LIES | So Obama Said “What Wall Street did was immoral, but it wasn’t illegal”


The Market Ticker – So Obama Said….

the other day that “What Wall Street did was immoral, but it wasn’t illegal” in response to a question about why nobody had gone to jail.

Really Mr. President?  None of the following is illegal?

    • Laundering drug money.  Wachovia admitted to doing it in court.  They got a “deferred prosecution agreement” and not only did nobody go to jail nobody other than a few bloggers like myself raised hell about it until days before that agreement expired.  Then, magically, it got news coverage.  This is a clear black-letter felony; where are the handcuffs?
    • The former chief risk officer for Citifinancial testified under oath before the FCIC that the company knowingly sold loans on to investors that did not meet their quality guidelines and published claims. In fact, he testified that by 2007 80 percent of those loans were defective. This is functionally identical to selling you a car and rolling back the odometer, peddling tainted medicine or selling melamine-laced baby formula.  There is nothing complicated about this and there is under-oath testimony establishing that it was not an accident or an “error in judgment” as it continued for more than a year after it became known and was the subject of internal memos to corporate officers.  This is not my conjecture or analysis, it is factual sworn testimony before a government body.  Where are the damned handcuffs?
    • Ponzi Schemes generally.  Those are all illegal.  They locked Charlie up for it (the originator of the name, natch) and more recently Bernie Madoff went to prison.  Ok, Mr. President, how about all the stock analysts, the market callers, and pension fund managers along with the real estate industry that have been pumping 8, 10 or 11% annualized returns for the last three decades?  These claims are all pyramid schemes and thus by the very definition of such a scheme are illegal.  An 8% “annual return” for 45 years, the average working man’s period of effort (20 to 65) produces a return of nearly 32 times the original amount invested.  The 9% growth rate of medical cost over the last year (close to the premium increases over the last decade in annualized terms) for the person of age 50 that the government claims “will not see their Medicare harmed” has the annual cost of their medical insurance (assuming no increase due to age or greater risk) go from $5,000 a year to $100,000 by the time they’re 85!  The claims of Realtors that home prices would go up 10% “for the indefinite future” turns a $150,000 house into a $4.21 million house in 35 years.  None of this was ever going to actually happen, and it still won’t.  Why did Charles Ponzi and Bernie Madoff go to prison when your administration, every member of Congress, those on Wall Street and otherwise in the “finance and investment” business community have not for the exact same offense?
    • Jefferson County Alabama jailed several politicians and others for bribery and other crimes related to the infamous “sewer bond” nonsense.  Why have no bankers gone to prison?  It takes two people to commit bribery and similar offenses – someone who offers a bribe, and someone who accepts a bribe.  One party went to prison while the other did not.  No crimes in this case among the banksters?  Pull the other one Mr. President; the damage here remains in that the water bills of these residents remains at ridiculously elevated levels as the financial harm done to the county was not forcibly returned from those banksters.
    • Perjury is a felony in most circumstances.  Banksters admitted to more than 100,000 instances of it by withdrawing perjured (“robosigned”) affidavits. Just as with the testimony under oath in the case of Citifinancial, just as in the Wachovia admission of drug money laundering, in this case the violation of the law is clear.  Perjury can only be cured at “no penalty” up until it is clear that the defective statement or filing will be discovered; once you’re “caught” you cannot avoid liability by withdrawing the filing.  Whether someone was paying their mortgage or not is immaterial as to whether filing a false affidavit is a criminal matter — it is.  Again, where are the damned handcuffs? 
    • Sarbanes-Oxley criminalized false accounting statements.  There have been multiple bank failures by public companies that filed balance sheets under penalty of criminal prosecution were they to be false just weeks before they blew up — balance sheets that showed perfectly-healthy institutions.  The FDIC has documented dozens of bank failures, privately-held and publicly-traded, where those balance sheets were proved factually false, as the losses have been 20, 30, 40% or even more just a few weeks later.   It is beyond comprehension that the assets in question could have actually lost 30 or 40% of their value within that period of time.  The only rational explanation is that these financial statements were a work of fiction.  Sarbanes-Oxley makes this a criminal matter.  Again, where are the handcuffs?

I and many other bloggers and “alternative media outlets” have spent four years documenting these outrages and showing through simple mathematical analysis that the claims made by these charlatans, including yourself Mr. President, are mathematically impossible.  That’s the definition of a pyramid scheme.  They’re illegal because they cannot, mathematically, work.  It is therefore illegal to hawk them to the public because they are by definition abusive; they will ultimately result in those who believe in them losing their money.

Your claim, Mr. President, that these acts were “morally repugnant but not illegal” is a lie.  The simple fact of the matter is that your administration is intentionally refusing to enforce long-standing law and by doing so you and your administration have lent official support to an organized effort to defraud and rob the American public.


