President Obama is being undermined by his own people, the folks at the SEC. How are we supposed to get Health Reform passed if Americans are being sold down the river by an agency of the Federal government, the SEC?
Check out what this great Judge did today:
Today, Judge Jed S. Rakoff of the US Federal Court, Southern District of NY, refused to approve a plea bargain between the SEC and the Bank of America that would allow the Bank of America to pay, without admitting guilt, a fine of $33 million for allegedly lying to investors about bonuses that would be paid to executives of Merrill Lynch.
After pointing out that it is rather disgusting to have the victims of the crime, Bank of America shareholders, pay the fine, Judge Rakoff questions why the SEC would agree to such a settlement. In the words of my new hero, Judge Jed S. Rakoff:
"Overall, indeed, the parties' submissions, when carefully read, leave the distinct impression that the proposed Consent Judgment was a contrivance designed to provide the S.E.C with the facade of enforcement and the management of the bank with the quick resolution of an embarrassing inquiry -- all at the expense of the sole alleged victims, the shareholders."
In other words, the SEC & BOA would like to make this go away, hoping that no one will pay attention. But Judge Rakoff has a conscience and a bit of common sense.
Why, Judge Rakoff wonders, should the people who got screwed pay for being screwed? Let's say you were raped by a common street criminal: Should you pay the fine of the person who raped you? In the SEC's opinion: Yes. In Judge Rakoff's opinion: No.
You decide who's right.
Here's Judge Rakoff's opinion. I really do wish you would read it -- it is a model of judicial clarity and good old-fashioned common sense (it's only 12 double-spaced pages and even the footnote are great!).
What's more, it shows you just what President Obama is up against (that the SEC thought they could get away with this under his watch is beyond me):
http://dealbook.blogs.nytimes.com/...
(If I screwed up the web-link, a link to the text is on the front page of the New York Times. Not so strangely, I don't see this case highlighted on the front page of the Washington Post).
And now I ask you to do your part: Recommend the crap out of this diary.
We must not let the bureaucratic moles in the SEC and elsewhere bring down the Obama administration. We must reward honest people like Judge Rakoff for doing the right thing.
Please take the time to read the Judge's opinion and then answer me this: How could the SEC, sworn to uphold the law and protect the investors of the US, agree to such a Consent Decree? Why, unless they purely wanted to cover their own sorry butts, could they allow BOA investors to be shafted like this? (By the way, if you own shares in a mutual fund in a 401K, you are probably a BOA investor!!).
There sits President Obama in the Oval Office, trying to do the right thing. There sit several thousand entrenched bureaucrats and greedy bankers, thinking that it's business as usual.
Is it?? Did I really waste my money donating to Obama and my time volunteering on the campaign? Can these idiots in the SEC really think that they're representing the interests of the people of this County or of their President?? Thank God for Judge Rakoff for standing up to these jerks. In my opinion, he is an American hero.
P.S. "Bank of America". Ironic, isn't it?