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US media ignores Germany's Spiegel's report that Wall St committed a monumental insider bank robbery

by Democrats Ramshield Mon Mar 7th, 2011 at 03:53:09 PM EST


Just over six weeks ago, a German mainstream publication Der Spiegel truthfully reported that the Wall Street banksters committed a monumental insider bank robbery. Since the date of publication, the US for-profit plutocrat owned media has ignored this story but more to the point perhaps is the fact that not only did they ignore the story, they failed to report it in the first place.

As an American expat who holds an MBA degree in marketing, currently living in European Union, I was struck once again by the reality that the job of the American media doesn't seem to be about really informing us but rather to sell commercial advertising space as a marketing profit center. I've learned through truthful reporting to rely on the European mainstream media sources like Germany's Der Spiegel and Britain's BBC networks. What I have also learned is that we have to reach out to our fellow Americans and citizens of the world in alterative media and ask each of our readers to help us get the word out through email and social networking sites like Facebook in order to get the truth out.

To that end, will you help us get the word out?

The reason we need your help is because the German Spiegel magazine also reported that the Wall Street banksters are at it again, behaving just as shamelessly as they did before the crash. To which I would ask how long before a second Wall Street crash and how long before a second tax payer bail out?  


It doesn't seem to matter if it's an artificially created deficit in Wisconsin which results in union busting mania or the Wall Street banksters plundering our financial institutions. The solution is always the same and that is to balance the budget or pay for the bail out on the backs of working class America rather than asking those responsible to be held accountable. God forbid that America's rich would ever be asked to pay their fair share of taxes to help correct these problems. Additionally in America, we have a media which is owned by the plutocracy who too often ignores the truth.

The truth is the Wall Street banksters are in the process of creating a second crash that you will be asked to pay for. There is one important difference this time major mainstream European news organizations like Der Spiegel have warned us of a coming second crash.

(Quote from Der Spiegel: "From Wall Street to be thrown onto the street")
 
"The stockbrokers are celebrating the end of the crisis. While the crisis is beginning to repeat itself, the banks are just as shameless in their speculation as they were before the crash.

The lobbyists are just as powerful as they ever were. The last 2 years were nothing more than a monumental insider bank robbery, which is long since forgotten. Not a single defendant from senior management was criminally charged. Instead the US Dept of Justice would rather pursue many swindlers who are small fish whose unbridled avarice made them mini-Bernie Madoffs. Bernie Madoff whilst in jail was notified of his son's suicide." (Block quote based on writer's paraphrased interpretation of the German text of the German magazine Spiegel December 30th 2010)

http://www.spiegel.de/wirtschaft/unternehmen/0,1518,735737,00.html

When we were suddenly taken off our feet (sucker punched if you will) by the Wall Street banksters during the last crash, many of us reacted in a state of shock and disbelief. The banking crisis took millions by surprise. Here's the truth, this time we won't be able to say that.

This time mainstream European media sources have warned us of a coming second crash, which is being engineered at this moment by the Wall Street banksters.

(Quote from Der Spiegel: "From Wall Street to be thrown onto the street")
"For many families the American dream became the American nightmare. Their falling into poverty placed them outside of the consciousness of American politicians, who placed greater value on campaign contributions than on the worries of the silent majority.

America seems to have a short memory. Brokers are celebrating the end of the crisis. While the crisis is beginning to repeat itself, the banks are just as shameless in their speculation as they were before the crash." (Block quote based on writer's paraphrased interpretation of German text of the magazine Spiegel December 30th 2010 issue)

http://www.spiegel.de/wirtschaft/unternehmen/0,1518,735737,00.html

Of course in America  the rich can never be asked to pay their fair share of the taxes.

Can the American social safety net survive yet again Wall Street bankster engineered crash?
Every problem that is engineered by the plutocracy has to be fixed on the backs of the American working class through austerity measures, that take away medical treatment that has been earned and reduce pensions that have been earned just like what we're seeing in the Tea Party led model in Wisconsin which if successful will ensure that no union in America will ever be safe again from the Tea Party. At the same time we see the dangers of a second Wall Street crash being reported by mainstream European media outlets.

