This Testimony Could Be A Game Changer

Another winner, R3A.

No, they couldn’t do a tad more investigating.  They needed the headlines NOW.

Truth does not enter into this equation anywhere.  This is all smoke and mirrors…street theater for the entertainment of the masses.

Oh, gosh.  I just got around to looking at the video of William F. Black.

I think I’m in love.

Interesting…

So this is basically testimony that implies corruption.

The CEo WAS kept in position for some reason, even though he was failing and committing fraud and the government did nothing.

The next step should be investigation into why this was so.  What connections did these people have with each other.

And I hate to say it, but doesn’t it fall as treason when you knowingly commit fraud against the government KNOWING  KNOWING!  that it could lead to economic destablization and thus decrease the abilitity to defend this country (national security).

These guys Should be on trial for treason.

Interesting… 
 
So this is basically testimony that implies corruption. 
 
The CEo WAS kept in position for some reason, even though he was failing and committing fraud and the government did nothing. 
 
The next step should be investigation into why this was so.  What connections did these people have with each other. 
 
And I hate to say it, but doesn’t it fall as treason when you knowingly commit fraud against the government KNOWING  KNOWING!  that it could lead to economic destablization and thus decrease the abilitity to defend this country (national security). 
 
These guys Should be on trial for treason.

But then again, the government people would claim ignorance and I’m sure they will.

But see people…..THIS IS WHAT HAPPENED WHEN FRIEND APPOINT FRIENDS…with no experience, but simply as political favors…..

Once again it leads to government corruption and beauracracy.

That leads to congress approving these appointments.  We need to vote them all out.  They aren’t doing their jobs apparently.

LOL – I hear you, creeper.  Can you imagine how different our gov’t would look if we had more peopleike him in it??

wow….that’s frightening. 

Black didn’t just “imply” corruption.  He accused them of it straight up.

“I mean, they make the charges just the other day, and voila, a few days later, this testimony comes out completely contradicting their charges.”

Slow down… this doesn’t “completely contradict” anything.

First off, the SEC almost certainly already had this testimony before announcing the suit against GS.  They’ve been investigating for many months.  In the course of that investigation, they’ve uncovered a lot of evidence that looks damning, and it’s not surprising that they’ve hit on some evidence, like this, that cuts against their case.  They’ll cite the former, GS will cite the latter, and we’ll see who wins.  In any case, it’s not like the SEC was just bumbling about with no awareness of this Pellegrini testimony — they’re the ones who took it from him in the first place, I assume.

Second, CNBC is overstating the extent to which this contradicts the SEC’s claims.  ACA wasn’t the only investor in the deal — in fact, ACA stood to make a big chunk of management fees on the book, regardless of the securities’ performance.  Yes, the SEC is claiming that GS misled ACA, and it’s possible that this testimony will convince a judge/jury otherwise, as to defrauding ACA. 

BUT, as to defrauding the other investors who bought these securities, this testimony proves precisely nothing.  Unless somebody went to every single investor and explained Paulson’s role, the fact that GS didn’t disclose that role in its offering materials could well be a 10b-5 violation (i.e., fraud).  Or maybe not — it’s a legal gray area.  At any rate, slow down, because this testimony is not the end of the game.

Investigating Amy?
As in the way the SEC was all over Madoff, while he hustled right under their nose for years?
Has the SEC’s eyesight improved? Me thinks not!

Damn straight he did Creeper. No pussy-footing, parsing, politically correct beating around the bush. Just flat out accusation of corruption. Could that be why we haven’t heard anything else from Mr. Black? Or have we and I’m not aware.

Oops, off to google.

The SEC/Obama Monarchy needs to make an “example” out of somebody.  Goldman Sachs is the chosen victim.  The SEC is not going to let minor details, like GS being not guilty, ruin their plans.

Yes, let’s pity poor, victimized Goldman Sachs. 

They made a killing off of the suffering of American homeowners, by purposely sustaining a catastrophic bubble and all the while betting against it.  But we hate Obama, so let’s leave them alone!

Is that it?

jwjr, GS isn’t going to be a “victim” at all.  They’ll pay a token fine (if anything) and continue with business as usual.  Obama’s “reforms” guarantee it.  The LAST thing he wants to do is piss them off to the point where their money stops flowing to him.

Health care “reform” put our health care system squarely in the hands of insurance companies and big pharma.  Who do you think is going to be in control of the banks after his banking “reform”?  Hint:  It ain’t us.

