24 October 2010

24 OCT 2010, Sunday (AM)

  • Remember Martha Stewart's great transgression?  She owned ImClone stock back in 2004 and sold on some insider information which helped her to net $277,000 on that trade.
  • Then, she was charged by the Securities Exchange Commission (SEC) and eventually fined $30,000 and got 5 months of jail time.
  • Dayum!  Darned good thing they got her...Martha Stewart....Destroyer of Worlds!!!  Now let's compare....
  • Look at what happened a week ago.  Angelo Mozillo, former CEO of the now spectacularly bankrupt mortgage mill known as Countrywide, was hauled before the SEC.  But first...while at Countrywide he made about $100 million a year by initiating piles and piles of crappy mortgages (many of which are now at Fannie Mae and Freddie Mac...which means you and I are backing those stinky mortagage turds via our tax dollars!  Nice, huh?  Oh yeah, Bank of America is regretting ever taking this pile of crap on to their team.  Snookered?)
  • OK, OK...so the SEC's got him!  And what happens???  
  • While he states that there was no wrongdoing on his part, he agrees to pay a fine of ~$68 million....no time to be spent at the grey bar motel.  
  • Got that?  
  • Does any of it make sense?
  • Sheesh...if tar, feathers, a rail and the outskirts of town were ever appropriate...this would be the textbook case!  My opinion of course.  
  • Welcome to Amerika, Comrade.  It is who you know that matters in these trifling matters of justice.
  • May the Oligarchs rule until our porridge runs out!!!  FEAST, FEAST....PORRIDGE FOR ALL!!!  

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