Posted on 03/11/2017 11:46:17 AM PST by fhayek
Just announced on radio, Bharara HAS been fired. I live in New York, and he was the only thing trying to clean it up.
“We” have nothing to do with it. WE voted for someone who pledged to fix it. I’m not going to second guess him and stay up worrying at night as to “why” he does things. Trying to “second guess” Trump is a waste of time. He knows what he’s doing.
It was clear Preet had an eye on bigger things beyond U.S. Attorney. I don’t think he could have someone there like that who was rising in democratic politics. I will say that being fired by Trump may help Preet knock out Cuomo in democratic primary for governor
Question him later on of course but it’s early
I was thinking the same thing. Perhaps the Trump administration became aware of some stuff involving Bharara that Trump didn’t know about at the time he asked Preet to stay on - like some involvement with the wire-tapping. I think there is a lot going on that we don’t know about. At any rate, the Trump administration apparently lost confidence in him, otherwise they would have been sure to make an exception in his case.
I would be the first one to admit I am not a political insider and may not have all the insider’s facts at hand. But Preet Bharara was the only prosecutor in recent history who seemed to have the bad guys-—including the completely incompetent and utterly corrupt imbecile DeBlASSio-—on the run. I did seem to hear that he was being somewhat hesitant in going after still more bad pols, and I wonder if it was because he was an Odungo appointee. I am very unhappy that DeBlASSio and the equally corrupt moron Cuomo are dancing in the streets at Preet’s demise. I hope an even more aggressive and canny AG is appointed to go after these scum.
He was asked to resign and refused. Anyone, no matter how good, who thinks they can ignore the head of their agency and challenges the President needs to be gone.
Thanks Mumblypeg
The 1990s and early 2000s were a time of great innovation in financial engineering. Derivatives had been around for decades. But the ‘quants’ in financial firms hadn’t started fully exploring the world of arcane and exotic paper until recently.
The financial industry, with the cooperation of Congress, stripped off the last shackles of Glass-Steagall, because of course “it would be different this time” when investment banking and commercial banking were mixed together. And to add icing to that cake they made sure that Congress exempted OTC derivatives from any and all regulation. A home grown recipe for disaster. No European input required.
“The credit default swaps were pure fraud.”
CDS had been around for decades. They are an insurance product for debt. But the financial industry made sure that they were unregulated by getting Congress to pass the Commodities Futures Modernization Act. You can read about it by googling Brooksley Born.
“Also, they represented crap loans as a clean product when bundled. They sold it as grade A knowing it was garbage and were betting against them in the market.”
In reality most of those bundling the loans didn’t know that they were bad and the proof is in the fact that they were holding on to those same CMOs. The financial industry fooled themselves by using a risk formula that they didn’t fully understand, David X Li’s Gaussian copula function, which led them to believe that their risk was minimal when it was gigantic. And to top that off the three rating agencies all rated this paper as AAA, reinforcing the belief that there was little risk.
The only people who seemed to know that something was seriously wrong were those close to street level, who could see that loans were being given out to anyone who could breathe. I was part of a small crew beating that very drum here at FR, with ex-Texan being the leader of the pack IIRC. It wasn’t a popular opinion at the time.
you think he’ll run for that?
I honestly think he will
I enjoyed the movie "The Big Short" which put much of what you've described into layman's language.
I haven’t seen that movie yet, but everything I’ve heard about it meshes with what I know. I’m curious to see it.
...or maybe he was cleaning up NY like Coney was cleaning up Hillary. All talk no action?
He was and is one of chuckie schumers boys.
More like, Preet Bharara, ambitious, grand-standing Democrat New York prosecutor who wants to be governor.
Or president.
Except he can't. Because he's not all-American enough under Article II.
You see, he was born Indian, in Ferozepur, Punjab, India, to a Sikh father and Hindu mother. So sad.
LOL! I'd forgotten Podesta was already that important in 1993.
It was a mess all around but between being forced to make subprime loans and aggressive lending practices (some made via advocacy to boost minority ownership, most probably focused on the color of commission money) lenders tried to get someone else to share in the risk.
I’ve a different mind about investment, looking at the historically safe yet cheesy returns investors got from the old structures (e.g savings accounts and having the average Joes biggest investment tied up in real estate subject to market forces) opening up equity investment to a wider range of people and not just elites is good for all concerned. What I meant re Europe is that Europe never had a Glass Steagall regulation and that sort of regulation, or deregulation, had nothing to do with our crash. I also believe TARP was necessary but the abuse of bankruptcy regulations on behalf of GM and Chrysler vs investors and debtors should not have gone forward.
You see, he was born Indian, in Ferozepur, Punjab, India, to a Sikh father and Hindu mother. So sad.
Exactly.
I wonder how many Tom Smiths or Bill Joneses are government prosecutors in Punjab, India, prosecuting native born citizens of India. With ambitions of higher political office over the native born residents of Punjab, India.
Oh but don't bring that up to the cucks. They'll call you a bigot.
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