More financial travesties

You no doubt read about the large bank failing this past week and the many more millions (billions?) of dollars it's going to cost the American taxpayer (read: you and me).

Don't look now but 2 more failed last evening, in Illinois.

Less evident is the fact that, after you and I, via the government, pick up the tab for these extremely badly run banks, other bankers are asked to buy these assets (the good stuff of the bank) at bargain prices. So the other, 2nd banks, pick up a magnificent bargain, folks, and you and I paid for it.

It just keeps going on.

But wait! There's more!

In today's New York Times, 2 tiny little paragraphs in the 2nd, "Business Day" section told, first, of yet another multi-million dollar Ponzi scheme--this one out of California that came to and cost #200 million, almost unbelievably--that the SEC didn't prevent or catch, while it was going on.

Thanks again, SEC! (What have you been doing for the last 8 years?).

Secondly, the Times told of a former scumbag President of that true den of inequity, theft and lies that was Countrywide Financial, one Stanley Kurland, is not only in jail serving time for crimes committed, actually, besides being free and uncharged for crimes, he's also filing through a new company (PennyMac Mortgage Investment Trust) for an IPO.

Seems he hasn't cheated enough people in his first incarnation at Countrywide or made enough money so he's coming back 'round for more.

The foxes are still in charge of the hen houses.

On that first one, I have to ask questions again, that I asked earlier, of the SEC and those are:

1) Is this the last big Ponzi scheme that's out there?

2) How did this happen?

3) What were you--the SEC--doing while this was taking place?

4) Have new regulations and provisions been put in place to make certain this doesn't happen again/any more?

I'll probably write more soon, about Blackrock, a company that also fleeced the public for millions of dollars but is not only still in charge of the country's financial system, they're making new rules with this Administration, for others to follow, while the "help clean up this current mess", making more money, all the while.

It's incestuous and ugly.

Are you paying attention?

Links to original stories here:
http://www.nytimes.com/2009/05/23/business/23bizbriefs-FIRMLEDBYEXH_BRF.html?_r=1&sq=&st=nyt&adxnnl=1&scp=1&adxnnlx=1243098626-JXmKz0MRm1gYG99zxMVyfw

http://www.nytimes.com/2009/05/23/business/23bizbriefs-3ACCUSEDOF20_BRF.html?scp=1&sq=3%20accused%20of%20%24200%20million%20&st=cse