Oct 282011
 

 

* DID OAKLAND POLICE INTENTIONALLY SHOOT MARINE VET SCOTT OLSEN IN THE HEAD?

By Washingtons Blog

… Karl Denninger argues that the police intended to hit Olsen in the head:

One ex-Marine — a combat veteran — took a rubber round in the head. He is in critical condition and may die. That was not a mistake; that was aimed fire and an intentional assassination. Sorry folks, that’s facts – from 50 you don’t “miss” and hit someone in the head with these things if you’re shooting for the legs or other non-vital parts. He was shot in the head by someone who aimed for the head. Those projectiles are not “non-lethal” and the bomb thrown by a cop at the people trying to come to his assistance after he fell wasn’t tossed accidentally either.

A marine says that Oakland used crowd control methods that are prohibited in war zones, and that the shot must have been intentional:

Before gas goes into a crowd shield bearers have to be making no progress moving a crowd or crowd must be assaulting the line. Not with sticks and stones but a no bullshit assault. 3 warnings must be given to the crowd in a manner they can hear that force is about to be used. Shield bearers take a knee and CS gas is released in grenade form first to fog out your lines because you have gas masks. You then kick the canisters along in front of your lines. Projectile gas is not used except for longer ranged engagement or trying to steer the crowd ( by steering a crowd I mean firing gas to block a street off ). You also have shotguns with beanbags and various less than lethal rounds for your launchers. These are the rules for a WARZONE!!

How did a cop who is supposed to have training on his weapon system accidentally SHOOT someone in the head with a 40mm gas canister? Simple. He was aiming at him.

I’ll be the first to admit a 40mm round is tricky to aim if you are inexperienced but anyone can tell the difference between aiming at head level and going for range.

The person that pulled that trigger has no business being a cop. He sent that round out with the intention of doing some serious damage to the protestors. I don’t care what the protestors were doing. I never broke my rules of engagement in Iraq or Afghanistan. So I can’t imagine what a protester in the states did to deserve a headshot with a 40mm. He’s damn lucky to be alive and that cop knows he was using lethal force against a protester he is supposed to be protecting. …

READ @ http://www.washingtonsblog.com/2011/10/marine-veteran-whose-skull-was-fractured-in-oakland-protests-was-peacefully-standing-when-attacked-by-police.html

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* THEN THEY FIGHT YOU

By William Rivers Pitt, Truthout

The national standoff between authorities and protesters in the ‘Occupy Wall Street’ movement has reached a new and dangerous level of tension and violence.

At first glance, it looked like something out of Pink Floyd’s film ‘The Wall’: menacing images of creatures in gas masks swarming toward the camera under a dark and forbidding sky. This was no dystopian fantasy, however; these were members of the Oakland police department charging into a group of protesters behind a wall of tear gas, flash-bang bombs, rubber bullets and bean-bag projectiles. The police bull-rushed these unarmed protesters with the intention to do violence, and violence is exactly what they did.

As of this writing, one woman is known to have been seriously injured when a flash-bang grenade went off right by her head. She was seen being carried away unconscious from the scene of the police riot by other protesters. Anther known injured protester has a name, and a face, and a record of service to his country. Scott Olsen, a Marine veteran of two Iraq tours, was participating in the Occupy Oakland protest when he was shot in the head by a ‘less-than-lethal’ police projectile, suffered a fractured skull, and was taken to the hospital in critical condition. His condition has since been upgraded to fair.

Welcome home, Marine. Thank you for your service to your country, but since you dared to exercise your First Amendment right to peaceable assembly, here’s a cracked head for your trouble. And you thought Iraq was dangerous.

READ @ http://www.truth-out.org/then-they-fight-you/1319744739

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* WHY ISN’T WALL STREET IN JAIL?

By Matt Taibbi, Rolling Stone

… The major federal agency on the Wall Street beat is the Securities and Exchange Commission. The SEC watches for violations like insider trading, and also deals with so-called “disclosure violations” — i.e., making sure that all the financial information that publicly traded companies are required to make public actually jibes with reality. But the SEC doesn’t have prosecutorial power either, so in practice, when it looks like someone needs to go to jail, they refer the case to the Justice Department. And since the vast majority of crimes in the financial services industry take place in Lower Manhattan, cases referred by the SEC often end up in the U.S. Attorney’s Office for the Southern District of New York. Thus, the two top cops on Wall Street are generally considered to be that U.S. attorney — a job that has been held by thunderous prosecutorial personae like Robert Morgenthau and Rudy Giuliani — and the SEC’s director of enforcement.

The relationship between the SEC and the DOJ is necessarily close, even symbiotic. Since financial crime-fighting requires a high degree of financial expertise — and since the typical drug-and-terrorism-obsessed FBI agent can’t balance his own checkbook, let alone tell a synthetic CDO from a credit default swap — the Justice Department ends up leaning heavily on the SEC’s army of 1,100 number-crunching investigators to make their cases. In theory, it’s a well-oiled, tag-team affair: Billionaire Wall Street Asshole commits fraud, the NYSE catches on and tips off the SEC, the SEC works the case and delivers it to Justice, and Justice perp-walks the Asshole out of Nobu, into a Crown Victoria and off to 36 months of push-ups, license-plate making and Salisbury steak.

That’s the way it’s supposed to work. But a veritable mountain of evidence indicates that when it comes to Wall Street, the justice system not only sucks at punishing financial criminals, it has actually evolved into a highly effective mechanism for protecting financial criminals. This institutional reality has absolutely nothing to do with politics or ideology — it takes place no matter who’s in office or which party’s in power. To understand how the machinery functions, you have to start back at least a decade ago, as case after case of financial malfeasance was pursued too slowly or not at all, fumbled by a government bureaucracy that too often is on a first-name basis with its targets. Indeed, the shocking pattern of nonenforcement with regard to Wall Street is so deeply ingrained in Washington that it raises a profound and difficult question about the very nature of our society: whether we have created a class of people whose misdeeds are no longer perceived as crimes, almost no matter what those misdeeds are. The SEC and the Justice Department have evolved into a bizarre species of social surgeon serving this nonjailable class, expert not at administering punishment and justice, but at finding and removing criminal responsibility from the bodies of the accused.

