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SEC Attorney Darcy Flynn Blows Whistle on Wall Street-Washington Incest….MUST READ…

By Larry Doyle on August 18, 2011 at 2:00 AM in Current Affairs

BOMBSHELL!!!

Since early 2009 I have written at length about the regulatory capture that has dominated the financial industry. I have defined this concept in layman’s terms as the Wall Street-Washington incest. Today a close friend and regular reader of Sense on Cents shares a story which blows the cover off this incest.

This story is written by Rolling Stone’s Matt Taibbi, perhaps Wall Street’s greatest nemesis. I commend him and those from whom he has sourced this information to have the courage of their conviction and the embodiment of the true American spirit to bring this story to light.

I ardently believe this expose should lead to public Congressional hearings and ultimately a federal judicial inquiry. Might it be the beginning of the end for Mary Schapiro?

If this story does not lead to the aforementioned hearings and inquiry, then I am compelled to believe that our financial system will NEVER be repaired and properly regulated. Moreover and perhaps more importantly, why would any investor care to participate in Wall Street’s racket? As I have often maintained, when principal is not protected, it will move elsewhere. Do you hear the hiss and the whir of those dollars moving offshore?

To those within the SEC who have any involvement whatsoever in the activities exposed by Attorney Flynn, you are obviously entitled to a fair and full hearing. I hope you get it. This case DEMANDS a full and thorough pursuit of the truth with complete transparency. If it does not get it, I would recommend that Americans march on Washington and Wall Street to demand the truth and the necessary transparency. This story is that important.

America knows all too well that the Wall Street-Washington incest has crippled our economy and also our nation.

Let’s pull back the covers and expose just how deeply in bed and enmeshed these lovebirds are. While these birds have been making sweet love to each other, is there any doubt as to who is really getting screwed?

That’s right, none other than the citizens of the United States of America.

On that note, here is the overwhelming stench of the incest written by Mr. Taibbi, Is the SEC Covering Up Wall Street’s Crimes?

Comments, questions, constructive criticisms encouraged and appreciated.

Please help us take back our country and restore a sense of integrity in the process, SHARE THIS STORY!!

Larry Doyle

Anonymous

Now that it is apparent, obvious(?) that the SEC is corrupt is there any hope that anyone will do anything about it? I expect a flurry of outraged comments, perhaps some docudrama hearings and then nada. The whole top-tier of our government is so corrupt and have so few scruples that many of them won’t even think this is much of a scandal. Instead, just business as usual.

When people, and a corrupt media, accept corruption by “their” people while expressing indignation at any hint of corruption by “other” people you have a people and a nation that has lost it’s moral compass.

Anonymous

A true statement KenoshaMarge

Anonymous

Will the Justice department saying they are investigating the S&P as of today play into this at all?

Anonymous

I don’t think so, Katmoon. The Obama administration WANTS to spank S&P, because they downgraded the Obama Show. On the other hand, the O regime DOES NOT WANT to investigate the SEC’s negligence and possible criminal behavior . . .

Anonymous

Exactly oowawa. The Justice Department has become so politisized that it simply does what ever is politically expedient for whatever party is in power. Thus the Oblahblah Justice Department is trying to punish the messenger. (Bush Justice Department was equally guilty.)

The only thing that gives me some hope that this story will have “legs” is that the left hates Wall Street so much they may be willing to allow the JournOlist reporters to actually “report” on this. After all Oblahblah and Holder can once again claim ignorance.

Anonymous

Yes, KenoshaMarge, but the O Administration, as I see it, is in bed with the big investment bankers, like GS, and the SEC has been whistling and looking the other way, which is exactly what everybody in this big clusterf**k wants. Will “the left” realize this epiphany? But, love is a many splendored thing, and breaking up is hard to do. It won’t be easy for them to open their eyes and see their beloved BO in bed with GS.

Anonymous

I think there comes a tipping point where even the most besotted of the Obamamedia will have to cover stories that are not reverential to their pet president. Or else events will overtake them and they will be standing silent with egg on their keyboards.

Hey, what the hell, it’s not as if most people have much respect for media types anyway.

Sad that, there was a time when they were giants and did their job of keeping the public informed. Now they are pygmys who keep the public informed of their opinion.

Anonymous

I can ‘t help but think of the film the obama deception. One grand manipulation by a select few very powerful people. Its all a grand scheme and nothing is going to happen that will change the corruption, this is part of it

Anonymous

Yes, this SHOULD be huge. It’s got Senator Grassley’s attention!