No doubt, creeper – he wants to make sure he gets another million from them for his next campaign…

Yep, funny how every time BOregard’s bus hits a speed bump, the spittle starts flying!

Just came back to see how the NQers were dealing with all the good news, and voila: here you all are, defending Goldman Sachs! Keep fighting for those progressive causes, minister.  

PO, so sorry to see that you did not work on your reading comprehension while you were gone …

R3A’s article is about the lack of proper investigation, not a defense of Goldman Sachs.

Head on down to your nearest Sylvan Learning Center.  I’m sure they have a tutor that can help you.

BUT BUT backtrack wants a banking reform bill and just look how much is being done to investigate Wall St now and just think how much more could be done after he gets his bill.
Reminder  is the backtrack bunch tell you it is raining outside, no only do you look out the window, but check on the roof to see is someone is up there with a hose.

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

Flagged for being complete fiction.

No kidding, HelenK – it really is astonishing how much revisionist history is going on with this group.  Again, just look at who contributed to Obama’s campaign to tell the tale.

Hating GS?  Hating Obama?  There’s plenty of hatred to go around . . . No need to rob Peter to pay Paul!

po–You aren’t going to see much defense of GS on NQ . . . “here you all are, defending Goldman Sachs”–hardly . . .

My comprehension is fine. I’m just amused, as always, by what tidbits this community chooses to focus on. You could all be excited that someone is finally taking on Wall Street before they destroy what’s left of the global economy. You could be pleased that the Republicans have folded like a house of cards and are actually going to support this next round of legislation out of this White House. But no! You’re all suspicious of the timing of the lawsuit and obsessing over shreds of evidence that could help Goldman Sachs escape, instead of applauding a potential turning point in this nation’s history in which these Wall Street thieves are finally perhaps going to be held to account. You could be celebrating the pending bill that will, just maybe, establish a modicum of accountability over this industry and not enable them to make billions by betting trillions of the world’s wealth on their insane derivatives plays. But no! You’re all obsessing over the conspiracy theory that the SEC (by law, an independent agency) in fact timed this prosecution to the White House’s political agenda. Like that is the truly relevant aspect of what is happening. 

And now I see posts are being flagged? LOL. That’s the death knell of this site’s interest to anyone who isn’t a Koolaid drinking Obama hater. 

I just started reading the different news sites the morning and already
AP , Reuters, AfP have stories on backtrack and the banking bill he wants.
Backtrack in NY today to chastise Wall St. Do you think he will make them pick up the check for his lunch., or does he have to pay for his owners lunches?

Another story was since the wiretapping was illegal under Bush the DOJ may have to pay a terror group damages. The so-called charity has its funds frozen but money would go into account.

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

I said the same thing, Creeper… I LOVE this guy! LOL
Can we fire Timmy and put Mr. Black in his place???

Check out the other group who contributed to Obama’s campaign.
ACORN CEO: Tea Parties a ‘Bowel Movement,’ Future Will Be Worse Than Segregation http://bit.ly/977kov

Why isn’t the Gaming Commission investigating the Wall Street Casino? I think friends of the House are allowed to see the dealer’s hand at the Blackjack table, while the rest of the little minor gamblers are distracted with alcoholic beverages and scantily clad dancing babes. Hey, what happens in Wall Street, stays in Wall Street.

JustMe, I am planning on doing a post on this tomorrow – you’re just beating me to the punch! 

It is the same thing. ever since we got the middle class and their retirements into stocks it has gone to hell. These elitist bastards will do things to middle class Americans that they would never tried to pull on each other. The thing to do is stay out of their casino altogether. Also, keep government money out of their casino as well. Let them fleece each other for a while.

http://www.newser.com/story/86745/lloyd-blankfein-fraud-case-will-hurt-america.html

Don’t you just get a tear in your  eye when companies get all patriotic .

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

Yep, her and Bill Clinton are rolling out the same brand of astroturf. This is what Bill has fallen to… a community organizer spreading hate, fear doubt, racism and division. Then again, look who we have in the White House.

Just checking you had seen it Amy, do you want me to delete it?
So I take it Acorn is going forward same players different name no doubt!

The powers that would be given to the president and the Federal Reserve are unprecedented. The bill gives the government the power to regulate the capital, liquidity and permissible activities for a long list of firms, including securities firms, insurance companies, bank holding companies, hedge funds, finance companies as well as others. The government will be also able to limit the size of these companies.