The systematic lack of regulation has left even the country’s top regulators frustrated. Lynn Turner, a former chief accountant for the SEC, laughs darkly at the idea that the criminal justice system is broken when it comes to Wall Street. “I think you’ve got a wrong assumption — that we even have a law-enforcement agency when it comes to Wall Street,” he says. …

READ @ http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216?print=true

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* JED RAKOFF PUTS THE SEC ON NOTICE

By Felix Salmon

1) Why should the Court impose a judgment in a case in which the S.E.C. alleges a serious securities fraud but the defendant neither admits nor denies wrongdoing?

2) Given the S.E.C.’s statutory mandate to ensure transparency in the financial marketplace, is there an overriding public interest in determining whether the S.E.C.’s charges are true? Is the interest even stronger when there is no parallel criminal case?

3) What was the total loss to the victims as a result of Citigroup’s actions? How was this determined? lf, as the S.E.C.’s submission states, the loss was “at least” $160 million, what was it at most?

4) How was the amount of the proposed judgment determined? In particular, what calculations went into the determination of the $95 million penalty? Why, for example, is the penalty in this case less than one-fifth of the $535 million penalty assessed in SEC v. Goldman Sachs? What reason is there to believe this proposed penalty will have a meaningful deterrent effect?

5) The S.E.C.’s submission states that the S.E.C. has “identified… nine factors relevant to the assessment of whether to impose penalties against a corporation and, if so, in what amount.” But the submission fails to particularize how the factors were applied in this case. Did the S.E.C. employ these factors in this case? If so, how should this case be analyzed under each of those nine factors?

6) The proposed judgment imposes injunctive relief against future violations. What does the S.E.C. do to maintain compliance? How many contempt proceedings against large financial entitities has the S.E.C. brought in the past decade as a result of violations of prior consent judgments?

7) Why is the penalty in this case to be paid in large part by Citigroup and its shareholders rather than by the “culpable individual offenders acting for the corporation?” If the S.E.C. was for the most part unable to identify such alleged offenders, why was this?

8) What specific “control weaknesses” led to the acts alleged in the Complaint? How will the proposed “remedial undertakings” ensure that those acts do not occur again?

9) How can a securities fraud of this nature and magnitude be the result simply of negligence?

The parties should be prepared to answer these questions in detail at the November 9 hearing. In addition, the parties are permitted, but not required, to file with the Court written answers to these questions in advance of the hearing, provided such submissions are filed no later than noon on November 7, 2011.

SO ORDERED.

READ @ http://blogs.reuters.com/felix-salmon/2011/10/28/jed-rakoff-puts-the-sec-on-notice/

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* IT’S TIME FOR DEBT FORGIVENESS, AMERICAN-STYLE

By William Greider

The rebellious citizens occupying Wall Street shock some people and inspire others with their denunciations of bankers, but everyone seems to know what they are talking about: it is the barbaric and suffocating behavior of the nation’s largest banks (yes, the same ones the government rescued with public money). Right now, these trillion-dollar institutions are methodically harvesting the last possible pound of flesh from millions of homeowners before kicking these failing debtors out of their homes (the story known as the “foreclosure crisis”). This is a tragedy, of course, for the people who are dispossessed. For the country, it is a generational calamity.

“We are in the reverse New Deal,” Christopher Whalen, a savvy banking expert at Institutional Risk Analytics, told me. He meant that events are dismantling the ingenious engine that helped generate America’s broad middle class. Homeownership was the main driver in accomplishing that great social change. For three generations, people of modest means could buy a house knowing it would secure their place in the middle class and allow them to accumulate significant savings. If the family held the standard thirty-year, fixed-rate mortgage, they were painlessly saving for the future every time they made a payment, acquiring greater equity in the home as they did so. With moderate inflation, the house would steadily increase in value even as their monthly mortgage payments stayed the same. So the cost of housing actually declined for the family, as a percentage of its income. Meanwhile, the accumulating equity became a nest egg for retirement or something to pass on to the kids.

READ @ http://www.thenation.com/article/164216/its-time-debt-forgiveness-american-style

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* THE PATH NOT TAKEN

By Paul Krugman

Financial markets are cheering the deal that emerged from Brussels early Thursday morning. Indeed, relative to what could have happened — an acrimonious failure to agree on anything — the fact that European leaders agreed on something, however vague the details and however inadequate it may prove, is a positive development.

But it’s worth stepping back to look at the larger picture, namely the abject failure of an economic doctrine — a doctrine that has inflicted huge damage both in Europe and in the United States.

The doctrine in question amounts to the assertion that, in the aftermath of a financial crisis, banks must be bailed out but the general public must pay the price. So a crisis brought on by deregulation becomes a reason to move even further to the right; a time of mass unemployment, instead of spurring public efforts to create jobs, becomes an era of austerity, in which government spending and social programs are slashed.

This doctrine was sold both with claims that there was no alternative — that both bailouts and spending cuts were necessary to satisfy financial markets — and with claims that fiscal austerity would actually create jobs. The idea was that spending cuts would make consumers and businesses more confident. And this confidence would supposedly stimulate private spending, more than offsetting the depressing effects of government cutbacks.

READ @ http://www.nytimes.com/2011/10/28/opinion/krugman-the-path-not-taken.html?_r=1&src=tp&smid=fb-share

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