I just ran Eric "InAction Jackson" Holder's announcement relating to "Operation Broken Trust" through a word cloud generator to demonstrate a simple point.
According to the feared one, this is what the combined resources of the United States Government enforcement apparatus (Obama's "Financial Fraud Enforcement Task Force") has been busy doing during the past three months, chasing Ponzi clowns to see if there is another Bernie Madoff hidden in the financial cracks and bringing down pump and dump schemes.
What is it these vermin financial predators are pumping and dumping is what I want to know.
Fraud, investment, financial, schemes...those are the big words you see.
Here are some of the big words you don't see: the name of a major Wall Street institution or any Wall Street firm for that matter, the word bank, the word mortgage, the words origination fraud, the words title and foreclosure fraud, the word housing, the word securitization, the word RICO, the word subprime and finally, the word C-O-M-P-E-T-E-N-T.
ATTENTION ALL BANKSTAS, you have nothing to fear, InAction Jackson and the Federal posse are busy chasing the financial Boogeymen so the rest of you can sleep tight tonight.
TEXT OF BUFFOON:
Attorney General Eric Holder Speaks at the Operation Broken Trust Announcement
Washington, D.C.
Monday, December 6, 2010
Good morning, and thank you all for being here.
I’m pleased to be joined today by several key leaders in our collective effort to combat financial fraud – FBI Executive Assistant Director Shawn Henry and SEC Director of Enforcement Robert Khuzami, as well as the U.S. Postal Inspection Service’s Chief Postal Inspector, Guy Cottrell; IRS Criminal Investigation Deputy Chief Rick Raven; and Commodity Futures Trading Commission Acting Director of Enforcement Vincent McGonagle.
We are here to announce the results of Operation Broken Trust, a three-and-a-half-month targeting of investment fraud schemes throughout the country – and a critical step forward in law enforcement’s work to protect American investors, to ensure the strength of our markets, and to prevent financial fraud schemes.
While there is nothing new about conducting nationwide operations and sweeps – this one is different in that it brought together a broad array of criminal and civil enforcement tools, at both the federal and state level, to attack investment fraud schemes collectively. Operation Broken Trust is the first national operation in history to target the many different types of investment fraud schemes that prey directly on the investing public.
This historic effort has been coordinated, executed, and led by members of the Financial Fraud Enforcement Task Force that President Obama created in November 2009. This task force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever established to combat fraud. Multiple federal agencies, as well as partners at the state level, are working together to ensure that no stone is left unturned when it comes to protecting consumers and investors.
Our mission is simple – to bring financial fraud schemes to light and those who operate them to justice.And our aggressive, coordinated approach is working.
Since Operation Broken Trust was launched on August 16th, all across the country investment fraud cases have been prioritized. To date, the operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants, whose conduct harmed more than 120,000 victims. Several individuals have been charged with defrauding men and women across the country out of thousands – and sometimes millions – of dollars. The cases in this operation involve a variety of different investment fraud schemes that have led to more than $8.3 billion in losses in just the criminal cases alone. Staggering numbers. These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled.
All of these victims can tell a tragic and cautionary story of being misled and exploited – often by someone they trusted. In fact, many of the scam artists we’ve identified were preying on their own neighbors – and on the most vulnerable members of their communities. Several of those prosecuted during this operation solicited victim investors from their own churches. One man in Texas allegedly targeted his fellow parishioners, asking them to invest with him and claiming that his success in foreign exchange trading was “a blessing from God.”
In Florida, one defendant was convicted recently for his role in an investment scam that specifically targeted the local Haitian community. In Ohio, a former police officer operating a Ponzi scheme solicited investments from active and retired police officers and firefighters. And in Chicago, another Ponzi scheme resulted in more than $30 million in losses to hundreds of victims – many of them elderly, Italian immigrants. As a result of our prosecution, the man who operated this scheme has been sentenced to more than 20 years in prison.
Many of the criminals we’ve identified used investor funds to support lavish lifestyles. One man operating an $880 million Ponzi scheme in Florida duped investors from across the country – and used the money to buy floor seats at professional basketball games and to make payments on his personal yacht, his beach house, and his Mercedes. A New Jersey man charged with operating an investment scam allegedly used investor funds to make payments on three different luxury cars and to pay fees at two country clubs.
With this operation, the task force is sending two messages. A message to the public: be alert for these frauds, take appropriate measures to protect yourself, and report such schemes to proper authorities when they occur. And a second message to anyone operating or attempting to operate an investment scam: we will use every tool at our disposal to find you, to stop you, and to bring you to justice. Cheating investors out of their earnings and savings is no longer a safe business plan.
Along with the agencies represented here on stage, I also want to thank the Federal Trade Commission, the U.S. Secret Service, and the National Association of Attorneys General. Because of their work, and the contributions of everyone involved in Operation Broken Trust, dozens of criminals who hatched fraud schemes now face significant time behind bars – including one sentence of 85 years.
Although this operation marks an important step forward, our fight to combat financial fraud goes on.
The task force will continue working with consumer groups to increase financial literacy and raise awareness about the warning signs of financial scams. And we encourage investors to share tips and concerns with us by visiting stopfraud.gov. With the commitment of so many partners and with the help of an informed public, I am confident that we can take our fight against financial fraud to a new level.
And now I’d like to turn things over to FBI Executive Assistant Director, Shawn Henry.
WB7: No need to edit the speech because it is funny enough as is. Here is my closing question: What precisely is it that they were doing prior to the last three months?