“SEC May Have Destroyed Documents”

http://www.marketwatch.com/story/sec-may-have-destroyed-documents-senator-says-2011-08-17
Anonymous

Stock Market tanking. Mark Cuban says individual investors don’t matter any more. They have to control algorithmic computer trading that runs the market. What’s more, the original purpose of the stock market – to get needed cash to companies – has disappeared in favor of an individual get-rich-quick philosophy. We are in big trouble.

Anonymous

They have to control algorithmic computer trading that runs the market.

How could that be done…worldwide…especially when some countries are antipathetic to our financial interests? As we remember from 2008, the markets can be manipulated…and probably still are.

Anonymous

The markets are under intense manipulation every day.

Anonymous

Gotta get rid of that high frequency trading crap–computers trading the same stock back and forth between each other in milliseconds in order to manipulate prices. Trading becomes a matter of geeks writing algorithms for computers parked as close as possible to the NYSE in order to trim milliseconds….
Wbboe

Ellen, I agree. Obama will be blamed. It is no longer unthinkable that he will suspend his campaign and announce that he is not running again. As my friend said the other day, we have got to get him out of there before 2012. The interim harm of having a power vaccum at the top for another 14 months reverberates throughout society, world financial markets and civilization itself.

Perhaps, when he returns from vacation, he will do what LBJ did and announce that he is not running. This is a stretch I realize that. But if he can be convinced that this situation is getting worse by the day, his support is eroding and time is not on his side then given his nature he may well do a Roberto Durante and say “no mas”.

As with any would be dictator if we want him to step down then we must provide him an exit strategy. We did that with Marcos. A second Nobel prize is out of the question–it is like having a second Oscar–no voltage. Letting him keep his campaign contributions would be illegal and Obama would never stoop to doing what is illegal. We could make him president of MSNBC, or CNN–that might work. Or, we could make him majordomo of the United Nations. If he stepped down early we could allow him to keep his salary and one of his banking buddies could buy him that mansion in Hawaii.

Last night we were talking about all this. I mentioned that Obama is nothing more than a cipher for banking interests. His value to them is he takes orders and does exactly what they say. As a state senator, he sold his black constituents down the river at the behest of Uncle Tony. As a US senator, he sold the interests of his constituents down the river for the nuclear power industry (Excelon et al) and the insurance industry. As president he sells our interests down the river for the international banking cartels. With Obama it is a case of the public be damned. Whoever pays the piper calls the tune.

Far be it from me to suggest that he is the only president who has done the bidding of major financial interests. But no prior president to my knowledge has failed as he has to get anything in return for the American People. That will be his enduring legacy, and if he is smart he will get out now, while the getting for him is still reasonably good.

Wbboe

Larry–thank you for posting this. I have looked it over and will read it in detail later today. My preliminary research on the unprecedented rise of a man with no experience to the pinnacle of power in the world was in no small part the handiwork of an American British and European banking cartel. I was able to document specific occasions where these interests met with him, planned his campaign, and even played golf with him at the Kennedy funeral.

The problem with these theories, of course, is that dealing mostly with hearsay information. Thus, the longer you work on them the more you fall in love with them, and the only antidote I know of is to continue pressure testing them against reality. In this case however, my opinion has not changed, and there is no competing theory that can explain what has occurred. It is not one fact from one source but hundreds of facts from hundreds of different sources that point to this ineluctable conclusion. Nonetheless, until the public at large rolls back the rock and see the maggots underneath you feel a little like someone who talks about Area 51 etc. Tabbi’s work is one step.

Why is this important? It is important because if Obama can be tied directly to these banking interests, and it can be shown what these banking interests have done to the American People, then despite all the protection provided to him by big media (who are captive to those same interests once you understand who their parent corporations are beholden to ) and despite the unqualified love of him by the black people and millions of young people, and notwithstanding the billion dollars of campaign contributions he has garnered, you could knock him and his legacy down with a feather. In the meantime, this is an effort to exploit the global marketplace, which requires the marginalization of America and the exploitation of our people politically and economically. The collapse of the world economy lends impetus to those objectives.

