[Cid_Yama]

Federal and state investigators, eager to show the world that they're on the case, are sifting through Wall Street's debris looking for evidence of wrongdoing. What they know is that big banks created toxic mortgages and securities that brought the global financial system to its knees. What they're trying to figure out is whether firms broke the law, too.

Judging from the growing chorus of angry taxpayers and investors, there will be a push to pin the blame on CEOs, directors, and others at the highest levels of finance. Federal securities regulators, U.S. attorneys, and state attorneys general are investigating a range of possible misdeeds, including the misleading of shareholders, the approval of fraudulent loans, and the foisting of inappropriate mortgages on borrowers. "People want the most visible faces of these companies to pay," says Pravin B. Rao, a former SEC official and currently a partner with corporate law firm Perkins Coie.

What prosecutors most want is a smoking gun -- an e-mail or other document that proves someone intentionally crossed the line. Looking for such clues, the FBI has seized the hard drives of executives at several big banks in recent months. Says Ellen Zimiles, a former assistant U.S. Attorney and co-founder of the fraud risk management firm Daylight Forensic & Advisory: "There will be a paper or electronic trail out there."
link

[biofuel13]

Nope. Not going to happen. The public may whine and complain but there will be no justice in this case. These execs have too many connections to even be charged with anything let alone convicted.

[dohboi]

I think the question will be--Did any one even hesitate to "cross the line" if not legally, at least morally. Cid, in your quote on your other thread ("The End") the writer noted that he found no one on Wall Street that ever had any kind of crisis of conscience even as they were going about the business of trashing the world economy and beggaring home owners, shareholders....

It seems clear from this and other indications that no one of these wizards gave a rat's *ss about any kind of moral line, though doubtless many had lawyers busy making sure their own *ss's were covered legally.

[Twilight]

WANTED: A CARICATURE

That's what this is. The authorities are under pressure to take a few scalps, and they will be looking for a few unsympathetic Dr. Evil characters who have little political influence and made the mistake of leaving a soliloquy about world domination in print or better yet, on multimedia. Knowing what arrogant pricks that world contains, they will catch enough to produce a few distracting show trials.

[Sixstrings]

looking for a few unsympathetic Dr. Evil characters

Yes, it was me! I'll stop this financial meltdown for.. ONE MILLION dollars.

[EnergyUnlimited]

Nope. Not going to happen. The public may whine and complain but there will be no justice in this case. These execs have too many connections to even be charged with anything let alone convicted.

There will be some show case justice.

Few dozens of execs will end up in prisons for many years in character of scapegoats.

[RdSnt]

A more realistic approach would be to consider the disciplinary criteria of the military. Afterall, the disaster this has become is a matter of national security.
So, how about charging many of these people with "gross negligence, dereliction of duty and incompetence". This way you don't have to find a trail of illegal acts, which will be almost impossible and take far too long to prosecute in the courts.

[Cid_Yama]

Many wealthy and powerful people, who were <b>not</b> employed on Wall Street, have been taken to the cleaners and are not amused. They <b>are</b> interested in seeing prosecutions.

[threadbear]

Many wealthy and powerful people, who were <b>not</b> employed on Wall Street, have been taken to the cleaners and are not amused. They <b>are</b> interested in seeing prosecutions.

Good point, Cid.

[ReverseEngineer]

Many wealthy and powerful people, who were <b>not</b> employed on Wall Street, have been taken to the cleaners and are not amused. They <b>are</b> interested in seeing prosecutions.

Herein lies one of the most interesting aspects of the downhill slide. The tendency of all us J6Ps is to think of the mega-rich as one group out to suck al the wealth from those below them, but of course they are not. Now that all the wealth has been sucked up, they are fighting amongst THEMSELVES as to who is responsible for the fact their bank accounts are draining faster than Niagara Falls drains the Great Lakes.

Let me give you just one example of the "untouchables", the Ubermeisters we all love to hate, the Rothschilds. I just Googled up Stock Perfomance for the Rio Tinto group, founded in 1873 by the Rothschilds. Market Cap around $54B, down 10% today. Check out how much Rio Tinto has lost since its Peak on May15th, 2008 at 554, to where it sits right now at around 146. Big Money is losing Big Money, and FAST. You really think all these cutthroat scumbags are not out after each other right now? You think WRONG then. The taxpayer has been pillaged and raped for everything he is worth, about all the money is held in just a few hands, and its ALL going up in SMOKE, in the Greatest Bonfire of Paper Wealth in all of Recorded History.

Look at the Max Graph of Rio Tinto going back to 1991.

http://finance.google.com/finance?client=ob&q=NYSE:RTP

Flatlined basically at around 50-75 from 1990 to 2004, then SPIKING upward to the stratosphere in May 08 to about 10x that amount. Heading rapidly downward to sea level at around 55 or so, but you will really know TSHTF when this one goes down below that, which it will. The system is in COLLAPSE.

You can be sure the Rothschilds will find SOMEONE to blame here. That is if they aren't blamed FIRST by the Rockefellers or the Bushes. The fighting up at the top is at least as entertaining as the fighting down at the bottom here

Reverse Engineer

[TommyJefferson]

WANTED: A CARICATURE

That's what this is. The authorities are under pressure to take a few scalps, and they will be looking for a few unsympathetic Dr. Evil characters who have little political influence and made the mistake of leaving a soliloquy about world domination in print or better yet, on multimedia. Knowing what arrogant pricks that world contains, they will catch enough to produce a few distracting show trials.