19 Responses to “LIES | So Obama Said “What Wall Street did was immoral, but it wasn’t illegal””
  1. Abu Salman says:

    Of course 99% are angry at the FRAUD of Wall Street, the Street, in collusion with Washington. Corporatism means fascism by definition.
    This is big news, and another piece of the puzzle to expose that the economic system is corrupt and slanted to help the rich privileged class, and the corporate “Powers that Be,” and yet … with exposure to the masses, (and Occupy Wall Street movement appears to be masses until it is hijacked or co-opted ), about the horrendous extent of the fraud and harm that the web of debt by Federal Reserve System, Derivatives, and related financial and foreign currency transactions, that is privately owned to profit from us all by taxing us all through interest payments on these DOLLARS and other currencies for the benefit of the too big to fail and jail banksters, ….the house of fraudulent cards is beginning to shake and starting falling down …
    The pressure and momentum needs to be increased to produce and interest-free economy of honest trades, business and commercial activity.
    Terrorism by Economic Collapse, debt bondage, money as debt on interest, etc
    Derivatives ‘Mother of All Bubbles’ exploding
    Hedge Hogs; Gold Man’s Sacks; “financial terrorist attacks;” and the Obama sellout:
    SUPER COMMITTEE BIG BANK ROBBERY and “this sucker” going down
    Super rich 1% vs 99 %; Terrorism Cycle: Guillotines: Occupy “ALL” streets.

  2. Katheryn says:

    Here are our hardworking politicians bickering like a bunch of pre school children without anyone in control.
    Our fine fine Republicans who will, with little happy smiley faces, willing to leave more people unemployed as well as stop any attempt at job growth unless the coward, do nothing Democrats who are either too terrified or have their pockets too well lined to care, give all the breaks to the rich. I watched the head of GE on TV give his little rant about how the “People” should be routing for his company like the people of Japan and China do for their corporations. But when asked how he thought Americans felt knowing that the good jobs all went over seas, he said that is the right of the company, it’s the bottom line that counts. He was totally clueless as well as not one once of even pretend “empathy” for the unemployed in this country. His claim is that no matter what, it is unamerican not to support your big corporations. I will tell you this..I will NEVER EVER EVER purchase another GE product! Remember folks…we pay these bunch of rats with tax dollars we know of as well as stolen tax dollars we don’t know of for their non-action as well as the destruction of the 99%. Bring in the exterminator and do a thorough cleansing. Kick their dumb sorry do-nothing, selfish, self-centered, ignorant, arrogant criminal asses out the door. You could probably put the pre schoolers in and get a better job done.

  3. myles says:

    How can we get a reporter to confront Obama to respond to the comments here, that what about the forgeries, the perjuries, the ponzi schemes, the violations of Sarbanes-oakley, etc DO indeed make these crimes? Feed this to FOX news or that fat talk radio guy?

    • lvent says:

      The media is covering up what he would not even know he said it if not for this website or unless you heard it with your own ears…He said it, I heard him say it live and I was appalled!!….What he said reminds me of what one of the attorneys I spoke with year told me, that is not fraud and forgery in your mortgage docs! That is what they did!! Now the attorneys are telling people to believe the BIG LIE, that fraud and forgery is legal in the United States of America if you are a bankster because they own the place….B….U……L….L….S……H…..I……T………!!!!! CUFF EM RIGHT IN THE COURT ROOM, THEN THEY WILL STOP!!!

  4. lvent says:

    President Obama, you now officially have egg allover your face. Shame on you for intentionally hoodwinking the American people who had faith in you! Thanks to all of the lies that you told, America is now worse off economically than we were under the Bush Administration. You can no longer blame Bush because you have aided and abetted this evil NWO PLAN as well….There were many things you could have done to fix this manufactured mess but your loyalties are obviously not with the American people or The United States of America but, with the NWO, who are the enemies of our freedom and democracy. Because of that, We The People would like ALL politicians to resign immediately for aiding and abetting the NWO in stealing America under the guise of false, fraudulently induced debt..This entire financial crisis was manufactured by the NWO….and when being forced into poverty is allowed by your own Government for debt….. WE THE PEOPLE DO NOT EVEN OWE TO OUR FOREIGN ENEMIES,…that is THE U.S. GOVERNMENT OPPRESSING ITS OWN PEOPLE AND…..THAT IS TREASON…..THIS IS PRECISELY WHY THE SECOND AMENDMENT PROTECTS OUR RIGHT TO KEEP AND BEAR ARMS, TO PROTECT WE THE PEOPLE FROM THIS VERY CRIME BY OUR OWN GOVERNMENT…..!!!!

    • lvent says:

      There is no law in America that says not being able to pay the mortgage is a crime that should put you in danger of life and limb..AKA the loss of your home….fraudclosure could not be possible if not for corruption and treason by our own politicians….who are traitors that are protecting criminals that are stealing America for the NWO..

  5. Jen/Realtor says:

    As a Realtor watching all these home owners illegally thrown out on the streets for the past 4 years, while the banksters and servicing companies lied to these home owners saying “Oh yea your good just keep sending in this $ amount per month and your going to be fine, long enough to collect from these home owners as much in pocket then pull the rug from under them and foreclose, while the courts allow this is a shock to what I once knew… These poor people /families /kids /animals thrown out of their home and lied to by these bastards!
    Their have been families who killed their entire family thinking their was no other way out, their were people who hung themselves or put the gun against their head and pulled the trigger!! THIS IS MURDER ON THE BANKSTERS AND ALL INVOLVED. They made these people feel worthless, as i said these BAstards.

