Cross posted from The Stars Hollow Gazette

Mitt Romney made his wealth an issue of the campaign when he touted his business acumen as head of Bain Capital where he made most of his fortune. Romney has already said that he will not release anymore returns than his 2010 tax return and an estimate for 2011. In a lame defense of this refusal, Romney has said that, “I pay all the taxes that are legally required, not a dollar more,” claiming that the problem is not him but the tax laws. But you know you have problems when you have neo-conservatives like Bill Kristol and George Will along with 18 other prominent Republicans, telling you to release the returns. Nope, Mitt is sticking with his story and sent the missus out to put her foot in her mouth down:

Mitt Romney’s wife is reinforcing her husband’s refusal to make public several years of tax returns, saying “we’ve given all you people need to know” about the family’s finances.

“You people”? A bit condescending there, Annie.

Mitt made this an issue as Eugene Robinson notes that it just makes it all that much more suspicious:

Mitt Romney has every right to cloak his personal and professional finances in secrecy-and voters have every right to assume he has something embarrassing to hide. If this seems unfair, Romney has only himself to blame. [..]

Romney has spent the better part of a decade running for president. Did it never occur to him that if he ever won the Republican nomination, surely there would come a time when he was under pressure to release multiple years’ worth of tax returns? Did he think everyone would forget that it was his own father, George Romney, who set the modern standard for financial disclosure? Did he not recall that when he was being considered for the vice presidential nod four years ago, he furnished tax returns spanning more than two decades to the John McCain campaign?

Clearly he knew the subject would come up. The only reasonable conclusion to draw is that Romney believes that while stonewalling on his taxes may cost him some support, releasing them would cost him more.

Jon Stewart added his analysis of “The Romney Returns”

Cross posted from The Stars Hollow Gazette

If you think for that the Justice Department in this administration is going to prosecute or regulate any of the people who were involved in the LIBOR scandal, erase that thought. Regardless of any evidence the government may have now or in the future that would send the average trader to prison for life, the main goal for Attorney General Eric Holder is to protect the banksters from prosecution. There was no reason to give immunity from prosecution of the Commodities Exchange Act. Since the government already had the e-mails, they had enough to issue subpoenas and arrest warrants. Instead, Holder’s office gave them immunity from prosecution:

A crucial element in any prosecution is criminal intent, and it’s plain from the Barclays e-mails that various participants knew that what they were doing was wrong. As one Barclays trader put it in e-mails to traders at other banks, “don’t talk about it too much,” “don’t make any noise about it please” and “this can backfire against us.”

Faced with what would seem to be an open-and-shut case, how did the Justice Department proceed? Barclays entered into a nonprosecution agreement in which the United States government agreed not to prosecute Barclays as long as it met its other obligations under the agreement, including continued cooperation in what the government said was an investigation still under way. Barclays also received a conditional grant of immunity from the antitrust division. [..]

The United States government “had the smoking guns,” Professor (John C.) Coffee said, and “it could have demanded its price from Barclays,” including a guilty plea to a crime. At the same time, the agreement “isn’t surprising,” he said. “The Department of Justice has done this in almost every major case since the collapse of Arthur Andersen.” (Andersen was the accounting firm indicted after the collapse of Enron.)

Glen Ford nails precisely why there will be no prosecutions, since the ultimate aim is “protecting the banks from the consequences of their crimes:”

“The reason Eric Holder is staging criminal investigations is because that’s the only way he can protect the bankers, through immunities and by gradually narrowing the scope of the case.”

The Obama Justice Department is in theater mode, again, pretending to threaten the bankster class with criminal penalties – prison time! – for their manipulation of the global economy’s benchmark interest rates. The Justice Department claims to be building criminal and civil cases in the LIBOR scandal, which in sheer scope is the biggest fraud by international capital in history. But that’s all a front, a farce. Barack Obama has spent his entire presidency protecting Wall Street, starting with his rescue of George Bush’s bank bailout bill after it’s initial defeat in Congress, in the last days of Obama’s candidacy. He packed his administration with banksters, passed his own bailout and, in collaboration with the Federal Reserve, channeled at least $16 trillion dollars into the accounts of U.S. and even European banks – by far the greatest transfer of capital in the history of the world. Obama has reminded the banksters that it was he who saved them from the “pitchforks” of an outraged public. He pushed through Congress so-called financial reform legislation that left derivatives – the deadly instruments of mass financial destruction that were at the heart of the meltdown – untouched. [..]