A couple weeks ago, I dismissed the notion that Hillary would challenge Obama. The reasons for this were sound enough based on what I knew at the time. There is no need to reiterate them here. But did note that the country and the world are falling apart before our eyes and what we have now is a power vaccum in the White House on all fronts. Like nature, politics abhors a vaccuum. Thus, In the past few days, there have been new facts which warrant the suspicion that Hillary may in fact challenge Obama in 2012–if the base who is now weary of him and at odds with the American People ask her to. If that is so, then all I can say in my own defense is what Keynes said–change the facts, I change my answers–what do you do?

Here are some facts that may indicate that she is in fact preparing to run against Obama.

1. The website Hillaryis44 has stated repeatedly that something will happen in September.

2. The deteriorating state of the economy, which has left 20% of our labor force without jobs vs the failure by Obama to address that issue in a timely manner. This is like a thunder cloud rolling across the country, touching millions of lives.

3. The implosion of the Obama presidency, and the resulting power vaccuum at 1600 Pennsylvania Avenue which can no longer be rationalized or covered up by his big media accolades.

4. Thunder on the Left over his failure to deliver on the promises that he made in terms of policies and programs, e.g. social security etc.

5. Hearsay information that Obama considered quitting awhile ago but decided to sally forth instead. A supreme egotist like him would not do that on his own. People are talking to him. The fact that he has decided to go on vacation now indicates he is overwhelmed.

6. The ineptitude and cowardice of establishment Republicans as evidenced by the the debt deal with my friend Boehner “went out on a limb to get”. Their unwillingness to deal with the spending problem and the admission by my friend Mitch that their reason was political.

7. The failure of the Republican Party to field a list of candidates who appeal to the mainstream, or appear to have the qualifications to turn the situation around–except Gingrich who big media killed. Perry is too much like Bush and Romney is too much like Obama.

8. The resulting conclusion that if she could defeat Obama in the primary then she could win the general election. (Note: in 2008 her strategy was the opposite– in the primary she positioned herself in such a way as to win the general election).

9. Polls showing that is there is a challenge to Obama that Hillary is the favored challenger by a factor of 82%

10. The growing chatter we hear coming out of Jim Carville. If she does run then I suspect he will be her campaign manager. It was a major mistake for her to have used Patty Solis Doyle as her campaign manager in 2008 because she was an Obama plant.

11. Hillary’s overt criticism of Obama over problems in Mexico which she warned him about, and he ignored, which have now reached critical mass. This is not typical behavior of cabinet members, who serve at the pleasure of the president–much less the Secretary of State who is his chief diplomat. (Note: that is not a criticism).

12. Maxine Waters’ nuanced statement before a black audience that blacks support Obama because his is black and any attack on Obama was seen as an attack on them, but the black caucus is just politicians, and if their base wants them to criticize him they will. (Note: Maxine was a strong Hillary supporter).

13. A phone call I received asking me what I am doing as a former Hillary supporter to defeat Obama. In the course of that discussion, he spoke about Roosevelt values (which was her monicur), and the need for Glass Steegel. In hindsight, he may have been trying to find out whether I was privy to Hillary’s plans, which at this point I am not.

14. Like any great politician, Hillary is motivated by a vision for the country and the lust for power. It comes with the territory. And she does not give up. There are objectives to be achieved and scores to be settled. Again, it comes with the territory. That is not a criticism

There are other indications as well, but these will suffice. A warning however. At this point, this is merely a theory. And even if it rises to the level of a strategy extant, it is constrained by the observation of Scipio Africanus who defeated Hannibal over two thousand years ago:

I am mindful of human weakness, and I reflect upon the might of Fortune and know that everything that we do is exposed to a thousand chances

Larry, a final note on Tabbi. I think he has done yeoman work here. But he is in the last analysis a muckraker. Years ago he did a piece on a friend of mine that was fiction, but did major damage to his career. It was did not rise to the level where it was actionable, but it was mallum in se. I was asked to help him repair the damage, and it left me suspicious of anything Tabbi would write.

Lupe

Interesting comments about a possible challenge from Hillary. I hope Obama has sense enough to throw in the towel. I followed a number of Hillary websites the last election cycle and have noticed that a couple of her most ardent supporters, TheRealBarackObama and TexasDarlin recently switched to private websites that require an invitation to view. I have been hoping that this also was indication that somebody, even if not Hillary directly, was thinking of challenging Obama and his puppetmasters.

Anonymous

I think the “invitation to view” blogs have basically just thrown in the towel when it comes to battling trolls….

Anonymous

Taibbi may be a muckraker, but he’s raking in the right muck. Finding lots of big disgusting geoducks!

