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Occupy Movement Files Lawsuit Against Every Federal Regulator Of Wall Street – 2 March 2013
Posted on March 2, 2013 by lucas2012infos | 1 Comment
In
several respects, Occupy Wall Street reminds me of the feminist
movement. Corporate funded media has declared the women’s rights
movement dead ad nauseam for four decades — and yet it thrives and
reinvents itself. Similarly, corporate funded media has eulogized Occupy
Wall Street from almost the moment of its nascent birth in the Fall of
2011.
If there is a common thread connecting these movements and the dire
media prognostications of their demise, it is likely that when either
one advances, entrenched power — and its iron grip on the wealth of a
nation — loses.
Now, similar to the early court battles for women’s rights, Occupy
Wall Street has tossed aside its encampments and bullhorns and donned
its legal garb and pro hac vices. Occupy Wall Street’s brain trust,
Occupy the SEC, just filed a Federal lawsuit that encapsulates the crony
capitalist state that passes today for democracy.
The organization is suing every Federal regulator that resides in the
pocket of Wall Street – which means they are suing every Federal
regulator of Wall Street. And, spunky group that they are, they’re
naming individuals too. Here’s the rundown: Ben Bernanke, Chairman of
the Board of Governors of the Federal Reserve System, Martin Gruenberg,
Chairman of the FDIC, Elisse Walter, Chair of the SEC, Gary Gensler,
Chair of the Commodity Futures Trading Commission, Thomas Curry,
Comptroller of the Office of the Comptroller of the Currency, Mary
Miller, Under Secretary for Domestic Finance at the Treasury, Neal
Wolin, Acting Secretary of the Treasury.
Occupy the SEC is serving a valiant public service in bringing this
lawsuit. It explains to the court that one of the most critical
components of the 2010 Dodd-Frank Act that was supposed to reform Wall
Street has yet to be enacted by the regulators and this is in violation
of law. The key component is the Volcker Rule, named after former Fed
Chairman Paul Volcker, that would prohibit most forms of trading for the
house on Wall Street, known officially as proprietary trading.
The lawsuit informs the court that Dodd-Frank required that
regulators adopt rules relating to this section “within nine months
after the completion of a study by FSOC [Financial Stabilization
Oversight Council] relating to the Volcker Rule. The FSOC completed that
study in January 2011.” The complaint proceeds to explain that the
legislative language “is unequivocal in setting this mandatory deadline,
which the Defendants and the agencies under their control have missed.”
To bring a lawsuit of this nature, plaintiffs who have a legitimate
stake in the outcome must be named on the suit. Occupy the SEC has
wisely selected two individuals, Eric Taylor and Kristine Ekman, who
live in Brooklyn and hold insured deposit accounts with two major Wall
Street firms. That’s highly relevant because the Brooklyn residences
allow this case to be filed in the Federal District Court for the
Eastern District of New York rather than the Southern District that
covers the Wall Street area and lower Manhattan. Wall Street has been
getting extremely sweet deals in that District Court for the past two
decades, raising concerns as to whether the 99 percent can ever obtain
justice there.
The complaint explains to the Court that “this delay puts Plaintiffs’
deposited money at risk, because banks can continue to speculate with
it as long as the Volcker Rule has not been implemented.” The recent
example of the implosion of insured deposits at JPMorgan Chase is cited:
“For instance, in April of 2012 it was reported that the Chief
Investment Office (CIO) at the London office of JPMorgan Chase bank had
utilized deposited funds, like those of Plaintiffs, to invest in
extremely risky, speculative credit default swap indices (derivatives of
derivatives). Further, it has recently been reported that other traders
at JPMorgan actually bet against the CIO office, virtually guaranteeing
that some division within the bank would suffer losses. The latest
estimates reveal that the bank suffered approximately $6 billion in
trading losses from the CIO debacle.”
The lawsuit was filed by attorney, Akshat Tewary, who has been active in Occupy the SEC since its inception. (Read the full lawsuit here.)
Proprietary trading is, at its core, benign sounding jargon for an
essential cog in Wall Street’s institutionalized wealth transfer
mechanism. Wall Street banks take in insured deposits on which they pay a
tiny amount of interest, then use those depositor funds to speculate
for the house after leveraging up the bets to obscene ratios.
Frequently, they use their insider information to make sure the house
wins.
If the bets blow up the institution, the taxpayer steps in with
bailouts because the institution is deemed too big to fail. If the bets
win, the executive suite reward themselves with obscene pay packages and
retirement perks. It’s heads they win, tails you lose and it continues
unimpeded despite the President’s lofty promises for change. The fact
that his administration is not bringing this lawsuit to prevent the
delay of the enactment of the Volcker Rule but the job is left to a
group of concerned citizens, crystallizes the fact that Wall Street is
still running things in Washington. If you need further proof, read our next story on what transpired on the Senate floor yesterday with the confirmation vote for Obama’s pick for Treasury Secretary, Jack Lew.
via www.lightworker29501.com / link to article/ www.thisincrediblenewworld.wordpress.com / link to original article
Thanks to: http://lucas2012infos.wordpress.com
Posted on March 2, 2013 by lucas2012infos | 1 Comment
Inseveral respects, Occupy Wall Street reminds me of the feminist
movement. Corporate funded media has declared the women’s rights
movement dead ad nauseam for four decades — and yet it thrives and
reinvents itself. Similarly, corporate funded media has eulogized Occupy
Wall Street from almost the moment of its nascent birth in the Fall of
2011.
