sixpack, so be it: if America ends up with one of these other muppets it is doomed. Doomed.

My dear Repubclicore -- listen to me! JUST LISTEN TO ME. We want our President to be smarter than all of us. Not dumber than the dumbest American. Those of you who are voicing support for the likes of Bachman, Perry, and Cain -- jeez, guys! If you mean it when you say you love this country, then stop insulting the intelligence of the voters by bringing these idiots on to the forefront of your party.

Edited:

I now get it: These candidates are not dumb, nor are their supporters. They are waaaaaaaaaaay ahead of their times.

Rick Perry: The Funeral of A Presidential Candidacy

Admin — Sat, 12 Nov 2011 15:09:34 +0000

—————-- The casket has arrived with this debate performance. ——————

http://youtu.be/MuyKVzwg8QE

————-- The Candidate was laid to rest in the casket with this drunk speech —————-

—————-The final nail in the coffin——————--

http://youtu.be/ByGf8lP87HU

Representative Joe Walsh: “Banks Did Nothing Wrong”

Admin — Sat, 12 Nov 2011 14:59:09 +0000

Rep Joe Walsh (R-IL) knows exactly the problem with economy. It is not the banks! Look at the way he yells at his constituents. What an a**hole!

More partisan BS from Walsh

Republican Presidential Candidates Getting Unhinged

Admin — Thu, 03 Nov 2011 01:54:13 +0000

“Excuse me, excuse me!” Bombarded with questions about the sexual harassment charges by various women Herman Cain looses it.

Rick Perry, if you are running for POTUS, don’t drink and give a stump speech. Other than that, no further commentary needed (of course, this is a shorter (juicy) version of the full 25 min speech given by a drunk Perry.

It is now almost certain that Mitt Romney is the GOP nominee for POTUS and Obama will win the re-election.

Joke in Bad Taste or a Parade by Sociopaths?

Admin — Sun, 30 Oct 2011 15:43:21 +0000

These foreclosure firm employees in Halloween costumes of people who were foreclosed upon

If you are looking for classic examples of sociopaths, look no further. From NY Times:

On Friday, the law firm of Steven J. Baum threw a Halloween party. The firm, which is located near Buffalo, is what is commonly referred to as a “foreclosure mill” firm, meaning it represents banks and mortgage servicers as they attempt to foreclose on homeowners and evict them from their homes. Steven J. Baum is, in fact, the largest such firm in New York; it represents virtually all the giant mortgage lenders, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo.

The party is the firm’s big annual bash. Employees wear Halloween costumes to the office, where they party until around noon, and then return to work, still in costume. I can’t tell you how people dressed for this year’s party, but I can tell you about last year’s.

That’s because a former employee of Steven J. Baum recently sent me snapshots of last year’s party. In an e-mail, she said that she wanted me to see them because they showed an appalling lack of compassion toward the homeowners — invariably poor and down on their luck — that the Baum firm had brought foreclosure proceedings against.

When we spoke later, she added that the snapshots are an accurate representation of the firm’s mind-set. (full article)

Go to Columnist Page »

Here is one ambulance chaser riling against other ambulance chasers. The data she is quoting is appalling and true!

America the Devil, Reciting Bible Verses?

Admin — Thu, 13 Oct 2011 23:07:05 +0000

No commentary needed.

RIP Dennis Ritchie, Thank you Sir

Bhanu Prakash — Thu, 13 Oct 2011 14:25:36 +0000

Another sad news. Dennis Ritchie , who invented UNIX and C died October 8th 2011. Whats more important is the news did not hit the mass media until yesterday / today i.e October 13th 2011. Dennis Ritchie is one of the pillars of modern day computing. Without him the foundation behind the cool gadgets we use could not have been possible. I was lucky enough to see him during my employment in Lucent/Bell-Labs. Many a time I wanted to go to his room and ask for a picture. Could not dared that. I am sure many of us started beginning in our career with UNIX/C.

Are you sad ? did C language help you in your career ?
Write your comments.

This picture is from Dennis Ritchie’s web page during his Bell-Labs days.

Jon Stewart: Sarah Palin’s Antics are in the “Nigerian Prince” Territory

Admin — Sat, 08 Oct 2011 00:08:29 +0000

I really feel sorry for those who believe Sarah Palin is anything more than an empty suite. I really do.

Have you noticed Sarah Palin’s childish attack on Chris Christie for getting all the attention from the press? Have you seen her calling “Herb” Cain as the “flavor of the month?”

IMO, she simply acts like a 4 year old who pushes her sibling when the sibling gets all the attention. She cannot take a joke on her. She cannot even recognize a joke when it is on her. She doesn’t even recognize that she herself is a joke. She is not only a bitter woman, she is also a fraud. Just two weeks ago she sent a fund rising letter -- knowing fully well that she is not running. The letter clearly stated that she ‘might’ run for President.

In one of the best episodes of the Daily Show, Jon Stewart compares the half-Governor Sarah Palin’s antics related to fund raising in the name of “Presidential Run” to money laundering letters you receive in the name of a “Nigerian Prince.” Watch this hilarious episode on the sad story called Sarah.

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

R.I.P. Steve Jobs: 1955-2011

Admin — Thu, 06 Oct 2011 00:53:07 +0000

“Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me.”

-Steve Jobs [The Wall Street Journal, May 25, 1993]

Rest in peace, Mr. Jobs. We will miss you, but your legacy lives on. You are a true inspiration to me.

In case you missed, it -- my thoughts about Steve Jobs were articulated here and here.

Too Little Regulation of Banks, Too Much Regulation of Democratic Processes

Admin — Wed, 05 Oct 2011 01:12:24 +0000

Remember this Vanity Fair article: Of the 1%, by the 1% for the 1%? Professor Joseph Stiglitz was at the “Occupy Wall Street” rally and appeared on Lawrence O’Donnel’s show.

“Too little regulation of banks and too much regulation of the democratic processes.”

Well said, professor!

(I don’t agree with everything he said). Watch the interview.

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