Wbboe

Absolutely correct. We need bottom feeders like him to churn up the things these crooks bury. I mean that seriously, I am not being facetious. This is a personal grudge and I will not speak of it again. But more than him, we need people who are willing to blow the whistle and the future of our republic depends on it. There is an old saying that behind every great fortune is a great crime, and it is certainly applicable here.

AC

Gee wiz Wbboe, if your going to mention Scipio’s observation then you could at least show the quote. How about it?
Like you comment non the less.

Wbboe

I did AC but I forgot the quotation marks: He said:

“I am mindful of human weakness, and I reflect upon the might of Fortune and know that everything that we do is exposed to a thousand chances.”

Anonymous

Yes, I thought the “I’m King of the World” philosophy of making him head the UN might placate his black supporters if they can be persuaded that this would do something for his black brothers in Sub-Saharan Africa. Of course he would do exactly what he has done here – zip. But it might allow him to exit gracefully. Needs a carefully orchestrated campaign.
Anonymous

Very good details on the end of Obama.

I have been commenting that no one should be surprised if he declines to run for a second term. Major Dem donors and elders will council him on the path out and make it palitable and lucrative for him. And the nomination will be handed to Hillary who would likely win in a year when the GOP increases their majority in the House and takes over the majority in the Senate.

I believe they will wait till the Spring of next year to see if events help turn this around for Obama, but that is highly unlikely since we are headed into a second recession or or just close to zero growth.

Anonymous

“Major Dem donors and elders will council him on the path out and make it palitable and lucrative for him.”

Wow, what an assignment. Now how would the Wizard of Oz handle this? Thee One already has a diploma (and the Nobel Peace Prize, to boot); a gold Rolex pocket watch in lieu of a heart (so he can listen to it tick)–naw, he’s probably already got that; a medal to show he has courage? Well, that might work! Can civilians be awarded the Congressional Medal of Honor? Just click your heels together 3 times, Barack, and you will wake up back in the Chicago Cesspool that spawned you . . .
Wbboe

Hokma: there is a point #15 to the above analysis, it is the fact that Obama has pissed off the Hispanics by failing to push for amnesty like he promised, at a time when he held a filibuster proof majority. Hillary on the other hand has deep connections with the Hispanic community going back to her college days when she pushed for voter rights in Texas. The Hispanics in Webb County (Laredo) where I campaigned for her have not forgotten.

Furthermore, Hillary has Hispanic supporters like Dolores Huerta et al who can deliver big states for Hillary like California and Texas. Her organizing skills are second to none. My friend the arbitrator was the leader of a reform group in the International Paper and Pulp workers Union in the 1960s and witnessed this first hand. He visited Dolores and her boss Caesar Chavez who was the head of the United Farm Workers in Delano California in the early 1960s. He had the name, but she did the work and she was as remarkable then as she was now. Today, the Hispanics are a larger demographic than the blacks, and their culture is different. Both parties hope to win their allegiance. Rove used to hold Saturday meetings to figure out how to lure enough ot them away from the Democrats to win large states. The Republicans on the other hand have my favorite candidate Marco Rubio, and the Democrats have no one in the pipeline quite like him. I hope whoever runs for the party, and if Hillary enters the race it could be Guilani, they pick Marco Rubio as vice president.

Anonymous

There are lots of Mexicans who have been here for a long time and who are citizens who do not welcome unrestricted immigration from Mexico. They compete with these people who are often sending their money back to Mexico where it is worth more.

Wbboe

Absolutely right. No doubt about it. Unfortunately, their leaders see political advantage in playing to the lowest common denominator. The Cubans I know feel the same way you and I do. My feeling is that borders must mean something, and it is up to the country not the outsiders like Felipe Calderone to decides who gets lawful entry and who becomes a citizen. He has no standing to speak to that issue. And it is beyond the pale for that pointy headed Undersecretary of State to be complaining to Red China about what Arizona does to protect its citizens.

Anonymous

US Markets down over 3% at this time..German market closed down 6%…..worry about recession in US and Europe:
http://www.cnbc.com/id/44188136
Anonymous

IBM has now developed “brain chips”….(The stock was upgraded yesterday to a “buy”,I noticed)
http://www.computing.co.uk/ctg/news/2102735/ibm-unveils-chips-mimic-human-brain

Anonymous

Where can I get me some of them there brain chips?