The truth is in the minds of millions, America already has the weakest social safety net of any major industrialized country. Unlike every country in the European Union, America does not mandate medical care or dental care nor does it mandate paid sick leave, paid annual leave, paid maternity leave. This is in sharp contrast to the European Union which mandates all of these benefits even for low wage workers. In America there are 59 million who don't have health insurance; 132 million who don't have dental insurance; 60 million who don't have any paid sick leave; 40 million who are on food stamps. If that wasn't bad enough, the Tea Party led class warfare now intents to go on a nation wide union busting spree starting with the state of Wisconsin which will seek to weaken even further the American working class dream.

These reports are being ignored by the US media. Will you ignore them also?

---------------------------
PS: I'd like to announce the launch of the Kos community Global Expats group. More information please see the link below. If you're interested in joining, please send an email to democratsramshield@yahoo.com
Link: http://www.dailykos.com/blog/Global%20Expats

(Cross posted by author from the Daily Kos.)

Display:
Why did Spiegel not publish this in the English edition?

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Migeru (migeru at eurotrib dot com) on Tue Mar 8th, 2011 at 03:55:10 AM EST
Because whoever is responsible for the English edition assumes that American news is already covered by the American press?
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Mar 8th, 2011 at 04:02:25 AM EST
[ Parent ]
babelfish translate:

translate: For hundreds of millions American became 2010 the year of the unexpected, new poverty - also for Pam Brown. US correspondent Marc Pitzke told its history and experienced, how " from; American Dream" a nightmare becomes. To the greetings it embraced me. We did not know each other and also only once at the telephone had before spoken ourselves. But when we met in a cheap restaurant at the west 14th Street, Pam Brown was overjoyed. It was glad that you listened finally to one. Brown had worked times on the Wall Street, as an executive committee female assistant, annual salary 80,000 dollar. Then you robbed the financial crisis the job. Since at the beginning of of 2009 it was unemployed, fell by the löchrige US social net to the edge of the poverty and was not only not homeless by luck. " Over Nacht" , it, still as " under shock, said; I was wieder." on the wrong side of the life; But nobody worried. Offices handed it around, to social workers rejected them. Their tale of woe did not fit into the Erfolgsstory of a Wall Street, which recovered slow 2010 from the century crisis. Thus were hundreds of millions Americans, for whom this became the year of the unexpected, new poverty. While the major banks scheffelten again strongly profits and salaries, far parts of the middle class slipped suddenly. The official US unemployment ratio was appropriate also for at the end of of 2010 unverrückbar over nine per cent - and the unofficial still around much more highly. For whole families one " American Dream" to the nightmare. They fell in vital the nothing - and disappeared from the consciousness of the politicians, the choice donations of the financial sector were more worth to who than the concerns of the being silent mass. America has a short memory. The brokers celebrate the end of the crisis - them begin to repeat itself straight. The banks speculate as shameless as before the Crash. The lobbyists are powerful like formerly. That the last two years nothing else were as a monumental Insider bank robbery - long forget and displaces. Not one guilty from the executive floors was criminally sued. Instead the US law hunts for rather unprofessional mini cheats after, small fish, which nacheiferten with her excessive funds greed the century swindler Berne pool of broadcasting corporations WAD off, which in the prison of the suicide of its son had to experience. Goldman Sachs, the most powerful embankment Street house, got rid of of an annoying civil action, according to which it was to have cheated clients around a billion dollar, by payment of a läppischen fine of 550 million dollar. The old Strippenzieher lost usually their jobs, sits however long again elsewhere at the rudder - if necessary in the academic world, where they near-breed the new funds generation. President Barack Obama - whose democrat let itself from the Tea party from power cones - saw in addition, like his financial market reform rescueless one watered, of the bank lobby and its congress aides. The main participants of the crisis remained undisturbed: Derivative dealer, Rating agencies, giant banks. Also the US commission for the clearing-up of the financial crisis failed pitifully. Meanwhile millions Americans became from their homes of one's own geschmissen, of obligation executors, the evacuation answers at the assembly-line produced and pretty often even incorrectly. In Florida, whole multistoried buildings were located to the Ground zero of the crisis empty - with furnished dwellings and pools türkisfarbenen. In the million-metropolises the soup kitchens record crush reported. " Bread Lines" often coined/shaped the streetscape. I had met Pam Brown in October. Later it had two months still no job. But before the New York stick Exchange (NYSE) a magnificent Christmas tree, 20 meters highly, stood with 3300 LED small lamps and 250 multicolored Christian tree balls with the NYSE logo.

