Helicopter? I assume nickname of Fed Chairman Bernanke characterized as throwing money from a Helicopter to stimulate the economy, ie QE2??
Number of bankers in Jail for Fraud? 0! Costly Injustice. The power of the institutions, money and a $2000 suit. Perhaps a few high profile bond and fund managers were prosecuted but with low probability of accountability fraud is worth the risk.
Milken was indicted on 98 counts of racketeering and securities fraud in 1989 as the result of an insider trading investigation. After a plea bargain, he pled guilty to six securities and reporting violations but was never convicted of racketeering or insider trading. Milken was sentenced to ten years in prison and permanently barred from the securities industry by the Securities and Exchange Commission. After the presiding judge reduced his sentence for cooperating with testimony against his former colleagues and good behavior, he was released after less than two years. In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
"Wake up America" ? I think the mid term elections are an indicator that "the American people" are sleep walking and when awakened have no memory of where they have been.
Helicopter?
ReplyDeleteI assume nickname of Fed Chairman Bernanke characterized as throwing money from a Helicopter to stimulate the economy, ie QE2??
Number of bankers in Jail for Fraud? 0!
Costly Injustice. The power of the institutions, money and a $2000 suit.
Perhaps a few high profile bond and fund managers were prosecuted but with low probability of accountability fraud is worth the risk.
Milken was indicted on 98 counts of racketeering and securities fraud in 1989 as the result of an insider trading investigation. After a plea bargain, he pled guilty to six securities and reporting violations but was never convicted of racketeering or insider trading. Milken was sentenced to ten years in prison and permanently barred from the securities industry by the Securities and Exchange Commission. After the presiding judge reduced his sentence for cooperating with testimony against his former colleagues and good behavior, he was released after less than two years.
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
"Wake up America" ?
I think the mid term elections are an indicator that "the American people" are sleep walking and when awakened have no memory of where they have been.