This evil financial genius was foiled from bringing down the financial system.
MEANWHILE: This is for those of you losing faith in Federal law enforcement:
"A German man apparently smuggled hundreds of tarantulas and various other arachnids into the US, authorities said on Friday, according to AFP.
Authorities set up a sting to catch 37-year-old Sven Koppler in a sting called “Operation Spiderman,” the news agency reported. He was arrested on Thursday after flying into Los Angeles.
"He is one of the largest importers of illegal tarantulas into United States.
He has been doing it for several years," Assistant US Attorney Mark Williams told the Los Angeles Times.
Williams said that Koppler made around $300,000 for selling off the spiders in various countries including the US. The Times reported that he could get a maximum prison sentence of 20 years and fine of $250,000."
As we've been saying, there are two different worlds from the perspective of the economy, and here's a look at the two different worlds from the eyes of the media. - Ilene
Tinsel Tuesday – Market Decorations Make Us Merry
Courtesy of Phil of Phil's Stock World
I figured out how to get bullish!
Just read the Wall Street Journal. On the front page we have "Nuclear Pact Adds Backers" above the fold along with a fluff piece on the weather in Europe. There are 3 other featured articles on the front page of the World’s most widely-read financial paper and one is a fluff piece on the Jimmy Stewart museum, one is on the obscure concept of betting people are going to die (very fun and interesting but "The World’s biggest financial paper"?) and the last is on the SEC looking into Mark Hurd’s exit from HP. On the left is "What’s News" with about 30 summaries of articles in the paper so one would think you could look this over and have a really good idea of what’s going on in the World.
I see that "Spain said its regional governments are on track to meet their budget targets" and Dow component Boeing (who fell off yesterday) announced a "$1 Billion commercial satellite deal with the Mexican Government" and Blackstone is starting a $15Bn fund and TD is buying Chrysler Financial for $6.3Bn and (and this is a real XMas gift to Wall Street) "A Senate deal to fund the federal government until early March doesn’t include money to enact the health-care overhaul or stepped up regulation of Wall Street" and also that North Korea held their fire during a South Korean artillery drill. Wow! All seems right with the World, doesn’t it?
If I just read the WSJ, I find no reason to be bearish at all. Certainly there is no mention of Spanish Bond Yields rising 37% in a month to 5.5% at today’s $4Bn bond auction. There is no mention of China’s Vice Chairman of National Development saying that China "needs to prepare for a long- term fight against inflation" or that oil imports into China are expected to fall off next year as their economy cools down. You would think the fact that BAC, JPM and four other lenders facing a suspension of foreclosure activity under court order in New Jersey would be a news story or perhaps some mention of the 29-year high in sugar prices would be of interest to investors along with the limit-up trading in cotton to record highs for no particular reason other than the fact that it’s a commodity and speculators will buy pretty much anything in the current frenzy.
Gold is up for the third consecutive day, China’s money-market rates jumped to a 2-year high as banks raised their reserve ratios (this one didn’t even make the WSJ’s on-line Asia section, but you can real all about the World’s most expensive noodles!). Pimco said "Untenable Policies Will Lead to Eurozone Break-Up" according to the London Telegraph with Andrew Bosomworth stating: "Greece, Ireland and Portugal cannot get back on their feet without either their own currency or large transfer payments. The euro crisis is not over by a long shot. Market tensions will continue into 2011. The mechanism comes far too late."
Of course that’s nothing compared to Meredith Whitney’s dire warning of a financial meltdown driven by the collapse of US municipal bond auctions – a topic we discussed last Wednesday. And Meredith is just full of holiday cheer compared to David Rosenberg, who puts a fair value on the S&P at no more than 1,120 and makes many excellent points that the market is now 10% overvalued and gives "10 Signs that the Holiday Retail Season is Going Worse Than People Realize" or John Hussman, who has certainly channeled his inner Phil with "Things I Believe" too!
We are, then, getting to the root of my problem – I read too much! I wake up early every morning and read my various papers and web sites and, from that, I formulate a short-term and long-term investing premise. Perhaps I have forgotten what the Great Emancipator once said:
surface encounters rock tops surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters michigan surface encounters rock tops'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters noblesville surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb mi surface encounters macomb mi'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb mi
surface encounters macomb'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters
surface encounters rock tops'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters rock tops
surface encounters macomb mi'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters noblesville
surface encounters rock tops'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters
surface encounters
surface encounters noblesville'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb
surface encounters macomb'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters
surface encounters noblesville'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters
surface encounters rock tops'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters noblesville
surface encounters macomb'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters michigan
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters rock tops
surface encounters noblesville'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters noblesville
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters rock tops
surface encounters'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters rock tops
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb mi
surface encounters michigan'Friday Night Lights': The Bad <b>News</b> Lions - From Inside the Box <b>...</b>
Most of you likely won't be watching “Friday Night Lights” until the NBC run later in 2011, but for the dedicated few tuning into DirecTV, please join our swoony recapage of the series' final season.
Star Wars Complete Saga Blu-ray <b>news</b>: release in October, 30 hours <b>...</b>
This might not be the 'most impressive' Star Wars announcement you were looking for. Not that it's a bad thing the complete saga will be.
Bad <b>news</b>: Obama's Hawaiian vacation rental was illegal « Hot Air
Bad news: Obama's Hawaiian vacation rental was illegal.
surface encounters macomb
No comments:
Post a Comment