by sidd on Wed Mar 9th, 2011 at 05:00:37 PM EST
[ Parent ]
America in Decline: Why Germans Think We're Insane (fact or fiction)?
American society is breaking apart. Millions of people have lost their jobs and fallen into poverty. Among them, for the first time, are many middle-class families. Meet Pam Brown from New York, whose life changed overnight. The crisis caught her unprepared. "It was horrible," Pam Brown remembers. "Overnight I found myself on the wrong side of the fence. It never occurred to me that something like this could happen to me. I got very depressed." Brown sits in a cheap diner on West 14th Street in Manhattan, stirring her $1.35 coffee. That's all she orders -- it's too late for breakfast and too early for lunch. She also needs to save money. Until early 2009, Brown worked as an executive assistant on Wall Street, earning more than $80,000 a year, living in a six-bedroom house with her three sons. Today, she's long-term unemployed and has to make do with a tiny one-bedroom in the Bronx.

It's important to note that no country in the European Union uses food stamps in order to humiliate its disadvantaged citizens in the grocery checkout line. Even worse is the fact that even the humbling food stamp allotment may not provide enough food for America's jobless families. So it is on a reoccurring basis that some of these families report eating out of garbage cans to the European media.

For Pam Brown, last winter was the worst. One day she ran out of food completely and had to go through trash cans. She fell into a deep depression ... For many, like Brown, the downfall is a Kafkaesque odyssey, a humiliation hard to comprehend. Help is not in sight: their government and their society have abandoned them.

Pam Brown and her children were disturbingly, indeed incomprehensibly, allowed to fall straight to the bottom. The richest country in the world becomes morally bankrupt when someone like Pam Brown and her children have to pick through trash to eat, abandoned with a callous disregard by the American government. People like Brown have found themselves dispossessed due to the robber baron actions of the Wall Street elite.

ungoogle-mashed

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Wed Mar 9th, 2011 at 07:57:44 PM EST
[ Parent ]
Honestly, your guess is as good as mine. I don't have the answer. I do however find the question most interesting. Thanks for that great question. I think it's really added value to the discussion here.

sig...You just ran into a hardcore progressive who's just another working stiff with an MBA degree & therefore a vociferous labor union supporter [smile]
by Democrats Ramshield on Wed Mar 9th, 2011 at 05:16:09 PM EST
[ Parent ]
Well, you seem to think Spiegel is a paragon of virtue... European Tribune - US media ignores Germany's Spiegel's report that Wall St committed a monumental insider bank robbery
I've learned through truthful reporting to rely on the European mainstream media sources like Germany's Der Spiegel and Britain's BBC networks.
However, Spiegel's English edition generally spews the same ideological horseshit as American media.

Democrats Ramshield:

Thanks for that great question. I think it's really added value to the discussion here.
Thanks for a great answer, it really makes me want to engage you in the future.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Migeru (migeru at eurotrib dot com) on Thu Mar 10th, 2011 at 04:28:52 AM EST
[ Parent ]
Why did Spiegel not publish this in the English edition?

Perhaps because it is an end-of-year semi-op-ed by the paper's Washington correspondent, expressing views probably not in line with that of Spiegel's mad economy section staff... They did translate the thrown-onto-the-street story on which this was based, though:

The Nouveau Poor: Recession Shadows America's Middle Class - SPIEGEL ONLINE - News - International

American society is breaking apart. Millions of people have lost their jobs and fallen into poverty. Among them, for the first time, are many middle-class families. Meet Pam Brown from New York, whose life changed overnight.

The crisis caught her unprepared. "It was horrible," Pam Brown remembers. "Overnight I found myself on the wrong side of the fence. It never occurred to me that something like this could happen to me. I got very depressed."

