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View Diary: Closely-Watched Court Decision Breaks Bad for Wall St. Has A Day of Reckoning Arrived? (154 comments)

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  •  Judge Rakoff should be a national hero (3+ / 0-)
    Recommended by:
    Paper Cup, bobswern, Calamity Jean

    He is one of the few in the Judicial system that was willing to stop the SEC from making small slaps on the wrists and then getting sued by the SEC for not allowing them to to accept large fines with no admission of guilt as retribution for crimes that were disguised as small civil breeches.

    You can bet that we will have to be listening very closely to when the Executive branch does it's best to push back on this ruling.

    He has gotten push-back from the Govt every-time he has ruled against the banks. I have no doubt it's going to happen again. I don't have big hopes that one judge will be able to hold on against the onslaught that is inevitable from this ruling.

    But, there is this: The Insurance Companies are part of FIRE and it is rich on rich. So, lets hope this ruling does what the judge intended it to and doesn't produce the furious reactions by his own govt like his previous rulings. At this point I really don't care who is the beneficiary of this group of court actions just as long as the Banks gets a huge (what will soon be part of our lexicon)"smash, SMASH, SMA-SH" with Judge Rakoff's judicial axe handle.

    Note:  if you don't know what I'm talking about with the "Smash" reference meet Kai The hitchhiker  aka a Good Guy Takes down bad guy sans gun. Hero of 2013

    Original story of FBI warning in 2004 of mortgage fraud.

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