Now Obama and Holder are playing the same diversionary game, making tough noises about criminal investigations of the LIBOR conspirators. But the Justice Department has already given immunity to Barclay’s Bank, of Britain, and to the Swiss banking giant UBS. More immunities will follow. The reason Eric Holder is staging criminal investigations is because that’s the only way he can protect the bankers, through immunities and by gradually narrowing the scope of the case. In the end, there will be settlements all around, and the banksters will move on to even more fantastic heights of criminality – thanks to the loyal, protective hands of President Obama.

Prosecutions? Don’t hold you breath.

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.

Click on images to enlarge

July 21 is the 202nd day of the year (203rd in leap years) in the Gregorian calendar. There are 163 days remaining until the end of the year.

On this day in 1861, the first battle of Bull Run.. In the first major land battle of the Civil War, a large Union force under General Irvin McDowell is routed by a Confederate army under General Pierre G.T. Beauregard. . . .

On the morning of July 21, hearing of the proximity of the two opposing forces, hundreds of civilians–men, women, and children–turned out to watch the first major battle of the Civil War. The fighting commenced with three Union divisions crossing the Bull Run stream, and the Confederate flank was driven back to Henry House Hill. However, at this strategic location, Beauregard had fashioned a strong defensive line anchored by a brigade of Virginia infantry under General Thomas J. Jackson. Firing from a concealed slope, Jackson’s men repulsed a series of Federal charges, winning Jackson his famous nickname “Stonewall.”

Meanwhile, Confederate cavalry under J.E.B. Stuart captured the Union artillery, and Beauregard ordered a counterattack on the exposed Union right flank. The rebels came charging down the hill, yelling furiously, and McDowell’s line was broken, forcing his troops in a hasty retreat across Bull Run. The retreat soon became an unorganized flight, and supplies littered the road back to Washington. Union forces endured a loss of 3,000 men killed, wounded, or missing in action while the Confederates suffered 2,000 casualties. The scale of this bloodshed horrified not only the frightened spectators at Bull Run but also the U.S. government in Washington, which was faced with an uncertain military strategy in quelling the “Southern insurrection.”

Bull Run was the largest and bloodiest battle in American history up to that point. Union casualties were 460 killed, 1,124 wounded, and 1,312 missing or captured; Confederate casualties were 387 killed, 1,582 wounded, and 13 missing. Among the latter was Col. Francis S. Bartow, who was the first Confederate brigade commander to be killed in the Civil War. General Bee was mortally wounded and died the following day.

Union forces and civilians alike feared that Confederate forces would advance on Washington, D.C., with very little standing in their way. On July 24, Prof. Thaddeus S. C. Lowe ascended in the balloon Enterprise to observe the Confederates moving in and about Manassas Junction and Fairfax. He saw no evidence of massing Rebel forces, but was forced to land in Confederate territory. It was overnight before he was rescued and could report to headquarters. He reported that his observations “restored confidence” to the Union commanders.

The Northern public was shocked at the unexpected defeat of their army when an easy victory had been widely anticipated. Both sides quickly came to realize the war would be longer and more brutal than they had imagined. On July 22 President Lincoln signed a bill that provided for the enlistment of another 500,000 men for up to three years of service.

The reaction in the Confederacy was more muted. There was little public celebration as the Southerners realized that despite their victory, the greater battles that would inevitably come would mean greater losses for their side as well.