...Wall Street is preoccupied with chasing new profits again. Yet for large sections of the nation, that old myth of working your way up, of bootstrap success and its ultimate prize, homeownership, has evaporated. The middle class, the America's backbone, is crumbling. The American Dream has turned into a nightmare.



*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Thu Mar 10th, 2011 at 04:24:50 AM EST
[ Parent ]
My point in asking is that it is less likely that the US media will pick up on a story when it is not published in English.

Of course, foreign correspondents read the local press and may draw from it, but in the case of Spiegel and other publications with English editions one could easily make the mistake of thinking you can just read the English edition to know what Spiegel is covering except possibly for local news presumably of interest only to German readers.

And that would be a dear mistake. So it turns out that the choice by Spiegel of which stories to run in both languages and which not is an important editorial decision with nontrivial consequences. The existence of Spiegel English edition actually has the effect of hiding stories such as the one highlighted by the diarist from American readers.

Something similar has been observed about, for instance, Haaretz. Its Hebrew content is more reflective of the Israeli domestic debate and therefore more critical of the consensus policy on the Palestine question than the English content. Op-eds, in particular, may never be translated. I don't read Hebrew, but we have people like gk on this site who do, and that's invaluable to us precisely because of this issue.

Now that El Pais has an English edition there's less need to translate content directly from the Spanish edition, but the need remains. And it would be a mistake to think you're not missing anything of international interest by not reading the Spanish edition.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11

by Migeru (migeru at eurotrib dot com) on Thu Mar 10th, 2011 at 05:46:47 AM EST
[ Parent ]
But it is possible that an editor decided not to run a story on the U.S. on the grounds that people read Spiegel in English to find out what is happening in Europe, while they will read the NY Times to find out what is happening in the U.S., so that there is no point in translating all these articles.

As for Haaretz, I haven't noticed major differences between the English and Hebrew editions. Most of them could reflect the Hebrew having been updated while the English wasn't. The main difference is that Benny Ziffer's blog is never translated, but that may be because it is a blog, rather than for any other reason (I'm pretty sure that all the other articles I've translated have been from other Israeli sources).

by gk (gk (gk quattro due due sette @gmail.com)) on Thu Mar 10th, 2011 at 06:25:15 AM EST
[ Parent ]
Then why did they translate the up-close-and-personal with the formet corporate secretary?

DoDo:

They did translate the thrown-onto-the-street story on which this was based, though:

The Nouveau Poor: Recession Shadows America's Middle Class - SPIEGEL ONLINE - News - International

American society is breaking apart. Millions of people have lost their jobs and fallen into poverty. Among them, for the first time, are many middle-class families. Meet Pam Brown from New York, whose life changed overnight.
Do people need to read German media in English rather than, say, the New York Times, to know that American society is breaking appart?

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Migeru (migeru at eurotrib dot com) on Thu Mar 10th, 2011 at 06:49:54 AM EST
[ Parent ]
Good point.

But I checked the untranslated article, and the beginning is a summary of the other article, the one that was translated. It's therefore possible that the editor thought that it was too similar to bother translating. You may well be right about political bias, but we'll need more evidence than just this article.

by gk (gk (gk quattro due due sette @gmail.com)) on Thu Mar 10th, 2011 at 07:03:14 AM EST
[ Parent ]
I'm not sure if you are explaining the issue to Democrats Ramshield or if it wasn't clear to you that my reply was in the same vein; but in either case, in a little more detail:

We have seen examples in the past of how both Spiegel's chief editor(s) and economy section practise heavy editorialising and selection in what they publish. Since Spiegel International brings translations of only selected articles from the German original (in addition to articles originally written in English by authors apparently even more 'embedded' in Anglo-Saxon MSM consensus), the editorial choice comes out even more strongly. The article in question got into the German edition as a year-in-review filler, essentially a short op-ed from the paper's Washington correspondent; but the theme wasn't developed into a long in-depth article by the economy department, which is perfectly in line with their apparent biases. (Also note: Spiegel International usually goes on Christmas-New Years' Eve holiday.)

