I've watched this same pattern take place since the Great Heist of 2008, the second step of the Shock Doctrine, and whenever it comes up in the MSM, I just have to sit back and have a great laugh, and btw, cry at the same time.
The latest is the total (another slap on the wrist that is meaningless, when you add all the facts up) against three guys at IndyMac. It's a joke, and it is insulting to every single one of us, who have now, regardless, of how much we have protested against becoming the unwilling ATM card, for the Banking Cartel (who of course 'saved' us all from complete destruction,) just keeps getting away with millions right under our noses.
There is no such thing as true transparency, and there never has been. The recent report by the The Financial Crisis Inquiry Commission, allowing once again, Ben Bernanke's testimony to be hidden from the citizens of our nation, is just another smoke and mirrors, bait and switch lie. Fraud is Fraud. But hey, let's not go there, shall we?
After all, as far as Ben Bernanke says, this is all about 'National Security'......wow. Amazing.
So here is the latest slap on the wrist, that is meaningless, a bone with no meat on it, and just another 'shiny little pony' that will amount to nothing at all:
WASHINGTON — Federal regulators filed civil fraud charges Friday against three former executives of the parent of IndyMac Bank, accusing them of misleading investors about the mortgage lender's finances before it collapsed in July 2008. The Securities and Exchange Commission announced the charges against Michael Perry, former chief executive of Pasadena, Calif.-based IndyMac Bancorp, and former chief financial officers, Scott Keys and Blair Abernathy. Abernathy agreed to settle, paying a $100,000 fine and $26,592 in restitution plus interest. In addition, Abernathy will be barred from practicing as an accountant for any public company for two years; after that time he can apply to be reinstated. He neither admitted nor denied wrongdoing but did agree to refrain from future violations of the securities laws. Perry and Keys, through their lawyers, disputed the charges pending against them and said they will contest them in court.
The SEC said the three executives took part in filing false and misleading public reports about the financial stability of IndyMac Bank and the holding company, which filed for bankruptcy protection after the bank failed. Perry, Keys and Abernathy regularly received reports in 2007 and 2008 about the deteriorating finances but failed to ensure adequate disclosure of the condition to investors even as IndyMac Bancorp sold millions of dollars in new stock, the SEC alleged. "These corporate executives made false and misleading disclosures about IndyMac at a time when the company's financial condition was rapidly deteriorating," Lorin Reisner, deputy director of the SEC's enforcement division, said in a statement. The collapse and seizure by the government of IndyMac Bank, with about $30.2 billion in assets, was one of the biggest bank failures in U.S. history. It also was the costliest failure in the current wave for the federal deposit insurance fund, with an estimated loss of $12.7 billion.
IIndyMac Bancorp's bankruptcy filing also was one of the largest on record.
http://www.huffingtonpost.com/...
Jeeze, poor Micheal Perry: Let's take a look at his portfolio during that time, shall we?
Michael W Perry
Total Compensation
$15.92 mil (#84)
5-Year Compensation Total
$42.23 mil
Michael W Perry has been CEO of IndyMac Bancorp (NDE) for 13 years. Mr. Perry has been with the company for 13 years .The 43 year old executive ranks 4 within Banking
Education
College: Cal State Sacramento BS
Graduate School: NA
http://www.forbes.com/...
Not even 1%, what a little price to pay.
Let's calculate fine for minimum wage worker:
($)15 800 x 0.009 = ($)142.3
Oh, yes, don't cry for me Evita.....
So here is what I have to say the to SEC and Mike Perry: So what? You sweet little Kabuki ploy isn't fooling anyone, and neither is what Bernanke pulled withe the FCIC....
So in case you didn't get the memo, here is how it happened:
What Part Of Bernanke's Secret FCIC Interview Constitutes A Disclosure Of National Secrets?