+2

[Cid_Yama]

You're not going to get anything more out of Obama. He just said in his interview on 60 minutes that it was everybody's fault and nobody's fault and he just hopes everyone has learned their lesson and he just wants to look forward. Bull Crap! I want heads.

Fortunately, there are many powerful people who have been burned and there are alternate methods of justice.

Those that were responsible will not sleep soundly and be looking over their shoulders the rest of their lives, which probably won't be long. It's probably best to be handled this way. A lot cheaper and a lot more certain.

[ReverseEngineer]

I want heads. Fortunately, there are many powerful people who have been burned and there are alternate methods of justice.

Those that were responsible will not sleep soundly and be looking over their shoulders the rest of their lives, which probably won't be long. It's probably best to be handled this way. A lot cheaper and a lot more certain.

There will be Justice Cid, of this you can be certain. Just as surely as no balance sheet can every read anything but Zero, it is also true that for whatever you take, you must pay in equal measure. Thise who took the most will pay the most, and the retribution in the heads that will roll is only the Beginning for them. They are Damned to Burn in Everlasting Torment in the Fires of Hell.

The Guillotine is a Good Start though

Reverse Engineer

[Cid_Yama]

Aren't you supposed to be a minister or something?

Well, I guess the Spanish Inquisition was run by priests, so there is a precedent. I guess everyone should be thankful it wasn't run by nuns.

[TheDude]

Now that all the wealth has been sucked up, they are fighting amongst THEMSELVES as to who is responsible for the fact their bank accounts are draining faster than Niagara Falls drains the Great Lakes.

Unfortunate choice of analogy, sans any recharge it would take the Falls 63.46 years to drain the Lakes.

[ReverseEngineer]

Aren't you supposed to be a minister or something?

That's the role I play here Cid. Experts here in many fields to listen to, to learn from, but at least from my perceptions of the board, it was lacking a Preacher when I got here

Not being a Christian or really being part of any established religion, I determined to Preach here on the board in the absence of that, which makes it abstract and something of a tough target. Board also has any number of people who in one form or another advocate violent soutions to the problems we see before us. Its how you deal with that outcome that is the measure of a man, the measure of your moral center.

Not being the type of Preacher who will Back Down in the face of Evil, I chose the Pale Rider as my Avatar here on Peak Oil, and this is the role I play here now, and will for as long as I remain on the board and the internet functions. RE, The Preacher with a Gun

Reverse Engineer

[Newfie]

You're not going to get anything more out of Obama. He just said in his interview on 60 minutes that it was everybody's fault and nobody's fault and he just hopes everyone has learned their lesson and he just wants to look forward. Bull Crap! I want heads.

Fortunately, there are many powerful people who have been burned and there are alternate methods of justice.

Those that were responsible will not sleep soundly and be looking over their shoulders the rest of their lives, which probably won't be long. It's probably best to be handled this way. A lot cheaper and a lot more certain.

Cid,

While I agree with your sentiment I disagree with your conclusion. You are, true to form, thinking logically.

This is very, very far from the first time the sheeple have been fleeced by their herders. If there was a consistent justice then Darwinian evolution would have weeded them out of then gene pool.

Nope, there is always some adventurer who loves gold enough to risk his life. And there is some sucker who will invest in his scheme. A few adventurers will get caught, but some will not. And the circle of life goes on.

Kinds sucks though.

[cube]

You're not going to get anything more out of Obama. He just said in his interview on 60 minutes that it was everybody's fault and nobody's fault and he just hopes everyone has learned their lesson and he just wants to look forward.
....

That sounds like "the art of talking without actually talking".
When Bill Clinton was in office I thought he was good at it but seriously it looks like even Obama could teach him a lesson or two.

Do I expect heads to roll? --> no

Rich people are too smart for that.
The fact is everything was done according to the law.
What law was broken? none
Rich people do not have to break the law to make money through unscrupulous means, that's what lawyers are for.

[ReverseEngineer]

You're not going to get anything more out of Obama. He just said in his interview on 60 minutes that it was everybody's fault and nobody's fault and he just hopes everyone has learned their lesson and he just wants to look forward.
....

That sounds like "the art of talking without actually talking".
When Bill Clinton was in office I thought he was good at it but seriously it looks like even Obama could teach him a lesson or two.

Do I expect heads to roll? --> no

Rich people are too smart for that.
The fact is everything was done according to the law.
What law was broken? none
Rich people do not have to break the law to make money through unscrupulous means, that's what lawyers are for.

Cube, the problem is these folks messed with the UNWRITTEN Law, which is that you don't mess witht he money of Rich People. Feel free to steal from the poor all you like, they don;t have good Lawyers. What Cid is pointing out here is its not POOR people who lost money in the BILLIONS due to the corruption on Wall Street, its OLD MONEY that has lost BILLIONS.

You really think they are going to wait around for the Law for Retribution? I hardly think so. When you mess with the Money of Don Corleone or the Rothschilds, you take a long walk off a short pier, wearing Cement Galoshes. You sleep with the Fishes. Capische?

Issue here of course is you have set all the Wolves on each other, they are out of Sheeple to Fleece. Who will be left standing?

Reverse Engineer