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Thu Mar 10th, 2011 at 10:15:27 AM EST
[ Parent ]
In future, could you please post the source text above or alongside your target translation If you are using FireFox, our TribExt add-on lets you format translations as a two-column table with source on the left.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Tue Mar 8th, 2011 at 07:27:53 AM EST
No, that's not how my readers prefer to have information displayed. That's how I constructed the original diary at the daily kos which is based on reader feedback over many diaries. At the bottom of the block quote there is a link which goes back to the original text for anyone who wants to read the original German. In my experience at the daily kos and other places that I cross post, this is how readers prefer to have this information displayed. Again I would invite you, if you're interested in reading the original text in German to simply follow the link. Thank you for your comment though as its always interesting to get reader feedback (but the truth is you can't please everyone in formating information all the time).

sig...You just ran into a hardcore progressive who's just another working stiff with an MBA degree & therefore a vociferous labor union supporter [smile]
by Democrats Ramshield on Wed Mar 9th, 2011 at 05:02:35 PM EST
[ Parent ]
A substantial number of ET regulars do not have English as their first language. Your experience from the Big Orange Neighbour may not be wholly applicable to your current audience.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Mar 10th, 2011 at 01:07:46 AM EST
[ Parent ]
The problem is that, when you say
(Quote from Der Spiegel: "From Wall Street to be thrown onto the street")
that's actually your translation of the quote.

Because this here blog community doesn't like it that way, it has developed conventions over the years and given itself the tools to do multilingual content "properly". The tool is ET's own Firefox add-on: TribExt

Do you browse the web on Firefox? Then you can download TribExt, a nifty little add-on, written by ET user someone, to navigate around European Tribune easier. It can also be used on Booman Tribune and Daily Kos.

You can download the latest update, Tribext v 0.1234, below. For Firefox 3.5

and the translation feature looks like this (inserted here with the format provided by the "copy HTML, URL and Title" feature):

European Tribune: Spiegel vs. Bild

For another good formulation of what Bild is, I won't quote Spiegel, but will quote from the open letter of Judith Holofernes, lead singer of the band Wir sind Helden (for a background see story in the Salon):

Die BILD -Zeitung ist kein augenzwinkernd zu betrachtendes Trash-Kulturgut und kein harmloses "Guilty Pleasure" für wohlfrisierte Aufstreber, keine witzige soziale Referenz und kein Lifestyle-Zitat. Und schon gar nicht ist die Bild -Zeitung das, als was ihr sie verkaufen wollt: Hassgeliebtes, aber weitestgehend harmloses Inventar eines eigentlich viel schlaueren Deutschlands.Bild is not a trash culture item to be observed with a wink, nor a harmless "guilty pleasure" for well-coiffured upstarts, no funny social reference and no lifestyle citation. And least of all is Bild what you want to sell it as: a loved-hated but mostly harmless inventory of an actually much more intelligent Germany.
Die Bildzeitung ist ein gefährliches politisches Instrument -- nicht nur ein stark vergrößerndes Fernrohr in den Abgrund, sondern ein bösartiges Wesen, das Deutschland nicht beschreibt, sondern macht. Mit einer Agenda.Bild is a dangerous political instrument -- not just a strongly magnifying telescope into the abyss, but a malicious entity, which doesn't describe but makes Germany. With an agenda.

:: :: :: :: ::

Of course, if your diary is a cross-post from Daily Kos none of this applies, but try to keep it in mind in the future if you decide to produce content original for this site.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Migeru (migeru at eurotrib dot com) on Thu Mar 10th, 2011 at 04:38:00 AM EST
[ Parent ]
You misunderstand entirely: the issue is not merely one of formatting, it is one of correct citation.

Please understand that this is not DKos, this is the European Tribune. Readers here expect - and contributors hold each other to - a more rigorous, academic standard of citation and argumentation. This is the character of ET. Also, people routinely click through to sources, so ET contributors generally facilitate this as much they can as a matter of courtesy.

The Tribext Firefox extension was created especially to support this. (It also works when composing material for posting on DKos, btw).

