But remember folks, Nobody committed any crimes (according to Gary Johnson, Obama and, I suspect, Mitt(ens) Romney.)
Last week, in response to an Overstock.com motion to unseal certain documents, the banks’ lawyers, apparently accidentally, filed an unredacted version of Overstock’s motion as an exhibit in their declaration of opposition to that motion. In doing so, they inadvertently entered into the public record a sort of greatest-hits selection of the very material they’ve been fighting for years to keep sealed.
For the un-initiated in this issue, Overstock went after virtually everyone in the big banking world, particularly Goldman, when their stock was shorted into the dirt. Their allegation was that the firm (and others) were counterfeiting their shares by selling short shares they never owned and couldn’t locate for a borrow. In effect they were representing more shares in the market than existed, which is exactly identical to counterfeiting them in terms of economic impact, exactly as if you ran off some extra $100 bills on your office copier.
But what shows up here? Hubris and utter contempt for the law.
“Fuck the compliance area – procedures, schmecedures,” chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales.
And against this backdrop we’re supposed to expect that these very same banksters give a damn about the effective counterfeiting of United States currency that takes place when they emit unbacked credit, especially when the latter isn’t considered an offense (but ought to be) while the former is and they thumb their noses at the regulations?
None — absolutely none — of the contenders in our Presidential contest will talk about this. Yet this issue — the counterfeiting of financial assets, some unlawfully and some “legal”, are how they fleece you, the common man, intentionally disadvantaging you as an individual and enriching themselves.
I will not support and in fact will and do actively oppose and will attempt to insure the defeat of any and all political candidates for a federal office who refuse to address this issue head on and deal with it, irrespective of party affiliation. I take this position because as a Libertarian I have signed the Libertarian oath which states:
I do not believe in the initiation of force to achieve political or social goals.
That includes fraud, and counterfeiting in all of its forms, whether recognized as felonious or not, is fraud.
We will not find solutions to our economic mess until we face what has been done and what is being done today, honestly examining the procedures and actions of these individuals and firms, stopping the abuses and holding the malefactors to account.