If there is a common thread connecting these movements and the dire
media prognostications of their demise, it is likely that when either
one advances, entrenched power — and its iron grip on the wealth of a
nation — loses.
Now, similar to the early court battles for women’s rights, Occupy
Wall Street has tossed aside its encampments and bullhorns and donned
its legal garb and pro hac vices. Occupy Wall Street’s brain trust,
Occupy the SEC, just filed a Federal lawsuit that encapsulates the crony
capitalist state that passes today for democracy.
The organization is suing every Federal regulator that resides in the
pocket of Wall Street – which means they are suing every Federal
regulator of Wall Street. And, spunky group that they are, they’re
naming individuals too. Here’s the rundown: Ben Bernanke, Chairman of
the Board of Governors of the Federal Reserve System, Martin Gruenberg,
Chairman of the FDIC, Elisse Walter, Chair of the SEC, Gary Gensler,
Chair of the Commodity Futures Trading Commission, Thomas Curry,
Comptroller of the Office of the Comptroller of the Currency, Mary
Miller, Under Secretary for Domestic Finance at the Treasury, Neal
Wolin, Acting Secretary of the Treasury.
Occupy the SEC is serving a valiant public service in bringing this
lawsuit. It explains to the court that one of the most critical
components of the 2010 Dodd-Frank Act that was supposed to reform Wall
Street has yet to be enacted by the regulators and this is in violation
of law. The key component is the Volcker Rule, named after former Fed
Chairman Paul Volcker, that would prohibit most forms of trading for the
house on Wall Street, known officially as proprietary trading.
The lawsuit informs the court that Dodd-Frank required that
regulators adopt rules relating to this section “within nine months
after the completion of a study by FSOC [Financial Stabilization
Oversight Council] relating to the Volcker Rule. The FSOC completed that
study in January 2011.” The complaint proceeds to explain that the
legislative language “is unequivocal in setting this mandatory deadline,
which the Defendants and the agencies under their control have missed.”
To bring a lawsuit of this nature, plaintiffs who have a legitimate
stake in the outcome must be named on the suit. Occupy the SEC has
wisely selected two individuals, Eric Taylor and Kristine Ekman, who
live in Brooklyn and hold insured deposit accounts with two major Wall
Street firms. That’s highly relevant because the Brooklyn residences
allow this case to be filed in the Federal District Court for the
Eastern District of New York rather than the Southern District that
covers the Wall Street area and lower Manhattan. Wall Street has been
getting extremely sweet deals in that District Court for the past two
decades, raising concerns as to whether the 99 percent can ever obtain
justice there.
The complaint explains to the Court that “this delay puts Plaintiffs’
deposited money at risk, because banks can continue to speculate with
it as long as the Volcker Rule has not been implemented.” The recent
example of the implosion of insured deposits at JPMorgan Chase is cited:
“For instance, in April of 2012 it was reported that the Chief
Investment Office (CIO) at the London office of JPMorgan Chase bank had
utilized deposited funds, like those of Plaintiffs, to invest in
extremely risky, speculative credit default swap indices (derivatives of
derivatives). Further, it has recently been reported that other traders
at JPMorgan actually bet against the CIO office, virtually guaranteeing
that some division within the bank would suffer losses. The latest
estimates reveal that the bank suffered approximately $6 billion in
trading losses from the CIO debacle.”
The lawsuit was filed by attorney, Akshat Tewary, who has been active in Occupy the SEC since its inception. (Read the full lawsuit here.)
Proprietary trading is, at its core, benign sounding jargon for an
essential cog in Wall Street’s institutionalized wealth transfer
mechanism. Wall Street banks take in insured deposits on which they pay a
tiny amount of interest, then use those depositor funds to speculate
for the house after leveraging up the bets to obscene ratios.
Frequently, they use their insider information to make sure the house
wins.
If the bets blow up the institution, the taxpayer steps in with
bailouts because the institution is deemed too big to fail. If the bets
win, the executive suite reward themselves with obscene pay packages and
retirement perks. It’s heads they win, tails you lose and it continues
unimpeded despite the President’s lofty promises for change. The fact
that his administration is not bringing this lawsuit to prevent the
delay of the enactment of the Volcker Rule but the job is left to a
group of concerned citizens, crystallizes the fact that Wall Street is
still running things in Washington. If you need further proof, read our next story on what transpired on the Senate floor yesterday with the confirmation vote for Obama’s pick for Treasury Secretary, Jack Lew.
via www.lightworker29501.com / link to article/ www.thisincrediblenewworld.wordpress.com / link to original article
Thanks to: http://lucas2012infos.wordpress.com