Deleted the link!

http://www.politico.com/news/stories/0410/36168.html

How many politicians are have an OH SH-T moment. Now what do we do?
Can we find a way to get the money under a different name other then Goldman Sachs? Come on guys were are good a double speak just think of a different name.

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

But the President isn’t who we need to be worried about anymore. We need to worry about who owns the President. So maybe unprecedented power is coming into the Federal Reserve and whoever their President is.

In a heart beat!  

True Doc, but millions of Americans who eschew gambling were dragged against their will into Fannie Club, and Circus Freddie. It seems that the big to-do over at Goldman Sacks and Pillages Pirate Palace, is meant to distract our attention while countless Americans wake up in bath tubs filled with ice, with one of their kidneys missing, after being Shanghai’d by one of our Government’s favorite fleecing establishments.

Too big to fail is code for “We’re not done stripping the taxpayer clean”.

Would that be obot spittle?  Some of the ol’ dittoheads are showing up today.  Oooh, Barky McZero’s club of carpetbaggers must be scuttling off into dark corners after that testimony…

Where’s Bawney Fwank?

GS’s “punishment” will be at most a slap on the wrist for exactly the reasons you state.  But the Obama Monarchy has to project the image of being gung-ho, in charge, and looking out for the peons (gag).

Those powers are NOT unprecedented.  Your neighborhood bank is already subject to federal (and state) regulation of its capital, liquidity and permissible activities.  And size, too.  Look up the powers of the FDIC, Comptroller, and Fed sometime.

Why should Goldman Sachs, Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and their ilk not be subject to the same kind of regulations as your neighborhood bank?  Indeed, shouldn’t they be subject to more regulations, given their capacity to (as we’ve too clearly seen) behave recklessly and cause catastrophic damage to the national, and even global, economy?

It only looks like new, “unprecedented” regulation when you don’t recognize that ordinary banking institutions have operated under these restrictions since the Great Depression (and for good reason).  It’s only in the last 10-20 years that deregulation has freed up  monster banks to a) form, and b) do whatever the hell they like, with very little power for the government to do anything about it. 

If deregulation of too-big-to-fail banks is the system you like, fine — but at least have the intellectual honesty to defend it on those terms, rather than spouting empty talking points about governmental overreach.

Hey Onofre’s arm–I just saw that movie about waking up in ice with a kidney missing–

But we have to learn to sacrifice for our country: God bless you Mr. President for leaving me one kidney!

“Hey Onofre’s arm–I just saw that movie about waking up in ice with a kidney missing– ”

Wasn’t that a short? If so, how appropriate to the subject at hand, since it was the short players who made off with all the kidneys. 

This causes me to wonder………………”Are all of the kidneys handled through the Offal Office? Is this why Obama was concerned about everyone getting Wee-Weed Up…………….or pissed off? Will dialysis be rationed? Will “urination” become a legitimate reason for illegals to claim amnesty? Will Obama continue to piss on our legs and tell us it’s raining? Could this be more off topic?”  

This comment will undoubtedly draw a lot of boos and hisses, but for those of us who dared to listen to, brace yourselves, Lyndon LaRouche, in 2008, it was completely laid out–all the holographic instruments, especially CDOs, as well as who was complicit in the bank’s fraudulent practices and why they exist.  The LaRouche pac began leavy lobbying of the gov’t way before 2008 to reinstate the Glass/Steagall Act or something like it in an attempt at banking reform rather than bank and financial institution bailouts; the same attempt made by Rep. Marcy Kaptur and Peter DeFazio. Some of you may remember these Reps’  efforts in the fall of ’08.  It was written about here at NQ at least once by SusanUnPC (http://www.noquarterusa.net/blog/2008/09/30/reps-kaptur-defazio-on-lets-play-bailout/)

It didn’t take long for the decisions of lawmakers and those in positions of oversight to ravel the whole economic underpinnings of this country through either their intentional negligence/corruption, willful stupidity or both.  This subject is not difficult to understand, it is only made to sound complicated because it is hoped that Americans will find it all “too hard” to follow.  You don’t have to be a Nobel-level economist to know that this was all avoidable and that it only takes a handful of people in the right political/regulatory environment to ruin everything.