As a matter of fact, I did click through to the original, and I found that your treatment did not accurately reflect the original. Specifically, you present what is essentially one and the same passage as two different ones, and reverse the order of appearance of the individual paragraphs:

US-Rezession: Von der Wall Street auf die Straße - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Source quoteTarget (repeated text in boldface)
Für ganze Familien wurde der "American Dream" zum Alptraum. Sie fielen ins existentielle Nichts - und verschwanden aus dem Bewusstsein der Politiker, denen die Wahlspenden der Finanzbranche mehr wert waren als die Sorgen der schweigenden Masse.[Beginning of 2nd quote] For many families the American dream became the American[poetic license - not in source] nightmare. Their falling into poverty placed them outside of the consciousness of American politicians, who placed greater value on campaign contributions than on the worries of the silent majority.
Amerika hat ein kurzes Gedächtnis. Die Börsianer feiern das Ende der Krise - dabei beginnt sie sich gerade schon zu wiederholen. Die Banken spekulieren so schamlos wie vor dem Crash. Die Lobbyisten sind machtvoll wie ehedem. Dass die letzten zwei Jahre nichts anderes waren als ein monumentaler Insider-Bankraub - längst vergessen und verdrängt.America seems to have a short memory. [Beginning of 1st quote] Brokers are celebrating the end of the crisis. While the crisis is beginning to repeat itself, the banks are just as shameless in their speculation as they were before the crash.
Kein einziger Schuldiger aus den Chefetagen wurde strafrechtlich belangt. Stattdessen jagt die US-Justiz lieber laienhaften Mini-Betrügern nach, kleinen Fischen, die mit ihrer maßlosen Geldgier dem Jahrhundertschwindler Bernard Madoff nacheiferten, der im Gefängnis vom Selbstmord seines Sohns erfahren musste.Not a single defendant from senior management was criminally charged. Instead the US Dept of Justice would rather pursue many swindlers who are small fish whose unbridled avarice made them mini-Bernie Madoffs. Bernie Madoff whilst in jail was notified of his son's suicide.

In this particular case, your editorial, um, "freedom" with the source material did not material alter the original meaning, so I chose not to make it a Moderation issue. In future, however, please respect our citation standards.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt št gmail dotcom) on Thu Mar 10th, 2011 at 07:40:41 AM EST
[ Parent ]
European Tribune - US media ignores Germany's Spiegel's report that Wall St committed a monumental insider bank robbery
I'd like to announce the launch of the Kos community Global Expats group.

Why don't we (I.e. the ET community) set up a global bloggers convention and forum with KOS and other progressive blogs around the world - leveraging the benefits of a common platform, language and broad set of political concerns - human rights, democracy, equality etc. - to respond to global capitalism with a global community blog?

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Mar 8th, 2011 at 07:36:40 AM EST
Frank Schnittger, I think you've made a very excellent point which is certainly well thought out. A global information resource of the type that you described would certainly empower working people with the type of information that the commercial media doesn't seem to be willing to provide, except in sound bites or very short forgettable pieces. I would say that as an American expat living in the European Union that my perception is that the American media isn't really there to inform but rather to sell commercial advertising space. This is what happens when the news room in America is for sale and has to show a profit. At least in Europe there is state media, by contrast in America there is no state media. It's my humble opinion that this makes the plight of American working people far more difficult.

To a small extent at Global Expats at the Daily kos, we've tried to create an environment wherein expats from around the world write for an American audience. To that end if I may please I would like to invite readers here to visit our new group website at the Daily Kos and I would invite anyone interested to join us. Your comments, diaries and visits would be most welcome. Thank you.

sig...You just ran into a hardcore progressive who's just another working stiff with an MBA degree & therefore a vociferous labor union supporter [smile]

by Democrats Ramshield on Wed Mar 9th, 2011 at 05:12:44 PM EST
[ Parent ]
Here's the link again to Global Expats at the Daily Kos.
Thanks for taking the time to read this.
http://www.dailykos.com/blog/Global%20Expats

sig...You just ran into a hardcore progressive who's just another working stiff with an MBA degree & therefore a vociferous labor union supporter [smile]
by Democrats Ramshield on Wed Mar 9th, 2011 at 05:14:07 PM EST
[ Parent ]
I'd like the readers at European Tribune to know that this diary is a part of an ongoing series at the daily kos which I would invite interested persons to please read. I would also like to note that at the Daily Kos, this diary series has been heavily trolled. We also know that there are a large number of professional trolls at the Daily Kos, that is to say people who are paid to troll diaries and we can never be sure just exactly who they are. We are therefore unable to separate them from regular people who hold conservative views.

