My Title - Eric Holder (Pardongate Fame) Changed Corporate Indictment Rules in 1999

NPR | 7/31/02 | NPR

[jriemer]

At the 10 the to hour business segment on NPR, Morning Edition ran an interesting business news story about "apparent reluctance" to indict corporations that have been found cooking the books. For the most part individuals have been accused of financial misdeeds and with the exception of Arthur Anderson, no other company has seen the inside of a court room for their actions.

The NPR story reveals that back in 1999, Asst. Atty. Gen. Eric Holder changed the indictment guidelines towards corporations to focus more on the actions of individuals instead of the corporation at large. Mr. Holder, who was interviewed extensively in the piece, said that the criminal actions of a few individuals should not taint the remaining innocent employees of the corporation at large. To punish the corporation would wrongfully punish the innocent. I regret that the NPR web site at www.npr.org does not have a direct link to the Holder news segment from Morning edition.

The 1999 change is a very selective application of law by government. Corporations are often punished by the shoddy behavior of a few employees in environmental, EEOC and all sorts of government-regulated fields of business operation. Why is criminal corporate enterprise now suddenly declared off-limits for group punishment?

Based on Mr. Holder's past actions, inquiring minds want to know...

jriemer

[jriemer]

FYI

[meenie]

Another question is: Why corporations are treated differently than banks who are involved in derivatives trading. There are buy-back schemes in derivatives trading that are not on the books of banks.

Even the Fed Reserve chairman has testified to this. This misleads the public too, as to the soundness of the bank as well as the investor in public traded banks. This whole financial system has a lot of unanswered questions due to all this "creative" financing.

[Galtoid]

My theory is that there must have been a big 1999 Push from the Clinton misAdministration to send signals to corporate crooks that their SEC, etc., would look the other way. 1999 was a pivotal year for the buildup and preparation for an Algore run. The Clintonites had way too much invested in their criminal enterprise known as the White House, and they had to grease the skids for Gore. Thus, earnings were inflated; stocks were overvalued; Rubin lied about everything having to do with the economy. The dupes who voted for Gore primarily wanted to keep the good times going. Their only mistake was that the market was nothing but a Bubba Bubble--nothing else. If you'll look at the history of all these corporations, you will find an incredible number of misdeeds started occurring in '99, and it was no coincidence.

[jriemer]

M,

If you start looking at trends both economically and politcally, *it* really starts hitting the fan in 1998-99.

You have to ask the Dem's favorite question, "what did he know and when did he know it?"

jriemer

[mewzilla]

1999 was the same year that Arthur Levitt proposed his auditor independence rule. And we all know what happened to that. Sounds to me like the Toon administration had a pretty good idea just what was going on in some of those corporations.

[jriemer]

Galtoid,

I think you may be on to something.

Holder's rule change is essentially a "Get out of Jail Free" card for every corporation that wants to cook the books to look good to the stock market. Crooked excutives that don't pony up to the Democrat party would be investigated for fraud and those that do will be overlooked. Either way, the corpration will live on forever. A brilliant scheme that didn't work because Gore lost.

jriemer

[jriemer]

M,

I'm having a hard time keeping track of how many corporations are restating earnings and revenues back to 1999. The most recent was Qwest but I believe that Worldcom and Enron was in the same boat. Are you noticing a pattern forming or is just me?

jriemer

[bandleader]

Mr.Holder should have been INDICTED along with his boss!!

[bandleader]

Exactly!I wonder how much LARGER their contributions grew after Levitt's failed attempt? at accountancy reform????

[mewzilla]

I have a sneaking suspicion we may see a raft of them before Aug 14/15, which ever date by which it is that the CEOs have to attest to the accuracy of their books.

[mewzilla]

Levitt ought to be subpoenaed and asked who in the White House he talked to about his proposal and what their input was. Inquiring minds want to know...

[jriemer]

M,

We are already seeing the effects of the SEC "squeeze-play" on corporate america. The Qwest revelation yesterday was a by-product of the fact everyone has to come clean by 8/14.

I currently understand that the "squeeze" will work in the following three ways based on how a corporation acts on 8/14:

1. Present 100% clean books that the SEC will review and everything's peachy. The stock market treats the stock as "business as usual".

2. Admit crooked books and have the stock market slaughter the stock price. The corporation may not held on criminal charges but individuals could be liable.

3. Admit nothing and act like Clinton is still running the country. If the SEC finds anything, the stock is toast, the company and individuals are headed for the clink.

This plan rewards good corporate behavior, allows for some "corporate redemption" with the stock market meting out punishment, and really lays down the "SMACK" on those companies who don't get it.

This is my opinion why some executives and corporate boards are $h!tt!ng square ones right now. There's a new sherrif in town...

jriemer

[mwl1]

Holder was very often the executor, the grand marshall of much of the corruption and coverup at Justice Dept under Clinton/Reno.

[jriemer]

MW,

The Clinton / Reno DOJ was quite a parade of corruption. Holder was a very busy man...

jriemer PS- I'm surprised he's not on Alamo Girl's "degrees of seperation" list.

[Alamo-Girl]

He is! ERIC HOLDER

Thanks for the heads up!

[palo verde]

your post # 7 nails it
it is perfect blackmail scheme
the clinton white house was huge organized criminal enterprise
it's prolly not only donations to Dem Party
clinton invited heads of corporations for Lincoln bedroom sleepovers
the next morning they were ''invited'' to contribute
many of them gave clinton a full million dollars
half of these contributions were to his ''library''
(which means right into his own pocket)
thank God we got Bush in
otherwise all this would be goin' on now behind the back of his puppet al gore
clinton would have expanded his criminal activities
using all the vast power of the Presidency to carry them out
Love, Palo

[palo verde]

thank you mw for ping
I find all the posts on this thread perceptive
Love, Palo

[mwl1]

Palo is right as usual and jriemer (post 7) nails it too. A corrupt, sleazy bunch of scheming liars... determined to wreck this country to accommodate their vicious power lust... it is now even more evident why Gore was determined to sue his own country just to be president. And Holder was one of the ringleaders.

[okimhere]

I agree, palo....very intelligent posts. And why, again, did Holder keep his post? Oh, yeah....couldn't replace everyone all at once, as I remember. Now if guilty corporate individuals can offer up a Mea Culpa and go free, we're still in the Clinton time warp.

Thanks for posting this, JR.