What I hope will come out of Bill Black’s and others’ testimony and comments before lawmakers is a complete (and I mean really complete) investigation into who did (or didn’t do) what, when.  I think a summer of Wall Street Gate trumps a summer of Watergate and would blow out all the ratings for reality tee vee.  I’d sure watch!  Now we’ve got barry going to Wall Street (could it get any more hat-in-hand from this CiC?) to say he believes in the free market.  Well!  Isn’t that special???  Where the heck was he in early ’09 on these matters?  Oh, yeah, he was eating $100/pound Kobe beef and ordering pizzas in from across the country. 

Here are some of Kaptur’s reasons for trying to move legislation forward on banking reform: (gleaned from Wiki, cross-checked because I’ve been following this for a long time)

“Marcy Kaptur has expressed her strong opposition to the multibillion dollar bailout plan brought before Congress. In her speech[8] she criticized Secretary of Treasury Henry Paulson‘s Plan for
Forcing congress to rush the decision.Disarming the public through fear. Controlling the media enough to ensure that the public will not notice that this bailout will indebt them for generations taking from them trillions of dollars they earned and deserved to keep.Controlling the playing field (hiding info from the public, holding private hearings, and private teleconferencing calls).Diverting attention and keeping people confused.Having the goal to privatize gains and socialize losses.

She also blamed Wall Street executives for their greed and held them responsible for the crisis and said
You have perpetrated the greatest financial crimes ever on this American Republic. You think you can get by with it because you are extraordinarily wealthy, and the largest contributors to both presidential and congressional campaigns in both major parties.
She pleaded a “Wall Street Reckoning” and an alternate plan whereby “America doesn’t need to bail you out. It needs to secure real assets and property. Federal regional reserve banks should have a new job to help renegotiate mortgages. American people should get equity in any companies. Major job creation to rebuild our infrastructure. Regulate, we need a modern Glass-Steagall act. Refinancing must return a major share of profits to a new social security and medicare lock box.”

No Onofre’s arm, the movie I watched a couple of weeks ago was made in Hong Kong and was called Jiu Ming (Koma).  It was pretty good–girl wakes up in bathtub fulll of ice without kidney.  Evidently the illegal kidney trade is an issue in Asia. 

Paolo Pellegrini’s testimony is not a game changer, it is one of the smoking guns.

Correct me if I am wrong here but:
The SEC’s case is that Goldman failed to disclose to investors that Paulson was making major bets that the investment in CDO’s the Paulson created for Goldman.

Pelligrini’s testimony provides a key link that Goldman knew about Paulson’s bet, which should have been disclosed to investors.

The man that created the CDO’s for Goldman disclosed that it was a POS investment that he was betting against. Goldman then put a AAA rating on the CDO investment and sold them.

Here is the chain of events:
Paulson creates CDO’s at request of Goldman.
Goldman hires ACA Management to manage the CDO’s which are now called ABACUS-2007-AC1.
Paulson tells ACA CDO manager Laura Schwartz that he is making a major bet against the POS CDO that he created for Goldman.
Goldman agent Fabrice Tourre markets the CDO investment without disclosing that the man who created it thinks it is doomed to fail, and is making major bets against it.

Two things, did Laura Schwartz disclose Pelligrini’s statement that Paulson intended to bet against the CDO investment, and who did she tell. That is the next link in the governments case.

Second, which I am sure the government is still working on, when did Paulson decide that the CDO’s were a bad investment? Did he know when he was creating them that they were a bad investment? It is likely that he did, and if testimony shows that he did, he will be in deep doodoo.

Some of those involved may be scurrying to amend their notes concerning who what and when they disclosed info about the POS CDO investment.

We may see the FBI’s crime lab looking at different inks used on the notes the people involved took. The FBI may determine whether the notes were taken at the same time.

Just like what happend to the agent in the Martha Stewart case. Except these people are going to be caught in a much bigger lie.

It would be unprecidented if the President gained control of the powers of the Federal Reserve Bank (Fed). The Fed must remain independent from the political system.

And the other piece of this is who in the gov’t decided that all this did not need vigorous oversight and intervention under current regulatory or even “best practices” measures.  This is what Black is talking about–the fact that regulatory legislation isn’t even needed if consistent oversight and leverage is applied to bad/fraudulent practices.

Absolutely, Glass Steagall needed to go away for us to be fleeced like this. Most people don’t realize just who signed the repeal of this law… Bill Clinton. He also gave us NAFTA which poured gasoline on our globalization. Now look at him today, beating down TEA people while he props up Barack. Of course we need laws like Glass Steagall, but can we trust any laws written anymore? Especially when they aren’t widely read before being voted on. We are in a world of hurt here.

