Tiny Tim can afford to play nice now that the market is going up, and the Street is “creating wealth” once more.
(He said, with heavy irony.)

Places where Paulson, Geithner and team did not step up to defend capitalism in a time of crisis, when capitalism might need a defender.

Because they were focused on a luscious surplus of omissions instead.

TITLE 12 – BANKS AND BANKING
CHAPTER 16 – FEDERAL DEPOSIT INSURANCE CORPORATION
§ 1831 o. Prompt Corrective Action

1)
U.S. Code, Title 12, Chapter 16, § 1831 o Prompt Corrective Action (b)(2)(B)(i) and (d)(1)(A). Capital distributions (dividends) and share buy back programs restricted.

2)
U.S. Code, Title 12, Chapter 16, § 1831 o Prompt Corrective Action (i)(1) and (i)(2)(D) restrict the activities of any critically undercapitalized insured depository institution; and at a minimum, prohibit any such institution from doing any of the following: Making any material change in accounting methods.

3)
U.S. Code Title 12, Chapter 16, § 1831 o Prompt Corrective Action (i)(1) and (i)(2)(F) restrict the activities of any critically undercapitalized insured depository institution; and at a minimum (emphasis added), prohibit any such institution from doing any of the following … (F) Paying excessive compensation or bonuses.

4)
U.S. Code Title 12, Chapter 16, § 1831o. Prompt Corrective Action (i)(1) and (i)(2)(B) … Restricting activities of critically undercapitalized institutions: To carry out the purpose of this section, the Corporation shall, by regulation or order— restrict the activities of any critically undercapitalized insured depository institution; and (emphasis added) … at a minimum, prohibit any such institution from doing any of the following: Extending credit for any highly leveraged transaction.

5)
U.S. Code Title 12, Chapter 16, § 1831 o. Prompt Corrective Action (i)(1) and (i)(2)(C) … Restricting activities of critically undercapitalized institutions: To carry out the purpose of this section, the Corporation shall, by regulation or order— restrict the activities of any critically undercapitalized insured depository institution; and (emphasis added) … at a minimum, prohibit any such institution from doing any of the following: (C) Amending the institution’s charter or bylaws …

6)
U.S. Code Title 12, Chapter 16, § 1831 o. Prompt Corrective Action (i)(1) and (i)(2)(E) … Restricting activities of critically undercapitalized institutions: To carry out the purpose of this section, the Corporation shall, by regulation or order— restrict the activities of any critically undercapitalized insured depository institution; and … at a minimum, prohibit any such institution from doing any of the following: (E) Engaging in any covered transaction (as defined in section 371c (b) of this title).

7)
U.S. Code Title 12, Chapter 16, § 1831 o. Prompt Corrective Action (i)(1) and (i)(2)(A) … Restricting activities of critically undercapitalized institutions: To carry out the purpose of this section, the Corporation shall, by regulation or order— restrict the activities of any critically undercapitalized insured depository institution; AND (emphasis added) at a minimum, prohibit any such institution from doing any of the following … (A) Entering into any material transaction other than in the usual course of business, including any investment, expansion, acquisition (see overnight expansion gifts and acquisitions WaMu, Bear Stearns or Lehman Brothers), sale of assets, or other similar action with respect to which the depository institution is required to provide notice to the appropriate Federal banking agency. …

.

Who else would slink away from defense of capitalism in a crisis? Paulson to Ben to Timmy: Omitting to uphold common sense and enforce law that might otherwise protect Americans from debt-offloading abuse.

Surprised? Wall Street celebrates and ramps up when a number of omissions tell of intent to defraud? … The old Wall Street mantra is to break the law and pay for it later if caught, isnt it? Thought that what they teach upstarts at GS? Get what money you can into the firm, pushing firm debt obligations on others is as good as bringing money in – right?

What could the worst possible consequence be? Here is a possible consequence: the old anglo saxon crowd will throw a fund raiser if you get caught by the FDIC. http://en.wikipedia.org/wiki/Neil_Bush

How bad could that be? Okay might have to shake hands with Mentor Cheney, and Ben Shalom, but you can always wash afterward… Just look at George Jr. it did not warp his mind too badly…

Did it?

Because they were focused on a luscious surplus of omissions instead.

TITLE 12 – BANKS AND BANKING
CHAPTER 16 – FEDERAL DEPOSIT INSURANCE CORPORATION
§ 1831 o. Prompt Corrective Action

http://www.law.cornell.edu/uscode/uscode12/usc_sup_01_12_10_16.html
http://www.law.cornell.edu/uscode/uscode12/usc_sec_12_00001831—o000-.html

Who else would slink away from defense of capitalism in a crisis? Paulson to Ben to Timmy: Omitting to uphold common sense and enforce law that might otherwise protect Americans from debt-offloading abuse.

Surprised? Wall Street celebrates and ramps up when a number of omissions tell of intent to defraud? … The old Wall Street mantra is to break the law and pay for it later if caught, isnt it? Thought that what they teach upstarts at GS? Get what money you can into the firm, pushing firm debt obligations on others is as good as bringing money in – right?

What could the worst possible consequence be? Here is a possible consequence: the old anglo saxon crowd will throw a fund raiser if you get caught by the FDIC. http://en.wikipedia.org/wiki/Neil_Bush

How bad could that be? Okay might have to shake hands with Mentor Cheney, and Ben Shalom, but you can always wash afterward… Just look at George Jr. it did not warp his mind too badly…

Did it?

… New Bloomberg headlines:

Tax Evader Turns to Debt Evader for NY’s Banking Elite. (How white collar criminals escalate from smaller crimes, to perpetrating larger crime. And have trouble finding like-minded associates to help them in their endeavors.)

All this is preceded by the idea we are in a rally (now that debt has been off loaded onto the common).

Notice also: Now that NY bankers have passed their debt onto others, they have made, material changes in their accounting methods. U.S. Code, Title 12, Chapter 16, § 1831 o Prompt Corrective Action (i)(1) and (i)(2)(D) restrict the activities of any critically undercapitalized insured depository institution; and at a minimum, prohibit any such institution from doing any of the following: Making any material change in accounting methods.

They get a taste for rally off this accounting trick and then – are in a hurry to go private again.

That is so they can privatize their profits again:

now that the common is shouldering their debt obligations.

The NY banking community are so transparent. They are appearing more and more like a group of mentally ill opportunist who are salacious and careening to get rid of their debt, and then a polar extreme – desperate to privatize their gains again.

Someone should write a song for their children to sing: Gloriously: NY bankers pass their debt onto the common and slink away from defense of capitalism, during crisis periods, when capitalism might need a defender. NY banks then want to privatize their profits. Privatize their gains during the good years. Have one bad year in the cycling of capitalism and there is Paulson as their front man, to unload their debt onto others.

Chorus: In a hurry to offload their debt obligations, and in a hurry to be private again.