AC

Fried or Baked?

Anonymous

Give me some of the 1/2 baked ones. I can donate them to the trolls.

Ferd_Berfle

Got some zombies looking for you?

Anonymous

Meanwhile…on Martha’s Vineyard

Anonymous

OMG…. priceless
Anonymous

What happened to Thee One’s main ride? It was much safer….
http://www.flickr.com/photos/a35mmlife/2491837295/

Ferd_Berfle

What a dufus. Reminds me of a Looney Tunes character.

“Which way did they go, George?”

Anonymous

Well, you know what they say… “Vice is nice, but incest is best.”
Hehe.
Anonymous

Buffett and Ackman buying dollar stores..Ackman selling Penney’s. Is that a clue, or what?
http://www.cnbc.com/id/44163715

Anonymous

I hope Buffett isn’t blowing any of that money he’s been planning on donating to the U.S. treasury on account of the low taxes he’s been paying . . .

Ferd_Berfle

When Buffett speaks, takers listen.

HELENK

I know this will upset everyone. Backtrack had to push back his vacation departure until the market closes today.
The sacrifices that man has to make are unbearable

unemployment needs to start in DC asap

Anonymous

Yes. I’m glad Thee One is on the job. He might have to stick around to declare the present stock market decline “unacceptable,” or, in a worst case scenario, “totally unacceptable.”

Anonymous

More likely sticking around to call it the Tea Party sinking of the Dow. Cause we know that they are to blame for everything.

Anonymous

Oh the poor thing. What does he intend to do, stop the fall? With a speech?

Anonymous

Yes. Win The Future.

HELENK

in the meantime backtrack not parting with campaign cash for democratic congress. surprise – surprise
You dumbasses selected him he is all yours

http://www.politico.com/news/stories/0811/61601.html

unemployment needs to start in DC asap

Anonymous

He’s gonna need every cent of that trillion he’s raisin’

HELENK

I am not a Romney fan but he is a good business man
Selling tye die Magical Misery Tour tee shirts for a $30 donation.

https://mittromney.com/donate/obama-magical-misery-tour-t-shirt

Anonymous

Romney is the worst choice possible HelenK, beside Ms. McCord- Skousen is currently writing a book about the Romney/Skousen families and links to corrupt business practices and has insider knowledge.

She is another McCord passing a note, in a manner of speaking.

HELENK

I have no plans to vote for him. I just thought the idea of selling the tee shirts was funny

Ferd_Berfle

If he’s the Republican candidate in ’12, I will vote for him. What is my other choice? Barry? A third-party candidate?

Nope, I want that unfit, unqualified sociopath out of the White House and back in his hood.

Jorge_B

Then it will be out of the fry pan and into the fire, if you vote for mitt.

Anonymous

Clearly, Romney is not the answer.
Anonymous

Clearly, Romney is not the answer. Ms. McCord-Skousen is currently writing a book which includes the Romney/Skousen families questionable international business dealings. She has insider knowledge and is now coming forward.

Her book does not have to be submitted to the CIA for approval, so there will be no pages whited out.
HELENK

nunly posted this at Rev Amys.
I bookmarked it while laughing

http://podcasting.fia.net/5159/4834990.mp3
HELENK

http://www.moneynews.com/StreetTalk/Soros-Euro-Collapse-Depression/2011/08/18/id/407761?s=al&promo_code=CDC1-1

there has to be a special place in hell for Soros
Patience

Well, I grudgingly have to hand it to Matt Taibbi. He’s like a pit bull when it comes to the financial sector. I can’t stand the guy, maybe because my first exposure to him was via the highly offensive creep Bill Maher. But I give him a lot of credit for reporting about arcane dealings in a cogent, easy-to-read style. Shame shame shame on Big Media for not doing the same.

The RS item is at once titillating and demoralizing. I’d like to think justice will ultimately prevail but instinct tells me the oligarchs will remain the artful dodgers they’ve always been.  The best we can usually hope for is a token conviction — a sacrificial lamb who will serve time in prison — while the corruption and malfeasance continues unchecked.

Larry, you’ve been telling us for years that the SEC and FINRA are worse than worthless, so Taibbi’s piece was really no big surprise.

I don’t want to be totally pessimistic though. It would be so sweet if Darcy Flynn’s testimony succeeds in nailing not only guilty bureaucrats but also some crooked financiers as well. In any case Flynn is a true patriot for trying to do something about this mess.