Beauregard was considered the hero of the battle and was promoted that day by President Davis to full general in the Confederate Army. Stonewall Jackson, arguably the most important tactical contributor to the victory, received no special recognition, but would later achieve glory for his 1862 Valley Campaign. Irvin McDowell bore the brunt of the blame for the Union defeat and was soon replaced by Maj. Gen. George B. McClellan, who was named general-in-chief of all the Union armies. McDowell was also present to bear significant blame for the defeat of Maj. Gen. John Pope’s Army of Virginia by Gen. Robert E. Lee’s Army of Northern Virginia thirteen months later, at the Second Battle of Bull Run. Patterson was also removed from command.

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.

July 20 is the 201st day of the year (202nd in leap years) in the Gregorian calendar. There are 164 days remaining until the end of the year.

On this day in 1881, Sitting Bull surrenders.

Five years after General George A. Custer’s infamous defeat at the Battle of Little Bighorn, Hunkpapa Teton Sioux leader Sitting Bull surrenders to the U.S. Army, which promises amnesty for him and his followers. Sitting Bull had been a major leader in the 1876 Sioux uprising that resulted in the death of Custer and 264 of his men at Little Bighorn. Pursued by the U.S. Army after the Indian victory, he escaped to Canada with his followers.

Surrender

Hunger and cold eventually forced Sitting Bull, his family, and nearly 200 other Sioux in his band to return to the United States and surrender on July 19, 1881. Sitting Bull had his young son Crow Foot surrender his rifle to the commanding officer of Fort Buford. He told the soldiers that he wished to regard them and the white race as friends. Two weeks later, Sitting Bull and his band were transferred to Fort Yates, the military post located adjacent to the Standing Rock Agency.

Arriving with 185 people, Sitting Bull and his band were kept separate from the other Hunkpapa gathered at the agency. Army officials were concerned that the famed chief would stir up trouble among the recently surrendered northern bands. On August 26, 1881, he was visited by census taker William T. Selwyn who counted twelve people in the Hunkpapa leader’s immediate family. Forty-one families, totaling 195 people, were recorded in Sitting Bull’s band. The military decided to transfer him and his band to Fort Randall, to be held as prisoners of war. Loaded onto a steamboat, Sitting Bull’s band, now totaling 172 people, were sent down the Missouri River to Fort Randall. There they spent the next 20 months. They were allowed to return to the Standing Rock Agency in May 1883.

Cross posted from The Stars Hollow Gazette

As if rate fixing wasn’t bad enough, HSBC, Europe’s largest bank, has been caught laundering money for Mexico, Iran and Syria:

The bank failed to monitor a staggering £38trillion of money moving across borders from places that could have posed a risk, including the Cayman Islands and Switzerland. The failures stretched to dealings with Saudi Arabian bank Al Rajhi, which was linked to the financing of terrorism following 9/11.

HSBC’s American arm, HBUS, initially severed all ties with Al Rajhi. But it later agreed to supply the Saudi bank with US banknotes after it threatened to pull all of its business with HSBC worldwide.

According to the report, HBUS also accepted £9.6billion in cash over two years from subsidiaries without checking where the money came from.

In one instance, Mexican and US authorities warned HSBC that £4.5billion sent to the US from its Mexican subsidiary ‘could reach that volume only if they included illegal drug proceeds’. [..]

The Senate probe also examined banking HSBC did in Saudi Arabia with Al Rajhi Bank, which the report said has links to financing terrorism.

Evidence of those links emerged after the Sept 11, 2001 attacks on the United States, the Senate report said, citing U.S. government reports, criminal and civil legal proceedings and media reports. [..]

Some of the money that moved through HSBC was tied to Iran, the report said, which would violate U.S. prohibitions on transactions tied to it and other sanctioned countries.

To conceal the transactions, HSBC affiliates used a method called ‘stripping,’ where references to Iran are deleted from records. HSBC affiliates also characterized the transactions as transfers between banks without disclosing the tie to Iran in what the Senate report called a ‘cover payment.’ [..]

So just how embarrassing is this? Obviously enough that HSBC’s chief compliance officer, David Bagley tendered his resignation during his Senate hearing testimony:

David Bagley, the head of compliance for the British bank since 2002, broke from his prepared testimony to tell the Senate Permanent Subcommittee on Investigations that “now is the appropriate time for me and for the bank for someone new to serve as the head of group compliance.”

