Paul Ryan sold shares on same day as private briefing of banking crisis by Dominic Rushe. The Guardian. August 13, 2012
[Excerpted] Vice-presidential candidate denies he profited from a 2008 meeting with Fed chairman in which officials outlined fears for financial crisis.
Paul Ryan, Mitt Romney's vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis.
The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector. His office said he had no control over the trades.
Public records show that on the same day as the meeting, Ryan sold stock in troubled banks including Wachovia and Citigroup and bought shares in Goldman Sachs, Paulson's old employer and a bank that had been disclosed to be stronger than many of its rivals. The sale was not illegal at the time....[end excerpt]
No Criminal Case Is Likely in Loss at MF Global. By Azam Ahmed and Ben Protess. August 15, 2012. The New York Times
[Excerpted] A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. [end excerpt]
U.S. Not Seeking Goldman Charges. The Wall Street Journal August 10, 2012 p. C1 by Reed Albergotti and Elizabeth Rappaport
[excerpted] After a yearlong investigation, the Justice Department said Thursday that it won't bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis.
In a statement, the Justice Department said 'the burden of proof' couldn't be met to prosecute Goldman criminally....[end excerpt]
Majia here: These headlines demonstrate that one of the biggest problems in America is that powerful politicians benefit from Wall Street malfeasance and therefore no prosecution of financial crimes occurs.
Until we elect honest candidates who represent the public interest, America will continue to suffer economic pillaging by Wall Street.
The failure to prosecute even the most overt crimes reinforces pillaging.
Expect more raping and pillaging by our powerful corporations given widespread political corruption: