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Commentary: The real reason New York US Attorney Preet Bharara was asked to Resign

Discussion in 'Politics Forum (Local/National/World)' started by BarnacleBob, Mar 18, 2017.



  1. BarnacleBob

    BarnacleBob GIM Founding Member & Mod. Founding Member Site Mgr Site Supporter

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    By Richard Lawless

    Before the inauguration, Donald Trump and Preet Bharara met and an agreement was struck that would keep US Attorney Bharara in his current position in New York under a new Trump administration.

    [​IMG]
    Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He sits on several Corporate Boards and actively writes for several finance publications.


    New York Senator Charles Schumer was instrumental in getting Bharara appointed to that position and in return was asked from time to time to do favors for the senator and his allies. Up until recently, President Trump had no idea what was really going on. Once President Trump’s staff understood the quid pro quo, they had no choice but to ask for Bharara’s resignation.

    In 2015, Puerto Rico defaulted on $70 billion in municipal bonds. Those involved panicked. There was ample evidence that the issuing agencies were technically bankrupt when they issued the bonds and that they purchased fraudulent credit ratings from Moody’s Fitch and S&P. Wall Street’s biggest banks then knowingly sold junk bonds to innocent investors, labeling them as safe investments. Everyone made a ton of money, except the innocent investors.

    The evidence of this massive criminal act was overwhelming. The lawsuits and complaints to the FBI and SEC were streaming in. Dozens of Wall Street executives could go to prison. This was serious.

    The Wall Street executives went to Senator Schumer and asked for two things: that no criminal investigations or prosecutions be considered and that he somehow limit the bondholders’ rights to keep them from suing.

    By this time, all congressmen and senators were made fully aware of the potential fraud that had taken place in Puerto Rico. That didn’t stop Senator Schumer; he put together a small team consisting of himself, Elizabeth Warren, Senator Blumenthal and Senator Feinstein. In January 2016, they submitted a rider to the energy bill that unbelievably would prevent the innocent bondholders from suing. All four politicians were quickly rewarded and the Wall Street contributions flooded in.

    Then an understanding was stuck with US Attorney Bharara that investigations would be sidetracked and no prosecutions would take place. As pressure was building with the public discovery of hundreds of new felonies related to the issuance of this $70 billion in bonds, the DOJ continued to ignore the evidence and sidetrack all efforts by their field personnel to prosecute. Bharara was paying back his mentor in spades.

    The four senators continued to press for a prohibition of law suits, confiscation of what was left of the $70 billion in bond proceeds and a revocation of all the bond holders’ legal rights. They got what they were hoping for in the PROMESA legislation. The politicians then went on to shape an argument that whatever money was left that was not already stolen should be given to underfunded union pensions.

    The level of corruption between the bond issuers, the rating agencies, the major Wall Street banks, the DOJ and our politicians would make the mafia blush.

    Bharara was given a huge amount of information, including sworn testimony of the fraud and over 10,000 pages of documentary evidence. A second year law student could have convicted all parties under our current RICO statutes yet Bharara did nothing.

    https://www.thecaribbeanradio.com/c...s-attorney-preet-bharara-was-asked-to-resign/
     
    gringott, Aurumag, madhu and 2 others like this.
  2. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I don't trust anyone who poos in the street then wipes their ass with their bare hand
     
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  3. madhu

    madhu Silver Member Silver Miner

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    Yep promoting diversity! Was suspecting why the media was all over to promote this prosecutor.
    Legalized Mafia
     
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  4. Aurumag

    Aurumag Dimly lit. Highly reflective Midas Member Site Supporter

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    Draining the swamp one evil beast at a time.
     
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  5. TRYNEIN

    TRYNEIN Gold Member Gold Chaser

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    Preet Bharara Explains Why He Let Wall Street Bank Executives Avoid Prison


    Recently dismissed U.S. Attorney for the Southern District of New York, Preet Bharara, is suddenly being celebrated as an aggressive warrior in the fight against Wall Street corruption. Really? You could’ve fooled me. Perhaps I was in a coma when a string of big bank executives were arrested and sent to prison.

    No, what actually happened is one of the most powerful attorneys in the nation came up with a mealy-mouthed, cowardly rationale for why he let these financial thieves off the hook.


    Crain’s reports:

    Bharara was nowhere to be found when it came to charging the top executives whose actions led to the collapse of Lehman Brothers, Merrill Lynch and AIG, and who made all manner of misleading statements to cover up how sick their firms were. Goldman Sachs executives sold institutional investors a mortgage-backed security that sales staffers described as “one shitty deal.” Where was Bharara when it mattered most?

    We don’t have to wonder for too long because the prosecutor explained his actions—or lack thereof—at a Crain’s forum three years ago. Bharara said at the time that he didn’t think he could win a case against Wall Street top dogs because they had hired advisers assuring them what they were doing was legal.

    “What you do have to prove is criminal intent,” he said. “And it’s very difficult if a bank president has in his hands a letter or opinion from a law firm or accountant saying, ‘If you do X, Y and Z when you sell these mortgage-backed securities, you’re good.’

    “Now it may make you angry,” he told the audience. “But if you have the opinion, it is a very difficult thing [for a prosecutor] when they say, ‘I asked my lawyers to do the best they could to tell me what I’m supposed to do.'”

    Read those statements again. The leading white-collar prosecutor in the country said that advice from the right lawyer or accountant is tantamount to a get-out-of-jail-free card.

    Jesse Eisinger, a Pulitzer Prize–winning business reporter, will soon have a book out explaining how federal prosecutors lost their nerve to bring Wall Street leaders to justice. Its title is The Chickenshit Club.

    Now that sounds like a book worth reading.

    https://libertyblitzkrieg.com/2017/...let-wall-street-bank-executives-avoid-prison/
     
  6. luckabuck

    luckabuck Gold Member Gold Chaser

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    More than ample evidence that corporate American runs not only the white house, but congress and the DOJ as well.
     

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