I'd also like to say that some diaries in this series have also been republished by right wing Tea Party groups on their own websites and discussion boards. Here's an example of that at the Ron Paul Tea Party website. http://www.ronpaulforums.com/showthread.php?274029-America-in-Decline-Why-Germans-Think-We-re-Insane -(fact-or-fiction)

sig...You just ran into a hardcore progressive who's just another working stiff with an MBA degree & therefore a vociferous labor union supporter [smile]

by Democrats Ramshield on Wed Mar 9th, 2011 at 05:25:36 PM EST
thanks again for posting here DR.

we can learn so much from comparing societies.

it might be interesting if one day you did a diary about the things you miss most about the states, and what you feel we're not getting right here, as your tone never seems arrogant, even when people are trolling you at dkos.

not to find faults per se, but to complement the diaries that point out to your co-nationals exactly what benefits democracy has not yet blessed them with.

i appreciated many diaries of yours at dkos, and it seems a great fit that you contribute more here at ET, where the atmosphere is very different.

you're doing sterling work bringing knowledge where it's needed, the proof is clearly visible in the stridency of reaction (on dkos). alternet was the first of its type back in 2003 when i started blogganeering, and its an ideal forum for your pieces too.

write on!

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Wed Mar 9th, 2011 at 08:09:45 PM EST
[ Parent ]
The American public seems generally aware that it was defrauded and scammed. The problem is that the American public is stupid. I believe the Wall Street scam was thoroughly covered in the American press. How could it not be? We're pretty aware of what happened, down to the particulars. One big problem in America is that much of it was legal. Read about the story of Dr. Michael Burry, one of the key figures into the affair. What he did was legal--according to corrupt American laws. In short, it's not a mystery. The problem is that the financiers have so much power that the laws meant to curtail their looting have not been passed even after the financial crisis.
by Upstate NY on Sat Mar 12th, 2011 at 06:13:08 PM EST
Not everything was legal.

A Straightforward Criminal Case Against Wall Street CEOs and Senior Executives « naked capitalism

Contrary to prevailing propaganda, there is a fairly straightforward case that could be launched against the CEOs and CFOs of pretty much every US bank with major trading operations. I'll call them "dealer banks" or "Wall Street firms" to distinguish them from very big but largely traditional commercial banks like US Bank.

Since Sarbanes Oxley became law in 2002, Sections 302, 404, and 906 of that act have required these executives to establish and maintain adequate systems of internal control within their companies. In addition, they must regularly test such controls to see that they are adequate and report their findings to shareholders (through SEC reports on Form 10-Q and 10-K) and their independent accountants. "Knowingly" making false section 906 certifications is subject to fines of up to $1 million and imprisonment of up to ten years; "willful" violators face fines of up to $5 million and jail time of up to 20 years.

It's just that the administration doesn't give a fuck.

by generic on Mon Mar 14th, 2011 at 06:34:56 PM EST
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Ah, but they have an out.

The algorithms the banks were using to "test" the resources backing the derivatives were altered in previous years by useful flunkies with degrees from MIT.

http://online.wsj.com/article/SB10001424052748704509704575019032416477138.html

Seems as though the bankers have plausible deniability. If risk assessments are approved by the eggheads, the bankers have all the deniability they need.

by Upstate NY on Wed Mar 16th, 2011 at 12:00:25 PM EST
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That would be a matter for the courts, but I find it unlikely that the typical CEO's unlimited sense of entitlement didn't lead him to break laws faster than they could be legislated out of existence.
by generic on Wed Mar 16th, 2011 at 05:46:14 PM EST
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Have you ever read the book Liar's poker by Michael Lewis?? The amount of knowledge one needs to become a Wall Street CEO is miniscule. These guys are good at bloviating and threatening people. lewis seems to think they have absolutely no idea what is going on in their companies. I am certain people in charge knew that the changing of the formulas was a complete and total fraud... It would be interesting to see it play out in court, but again, it's more a case of treason of the intellectuals. You can find these quants anywhere.
by Upstate NY on Thu Mar 17th, 2011 at 12:49:14 AM EST
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