    • notmyhomeyournot says:

      And not to mentiopn Obamanation letting these crooks off because he has ties to the industry. Remember he was a sheister lawyer at one time and is involved with other scams like the solar industry that got bailed out, took the money and went bankrupt a year later, to the tune of half a billion dollars? Mr. President, you are a cad.

  6. John says:


    Add filing a false report with a Federally Insured Bank.

    They all have done that!

  7. housemanrob says:

    Mr President Obama………..covering for the bankster crooks…….you think he don’t know?……….and FUCKING the rest of us. Bend over America!

  8. Fury says:

    we were really snookered.

    i voted for obama.
    i did not realize that he was in bed with the banks until it was too late.

    it was only after his inauguration, when he started appointed every goldman sachs boogeyman
    available that i realized the Score.

    he will not be re-elected.

    • talktotennessee says:

      If you look closely the Washington bed is filled with a few others too. So you take Obama out of the Presidential Suite and who are you going to sleep with? Herman or Mitt? Mitt said Corporations were people. Man, that oughta tell you whose side he is on! Herman told the Occupy people to go home and get a life cause they didn’t have no business challenging Wall Street. Probably goes for the bankers too?
      So who you gonna call?

      • Jim Bethea says:

        The controlled media forgets to mention that Mitt and Herman were both rooted in the banking and money creation business ~~

        Cain new deal is “don’t blame Wall Street” ~ blame Obama’s failed administration ~ OMG this term is worn-out ~ Why doesn’t he find a new slogan like; well I was the 2nd highest officer of the Federal Reserve and I helped to create the maze to hide all of the mathermatics of creating money from nothing so it can be converted into real estate that can be easily stolen from the unsuspecting people ~

        Why doesn’t Romney use a new slogan like: “I was on the ground floor of desiging a secretive means to bundle these mortgage and debt notes into derivatives that we can sell off to investors who can then insure then in hopes they fail ~~~

        Yes these 2 clowns are doing pretty well in selling the Illuminati’s programs ~ what neither of them probably don’t understand is that the Elitist are putting their money on both of them and the one that start to lose the people’s confidence can then be kicked to the curve ~~~ Where they both should be now ~~

        If these clowns can lie so well now, then what can we really expect if they where in the Oval Office???

      • Katheryn says:

        There is not a viable candidate in the bunch…the 99% need to kick them all to the curb and hopefully get some honest politicians who can’t be bought off or intimidated. We need people with courage and conviction and who have some sense of basic right and wrong. One who immediately comes to mind is Warren. At face value she seems to be the real deal. But what to do about 2012..obamanomics or ramonomics, both losers and both totally for the 1% 🙁

  9. Javagold says:

    Obama is a lying , chicken shit, scumbag

  10. Mad as Hell in Maryland says:

    “Barry the Liar” is at it again! November 2012, the lies will NOT be forgotten then!

  11. Hell No, No More Blasted Bank Bail-Outs says:

    Remember that Obama is an attorney. He KNOWS he is telling lies regarding whether the laws were and are continuing to be broken.

    We are getting the ‘Obamanation’: pulp-fiction provided as official propaganda from the Obama administration and their bankster pals. Apparently his polling numbers have to go single-digit before he figures out that WE have it figured out.

  12. Katheryn says:

    Mr. Obama

    You Have Let Many People Down;
    You Were Elected on the Premise of By the People and For the People;
    Mr. President the “People” meaning the 99% not the Theiving 1%;
    You Look Us in the Face and Speak of the Theft of America as Immoral;
    Yes, Immoral and Yes, Criminal as You Well Know But Do Not Admit;
    Perhaps You Believe the 99% to be of Lesser Intelligence Who Will Not Question The Lies;
    Perhaps You Believe That This Storm Will Pass;
    Your Lies Will Be Tolerated and the Fleecing of the 99% Will Quietly be Forgotten With Time;
    Did You Help Give America to Wall Street Because it Presented an Opportunity You Could Not Refuse;
    Or Are You Just a Coward and a Failure to so Many Who Put Their Hopes and Dreams on You When They Entered the Voting Both Almost 4 Years Ago;
    One Thing For Sure Mr. President;
    You Have Badly Failed the 99% Who Are and Have Always Been The Foundation of This Great Country;
    And I Do Not Believe They Will Forgive or Forget.

  13. Jim Bethea says:

    I guess Obama does not know what is illegal anymore??? Last time I checked all of the RICO violations that these banks do everyday is still illegal, or at least to the average man/woman??

    Are we to start believing that just because Obama says these banksters actions were not illegal, that no legal enforcement for their known fraud would apply?

    I still believe that = “Kiting Checks” ~ “Constructive Fraud” ~ “Receiving Secret Commissions While Acting As An Agent to These Accounts” ~ “Trafficing Unfunded Securities” ~ “Fraud in the Factum” ~ “Unfair & Decepitive Trade Practices” [both state & federal] ~ “Money Laundering” ~ “Wire Fraud” ~~~ I would think if you or I did any of these we would be sitting behind bars with Big Bubba ~~

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