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Message
The real reason New York US Attorney Preet Bharara was asked to resign
Posted on 10/31/17 at 9:45 am
Posted on 10/31/17 at 9:45 am
quote:
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.
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.
LINK
Posted on 10/31/17 at 9:46 am to GumboPot
The Caribbean radio?
Goddamn.
Goddamn.
Posted on 10/31/17 at 9:48 am to GumboPot
This is where I don't align with Trump. He wants people to just stop being corrupt and he will let them move on.
He needs to make a few statement moves just to show the public what is really going on. Just letting everyone agree to stop and move on won't expose the true depths but Trump doesn't really want the public to know that. I think the public needs to know it.
He needs to make a few statement moves just to show the public what is really going on. Just letting everyone agree to stop and move on won't expose the true depths but Trump doesn't really want the public to know that. I think the public needs to know it.
Posted on 10/31/17 at 9:48 am to Navytiger74
quote:
The Caribbean radio?
World renowned hard hitting journalism
Posted on 10/31/17 at 9:49 am to GumboPot
quote:
A second year law student could have convicted all parties under our current RICO statutes yet Bharara did nothing.
Lock heeeem up with the rest of them.
It's amazing what our government and those elected to "represent us" can get away with.
Until the time where prosecution for this shite is a real thing, they'll continue it.
Posted on 10/31/17 at 9:49 am to Navytiger74
quote:
The Caribbean radio?
Goddamn.
It is only true if CNN reports it, right?
Posted on 10/31/17 at 9:50 am to Navytiger74
quote:
The Caribbean radio?
Why not?
Posted on 10/31/17 at 9:51 am to GumboPot
Where do yall find this shite?
Posted on 10/31/17 at 9:51 am to GumboPot
quote:
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.
throw the bankers and those in the PR government under the jail. why is the focus only on the bankers when the government is just as guilty?
quote:
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.
well that's a headshot on Fauxcahontas
quote:
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.
holy shite
Posted on 10/31/17 at 9:51 am to Navytiger74
quote:
The Caribbean radio?
The outlet.
Richard Lawless:
quote:
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
The author. Seems to have a pretty good resume, no?
Posted on 10/31/17 at 9:53 am to notsince98
quote:
This is where I don't align with Trump. He wants people to just stop being corrupt and he will let them move on.
I think Trump is just happy with stopping the corruption. He's probably worried about the potential "pay back" to him, his family and business empire.
Posted on 10/31/17 at 9:54 am to Navytiger74
quote:
The Caribbean radio?
Goddamn.
Is there something deep inside you that requires you to constantly expose your own stupidity?
Shoot the messenger, because you didn't like the message, am I right?
Posted on 10/31/17 at 9:54 am to Homesick Tiger
quote:
The author. Seems to have a pretty good resume, no?
I am fact checking what I can find publicly and it does appear to be checking out as far as the junk bonds fiasco.
Posted on 10/31/17 at 9:56 am to GumboPot
quote:
I think Trump is just happy with stopping the corruption. He's probably worried about the potential "pay back" to him, his family and business empire.
I personally think it is because he doesn't want the public to reject the government as a whole. I think he believes we need a clean, responsible government and if people knew everything they would immediately reject all forms of government. He wants to re-establish trust in a "responsible" government.
Posted on 10/31/17 at 9:56 am to notsince98
LINK
well that part checks out. that's from Warren's website
quote:
Today, United States Senator Elizabeth Warren (D-Mass.), Senator Richard Blumenthal (D-Conn.), Senate Democratic Leader Harry Reid (D-Nev.) and Senator Charles E. Schumer (D-NY) introduced the Puerto Rico Emergency Financial Stability Act. This legislation would establish a short-term stay on creditor litigation until Congress takes action to allow Puerto Rico to restructure its debts.
"Congress should take action on a long term plan to deal with Puerto Rico's debt crisis now--no more excuses, no more delays. Republican congressional leadership claims they will work with Democrats to pass a legislative package for Puerto Rico by the end of March, so, in the meantime, Congress needs to pass this bill to give the island critical legal protections," Senator Warren said. "The Puerto Rican people have been asked to bear huge costs of a long running debt crisis, and now Congress should do its part for the millions of Americans in Puerto Rico who are trying to build a future for themselves and for their kids."?
well that part checks out. that's from Warren's website
Posted on 10/31/17 at 10:01 am to Navytiger74
quote:
The Caribbean radio?
This is a strange one. If you google Richard Lawless, it *appears* he is a legit dude. He wrote an article last year on a similar topic (Puerto Rice financial meltdown) for observer.com
Here's another from daily caller
He's referred to as a "freelance writer" by daily caller. But writing for Caribbean Radio seems a little odd. And there doesn't seem to be any other versions of this article on other outlets, so it's not syndication or anything.
Kind of weird.
This post was edited on 10/31/17 at 10:05 am
Posted on 10/31/17 at 10:14 am to GumboPot
quote:
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.
holy shite.
people should be executed for this.
Posted on 10/31/17 at 10:15 am to CptBengal
i'm trying to find confirmation of this, but it checks out logically. the entire reason the DEMs are supporting bailing out PR is so that PR can maintain its lavish public expenditures (and pensions are typically at the top of this list)
Reuters story on pensions
Reuters story on pensions
quote:
Today, TRS and the other main pension fund, the Employees Retirement System (ERS), together covering about 330,000 workers and retirees, are virtually penniless. Their combined unfunded liability totals $43.2 billion. With about $1.8 billion in assets to pay $45 billion in liabilities, the 96 percent combined shortfall is among the biggest of any U.S. state pension this century, and probably the biggest ever for pensions “of this size and scale,” said Keith Brainard, research director at the National Association of State Retirement Administrators.
And they’re only sinking further. Their combined burn rate – the difference between what they pay out and what they receive in contributions – is more than $1 billion a year, forcing them to rapidly liquidate assets. At that rate, they are forecast to run out of money in 2019, according to a 2015 report by actuarial and consulting firm Milliman, on whose recommendations the government relies.
quote:
It can protect pensions, forcing hedge funds and other bondholders to accept draconian cuts under a debt restructuring – a scenario that could wreck Puerto Rico’s ability to borrow internationally for years.
Or, it can lessen the burden for bondholders by cutting pensions as well, sparking domestic political backlash and fueling outmigration that would further shrink an already dwindling tax base.
This post was edited on 10/31/17 at 10:18 am
Posted on 10/31/17 at 10:18 am to RidiculousHype
quote:
there doesn't seem to be any other versions of this article on other outlets, so it's not syndication or anything.
Kind of weird.
That's how you know it's true.
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