What I want to happen is for the people to say to barry and the rest of the crew in D.C.  “Hold on a minute….”  If this crisis isn’t enough to get the attention of most Americans I cannot think of what will. 

I wasn’t (intentionally) defending GS either.  However, I see how my first comment could be taken that way.

I agree. William Black correctly testifies that the Fed was not using its regulatory power, and turned a blind eye to these fraudulent deals.

Geithner, Bernanke and Greenspan are all full of shit when they say the Fed did not have enough power to step in to stop Lehman and others before disaster. They are just covering their asses.

The chiefs at the Fed have had too cozy a relationship with the banks they regulate, and the heads of government agencies that oversee it.

Any new regulation should start with breaking those ties and revolving doors.

On an interesting note, if you live near SF stop into the Fed Bank on Market Street. They have an excellent self guided tour of the Federal monetary system. There are stations located throughout the expansive lobby, with recorded lessons that start with a push of a button.

I don’t know if other Fed branches have self guided tours.

If you can wrangel a private tour they will show you the gold. It is not all at Fort Knox. One of the Die Hard, from watching a crappy actor in these crappy movies, depicted the gold at the NY Fed.

Most of the bailout money to banks has been repaid plus interest. The banks have been saved, but not the people or institutions that bought into the fraudulent investments.

O.K. — I, too, was struck by William Black’s testimony.  He seems to have a great handle on things financial.  So, since I didn’t have time the other day, I took some time to go back to Linda Anselmi’s recent post to watch the Real News’ series of interviews of Black that she posted.  What an education I got.  I recommend that everyone take time to watch that series.

I hope they get a picture of Obama stuffing as many shrimp as he can into his mouth.

…or tell you its raining while they piss down your back… A great line from The Outlaw Josey Wales.

No slap on the wrist… The O’Barky regulations are a Kiss of the Ring.

The large banks have been saved. A lot of the smaller banks were just the right size to fail or to be bought out by the big banks. This was in part a giant feeding frenzy where the big sharks gorged themselves on a lot of the baitfish. It isn’t over for the middle class. Because we still exist.

Hey Junior – GS is not guilty? Where you been boy? Just wake up from a ten year snooze did ya?

Fortunately, nobody’s talking about that happening.  In fact, I don’t believe anybody is talking about any agency that is not independent (the SEC is an example of an independent agency; the Department of Justice is an example of an agency under executive control) having regulatory authority over banks.

So, again, nobody’s proposing anything that is unlike the basic bank regulatory structure in place since the Depression.

But the bailouts were a complete whitewash of the underlying problems.  Can’t imagine why the banks would want to give all that money back w/interest when do otherwise would expose the dry rot underneath the bailout in the first place.  The TARP money simply gave the financial houses another year in which to play their three card Monty and scrape away anything that was left of unwitting shareholders’ (waiting for the stock prices to go up again) money.

I heard a clip of That One today. He was asked about the donations from GS. the first lying words out of his lying mouth were “I received a lot of money from a lot of people and most of it came from small donations.”

It’s frightening how easily this guy lies.

Whoa, and I was all wee-weed up about Bush’s use of warrentless wiretapping.

Diana, I did the same thing…skipped over Linda’s videos because I didn’t have the patience to wait while they loaded.  I’m glad Amy posted one more this morning.  It got me off my duff and back to Linda’s post.  What wonderful stuff.

I see PO is up to his old tricks.  Or did the flagging remove the comment?

That was nice, JM.

Early and often is the motto for action on comments associated with PO.

At the risk of committing sacrilege, it’s hard to see anything wrong with that list, HARP.  After what those thieves did I have no problem with putting ‘em on a short leash.

But from what I’ve seen of the bill, it’s got enough loopholes to drive a convoy through. 

From that Politico link:  “In March, for instance, the GOP reaped more contributions from Goldman’s PAC, which doled out $167,500 to Republican candidates and causes, compared to $123,000 to Democratic ones.”

Looks like Goldman Sachs is betting on Reps next time around.  They’d better be careful about stiffing the Dems.  Barry has a temper.

Barky makes a speech on April 19th saying that the GOP is the party of Wall ST.  However, in the 2008 elections dems received four times MORE money from Goldman Sachs in contributions than the GOP  4+ million to 1+ million.  Obama alone gets just under 1 million.