They don’t need no stinking regulation, that might hurt those “job creators.”  

Cross posted from The Stars Hollow Gazette

The consequences of Defense Secretary Leon Panetta’s loose lips with secret information about the informant in the assassination of Osama bun Laden in Pakistan, has put many lives at high risk.

More Damage from Panetta’s Vaccine Ruse: UN Doctor on Polio Vaccine Drive Shot; Hundreds of Thousands Denied Polio Vaccine

by Jim White at emptywheel

As one of only three countries in the world where polio is still endemic, Pakistan launched a three day vaccination drive yesterday with a target of vaccinating the 318,000 children in North and South Waziristan who have not received their vaccinations. Across all of Pakistan, the goal is to vaccinate 34 million children under the age of five. The drive is being held despite a push by the Taliban to prevent vaccinations in tribal areas. The Taliban’s ban on vaccinations is aimed at stopping US drone strikes in the tribal areas and is in response to the vaccination ruse by the CIA.  Dr. Shakeel Afridi pretended to be doling out hepatitis vaccines in a failed attempt to retrieve DNA samples for the CIA from the bin Laden compound when it was under surveillance prior to the attack that killed Osama bin Laden. Today, a UN doctor and his driver were wounded when a shooter opened fire on them in Karachi. The doctor was reported to be working on the vaccine program. [..]

It seems that Leon Panetta’s approval of and subsequent public confirmation of Afridi’s vaccine ruse is a problem that just continues to affect the lives of more and more children every day. Although the Pakistani government’s vaccine drive is legitimate and urgently needed, Panetta’s poor judgment is putting that drive at risk and assuring that it will fall far short of the rate of vaccination needed to prevent a record year for polio cases in Pakistan.

The consequences are that the informant, Pakistani doctor Shakeel Afridi, was jailed for 33 years in May, 34 million children are at risk and trying to save those lives can get you killed. MR. Panetta should be sentenced to driving doctors and aid workers in North and South Waziristan for the rest of his life.

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.

July 19 is the 200th day of the year (201st in leap years) in the Gregorian calendar. There are 165 days remaining until the end of the year.

On this day in 1848, a two-day Women’s Rights Convention opens in Seneca Falls, New York. There the “Bloomers” are introduced.

The Seneca Falls Convention was an early and influential women’s rights convention held in Seneca Falls, New York, July 19-20, 1848. It was organized by local New York women upon the occasion of a visit by Boston-based Lucretia Mott, a Quaker famous for her speaking ability, a skill rarely cultivated by American women at the time. The local women, primarily members of a radical Quaker group, organized the meeting along with Elizabeth Cady Stanton, a skeptical non-Quaker who followed logic more than religion.

The meeting spanned two days and six sessions, and included a lecture on law, a humorous presentation, and multiple discussions about the role of women in society. Stanton and the Quaker women presented two prepared documents, the Declaration of Sentiments and an accompanying list of resolutions, to be debated and modified before being put forward for signatures. A heated debate sprang up regarding women’s right to vote, with many including Mott urging the removal of this concept, but Frederick Douglass argued eloquently for its inclusion, and the suffrage resolution was retained. Exactly 100 of approximately 300 attendees signed the document, mostly women.

The convention was seen by some of its contemporaries, including featured speaker Mott, as but a single step in the continuing effort by women to gain for themselves a greater proportion of social, civil and moral rights, but it was viewed by others as a revolutionary beginning to the struggle by women for complete equality with men. Afterward, Stanton presented the resulting Declaration of Sentiments as a foundational document in the American woman’s suffrage movement, and she promoted the event as the first time that women and men gathered together to demand the right for women to vote. Stanton’s authoring of the History of Woman Suffrage helped to establish the Seneca Falls Convention as the moment when the push for women’s suffrage first gained national prominence. By 1851, at the second National Women’s Rights Convention in Worcester, Massachusetts, the issue of women’s right to vote had become a central tenet of the women’s rights movement.