Now that the FCIC has declassified all of its interviews with the people responsible, or profiting, for the housing crisis (among which are those of John Paulson, Hank Paulson, Lloyd Blankfein, Dick Fuld, Jonathan Egol (the man who helped Fab Tourre construct Abacus), Alan Greenspan and of course Agent Orange himself - Angelo Mozilo), there is one interview strangely withheld. That of the man largely at the heart of everything - Ben Bernanke. From Bloomberg: "The Financial Crisis Inquiry Commission, created by Congress to investigate and report on the causes of the market meltdown late last decade, won’t publicly release its full 2009 interview with Federal Reserve Chairman Ben S. Bernanke, a commission spokesman said. The interview is quoted in the congressionally authorized panel’s final report, which cites the November 17, 2009, “closed-door” session in 11 footnotes. The Fed chief discussed a range of topics including the central bank’s failures and why the government rescued Bear Stearns Cos. and let Lehman Brothers Holdings Inc. go bankrupt, the FCIC report shows." And yet, it appears to contain information so sensitive it would once again rain fire and brimstone on everyone, and like an audio medusa, lead to widespread petrifying contagion everywhere it was heard. Once again we discover that the Fed has learned nothing from the Pittman episode, nor from the Paul campaign to bring some transparency to its actions. We do learn, however, that the Fed continues to believe it is above the people, and that the information it is privy to will never be voluntarily released to those whom it supposedly serves courtesy its three mandates, all of which have the words "Russell" and "36,000" in them.
From Bloomberg:
The FCIC is withholding records when there is “legal or proprietary information in those interviews that meant they could not be made public,” or no audio, transcript or summary exists, Tucker Warren, the FCIC’s spokesman, said after the panel yesterday released more than 300 witness interviews. He declined to elaborate on Bernanke. The interview is among records being transferred to the National Archives that will be made public in five years, Warren said. “There’s absolutely no reason to hold it,” unless it contains proprietary details about banks or international trading, said University of Texas Professor Robert Auerbach in Austin, a former congressional economist and author of the 2008 book “Deception and Abuse at the Fed.” “Bernanke will be long gone when it comes out, and that’s not a way to establish responsibility,” Auerbach said.
In the unreleased interview, Bernanke also criticized credit-rating companies, discussed how he underestimated effects from the subprime-mortgage crisis and said the central bank’s lack of aggressiveness in mortgage regulation “was the most severe failure of the Fed in this particular episode,” according to the report. Bernanke told the FCIC that after Lehman failed, the Fed was concerned Goldman Sachs Group Inc. would “go under.” The FCIC’s meeting with Bernanke lasted 90 minutes and was held at the commission’s eighth-floor office near the White House, according to Bernanke’s daybook from the Fed. But don't worry - Ben is not being singled out. There are other whose disclosure, were it made public, would destabilize the financial system, as nobody can trust those peasants for being able to think for themselves.
http://www.zerohedge.com/...
I happen to believe that the total 'jig' is up, world wide. Courage is indeed contagious, and I for one welcome that kind of courage.
I welcome the great, great courage of the Egyptian people, who for the most part peacefully marched for change their nation, as the food costs soared, as a result of what the world wide Bankers and speculators, and thieves and crooks and liars, have gotten away with.
This is what is called: when push comes to shove. And we, the people of the world, the workers of this world, paid the greatest price of all.
We lost our homes, we lost our jobs, we lost our pensions, we lost everything, because we have allowed it to happen, and now, it has all come to the basic conclusion it had to come to:
If the the laws, and morality, and the basic precepts of understanding and respecting how civilizations endure, without respect, or fairness, without integrity for all, what does that mean for all of us?
The final line in the sand is what few will openly talk about: the Toxic Dept that the World Banks are trying to make the poorest pay for....isn't that the central argument here? Because, no matter what you say, that is what is really going on here.
I for one welcome the amazing 'firestorm' that is going in the the Middle East and Europe, but I do know this: it has nothing to do with religion or creed, or all the other bullshit our own government feeds us:
My own take on this is that all the so called 'Decoys' are being destroyed, as they should be in our own eyes.
Clarity is a wonderful thing, if we can have the courage to find it, because what it means to me, it to reunite our own party, again.
So no, I love my country, I love the diversity of my own party, I love the gays, the colors, the varied religions, I love all of this: but this is not what is going on now.
The people of the world, are seeing the same messages: The World Banking Systems fucked us all....what part of that don't you get?
Again, who got saved?
Ms. B.
I know it is, and so do you.
Tell me 'who got saved' OK?