Apr 09 2012
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This is an Open Thread
Apr 09 2012
Boy, do I feel like an idiot. I’ve been out there on radio and TV in the last few months saying that I thought there was a chance Barack Obama was listening to the popular anger against Wall Street that drove the Occupy movement, that decisions like putting a for-real law enforcement guy like New York AG Eric Schneiderman in charge of a mortgage fraud task force meant he was at least willing to pay lip service to public outrage against the banks.
Then the JOBS Act happened.
The “Jumpstart Our Business Startups Act” (in addition to being a viciously stupid and dishonest law, the Act has an annoying, redundant title) will very nearly legalize fraud in the stock market.
Actually, that’s not putting things in strong enough language. In fact, one could say this law is not just a sweeping piece of deregulation that will have an increase in securities fraud as an accidental, ancillary consequence. No, this law actually appears to have been specifically written to encourage fraud in the stock markets.
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This is like formally eliminating steroid testing for the first five years of a baseball player’s career. Yes, you can pretty much bet that you’ll see a lot of home runs in the first few years after you institute a rule like that. But you’d better be ready to stick a lot asterisks in the record books ten or fifteen years down the line.
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(L)et’s just say this is a dramatic step taken by Barack Obama. Nobody should have any illusions about where he stands on Wall Street corruption after this thing. Boss Tweed himself couldn’t have done any worse.
Speaking of Eric Schneiderman-
CREDO Calls Out Securitization Fraud Task Force: Investigators Not Even Deployed
By: David Dayen, Firedog Lake
Monday April 9, 2012 8:15 am
We have heard very little from that task force since it was inaugurated in January, and CREDO has become the first progressive group to come forward with their concerns. But more is coming. This is the kickoff of a pressure campaign among several groups, querying the Administration in public about what was described to me last week as “the case of the missing task force.”
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This matters not just because of broken promises, but because the foot-dragging has serious consequences. Many of the various types of fraud that this task force is supposed to be investigating have statutes of limitations, some of which will run out on the very last securitization deals completed before the housing bubble collapsed. There are several 10-year statutes of limitations, particularly through the federal law FIRREA. But other statutes have a 5-year limit, and the last deals were made in 2007. So this looks suspiciously like running out the clock.The Administration obviously must answer these charges, and I’ll try to get some clarity on that today. But Eric Schneiderman’s office needs to also speak up. Schneiderman and his staff said specifically that they would walk from the task force if they felt it wasn’t living up to the promises made to him in terms of resources and will. We’re only three months in, but that looks exactly like what’s happening. If there are bad actors blocking investigations, Schneiderman needs to say it, as he vowed to do.
When the coalition seeking accountability from the banks acquiesced to a settlement on foreclosure fraud with the hope that this task force would bring the investigations, prosecutions and relief needed, they said that election-year pressures would force something real to come about. That has proven so far to be a chimera. We shall see if they can elevate the issue again, with less leverage thanks to the settlement’s completion.
Apr 09 2012
Adapted from The Stars Hollow Gazette
Now for a little irreligious relevance as only George cold do it. I’m here for the chocolate and Peeps.
Between you and me, in any decent universe, this guy would have been out on his all powerful ass a long time ago. By the way, I say “guy” because I firmly believe. looking at these results, that if there is a god it has to be a man, no woman could, or would, ever fuck things up this bad. ~ George Carlin
Apr 09 2012
Cross posted from The Stars Hollow Gazette
This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.
Find the past “On This Day in History” here.
April 9 is the 99th day of the year (100th in leap years) in the Gregorian calendar. There are 266 days remaining until the end of the year.
On this day in 1865, Confederate General Robert E. Lee surrendered his Army of Northern Virginia at the McLean House in the village of Appomattox Court House. In an untraditional gesture and as a sign of Grant’s respect and anticipation of peacefully restoring Confederate states to the Union, Lee was permitted to keep his sword and his horse, Traveller.
At Appomattox, Virginia, Confederate General Robert E. Lee surrenders his 28,000 troops to Union General Ulysses S. Grant, effectively ending the American Civil War. Forced to abandon the Confederate capital of Richmond, blocked from joining the surviving Confederate force in North Carolina, and harassed constantly by Union cavalry, Lee had no other option.
In retreating from the Union army’s Appomattox Campaign, the Army of Northern Virginia had stumbled through the Virginia countryside stripped of food and supplies. At one point, Union cavalry forces under General Philip Sheridan had actually outrun Lee’s army, blocking their retreat and taking 6,000 prisoners at Sayler’s Creek. Desertions were mounting daily, and by April 8 the Confederates were surrounded with no possibility of escape. On April 9, Lee sent a message to Grant announcing his willingness to surrender. The two generals met in the parlor of the Wilmer McLean home at one o’clock in the afternoon.
Lee and Grant, both holding the highest rank in their respective armies, had known each other slightly during the Mexican War and exchanged awkward personal inquiries. Characteristically, Grant arrived in his muddy field uniform while Lee had turned out in full dress attire, complete with sash and sword. Lee asked for the terms, and Grant hurriedly wrote them out. All officers and men were to be pardoned, and they would be sent home with their private property–most important, the horses, which could be used for a late spring planting. Officers would keep their side arms, and Lee’s starving men would be given Union rations.
Shushing a band that had begun to play in celebration, General Grant told his officers, “The war is over. The Rebels are our countrymen again.” Although scattered resistance continued for several weeks, for all practical purposes the Civil War had come to an end
Apr 09 2012
Last time we discussed lean finely textured beef, commonly referred to as pink slime. Tonight we shall finish this short series by discussing two other forms of recovered meat.
Mechanically separated meat is derived from a process that dates back to around forty or a few more years. A newer process is called advanced meat recovery and has certain advantages over the older processes for some applications, but the older process is still used in others.
These products are in LOTS of prepared foods and interestingly are subject to a higher degree of regulation than lean finely textured beef, at least for beef products. Please join for the discussion to follow.