Another day, another lie from Obama.  

Oh, and apparently he took money from Rezko, too!  Much more than Obama said!?  

Tick tock tick tock

Ah, Just Me – you didn’t have to do that!!  Very sweet of you, though!  Thanks!

Methinks, you ask too many damn questions…

Works just like the Great ACORN Move…

Amy,

You clearly know very little about finance. It is likely irrelevant if a couple of people had a conversation. The reality is that Goldman should have told all investors through disclosure in an official prospectus how exactly the synthetic CDS was put together. They screwed their customers by not telling them that the investor on the other side of the trade was the one who actually put together the investment. Goldman even went further (email proof) that they themself believed that the investment would fail and therefore explictedly knew they were screwing their investor clients. The fraud is in the larger disclosure issue, not in one or two private conversation. The issues is also more troubling for Goldman than the actual fraud charges, as it shows the Goldman was willing to screw its customers. That is far more damaging in an industry were reputation is extremely important. 

I cannot believe you just accused Bill of those things and that so many people agreed with you.  I had to re-read it to make sure you weren’t talking about bo, but your final sentence shows you did mean Bill.   A few days ago you made some highly inacurate statements including one about Hillary and Alinskyy.  In another thread you smeared Hillary and Bill as well.

The whole reason many of us found NQ was the bashing of Hillary and we all defended her.  Now I have to read attacks about her here that go unchallenged and even worse are widely supported.

I don’t think so. I am very surprised and disappointed, frankly with the unfounded accusations against Bill and Hill.  I might have voted for McCain, but he sure as hell wasn’t my first choice.

My name says it all.  I am as proud of her today as I was back then.

In looking at what is Bill and Hillary are doing and saying with and regarding Obama….there is something definitely going on..
I do not feel the same about either of those two.
I have a feeling that Bill and Hillary are now puppets of the Obama people/administration.

b,

There may be good points in your post.  I won’t see them, though.  I stopped reading when you whacked Amy with “You clearly know very little about finance.”

That was not necessary.  Mind your manners.

Just received the following from Josue Robles, CEO of USAA:

Rarely in our 87-year history have we turned to USAA members to weigh in with elected representatives on an issue of great importance. But, we are now.
The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation’s financial services industry, including USAA.
As the leading provider of financial services to America’s military community, USAA supports financial services reform.
However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.
If unchanged, the bill would:
Prevent USAA from managing the association’s portfolio as we have for the past 87 years.Jeopardize our ability to continue offering many of our competitive products.Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*

So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the “Volcker Rule,” to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member’s investments.
Regardless of the outcome of the legislation, USAA will remain a unique and enduring association that’s all about you — the military and their families.
Please take action on this matter by immediately contacting your U.S. senator. You may click here to access a special website that will enable you to quickly send an e-mail message to your senator.

Thank you for your help and support,
<img src=”http://f.e.usaa.com/i/42/2078198359/ceo_img_jrobles_sig.gif” border=”0″ alt=”Joe Robles Signature”/>
Josue (Joe) Robles Jr.
Major General, USA (Ret.)
President and CEO

Robles is right…I’ve been a USAA member for almost thirty years and I’ve never seen anything like this from them. 

Honest banks will evidently pay a big price for the dishonesty of others.

creeper, my partner got that, too (her dad is a retired 3 star).  I signed it myself last night.  Thank heavens SOMEONE is reading what is in this monstrosity of a bill (create another oversight committee when the one supposed to be providing oversight has done very little?  WTH with that??).

It will be interesting to see what comes of this…

SEC Pushes Back at Criticism Over Porn Surfing Report
Little job perk here :-
http://www.foxnews.com/politics/2010/04/23/republicans-slam-sec-porn-surfing-report/

Creeper,

“Mind your manners.” That is a joke given all the right-wing attack dogs on NQ. As soon as some adds an alternative view they are personally attacked and the comment is deleted on this site. There are no “manners” on this site, at least since it turned into an anti-obama hate site.

Creeper,

You and USAA are now lobbying for the big Wall Street banks? What a joke. USAA makes the big claims, but does not actually prove anything about what is actually in the bill. Typical BS from the right. USAA is just another bank that is lobbying. No bank wants more regulation, but sorry tax payers are demanding it.

By the way how many bad loans did USAA give out in the bubble? USAA is a joke. That bank is a complete rip-off.

See:
http://www.ripoffreport.com/Search/usaa.aspx