Danny Schechter - ColdType

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CHAPTER 2 THE wHiTE-cOllAr prisON gANg 29 Move over Ayran Brotherhood and Blackstone Rangers, there’s a new prison gang forming on cellblocks across America. Here are some of its possible members: • Jeffrey Skilling, 55, former CEO of Enron, 24 years • Andrew Fastow, 47, former CFO of Enron, 6 years • Bernard Ebbers, 67, former CEO of WorldCom, 25 years • Dennis Kozlowski, 62, CEO of Tyco International, 25 years • Joseph Nacchio, 60, former Qwest CEO, 6 years • John Rigas, 84, founder of Adelphia Communications, 12 years • Timothy J. Rigas, 53, former CFO of Adelphia Commun cations, 17 years • Conrad Black, 64, former newspaper magnate, 6 1/2years • Walter Forbes, 66, former chairman of Cendant Corp., 12 years and seven months • Martin Frankel, 54, Investor who looted insurers, 17 years • Samuel Israel, 46,Bayou Group, Securtities Fraudster, 20 years • Sholam Weiss, 55, $125 Million Insurance Theft, 845 years Note: none of the felons on this list were implicated in the crimes connected to the current financial crisis. The Financial
30 Times’ Gillian Tett worries this may be sending a bad signal: “After all, no amount of twiddling with Basel rules or pious statements about bonuses will ever scare a financier as much as the thought of jail. “Moreover, without some retribution it will also be hard to persuade voters that finance is really being reformed, or has any credibility or moral authority. That is bad for politicians and regulators. However, it is also bad for bankers too. So, in the months ahead, keep a close eye on what happens to the legal cases in the system and, above all, watch to see just how many do (or do not) quietly die, compared to those S&L days.” Bear in mind as well how corrupt practices encourage a corruption of a society’s values leading to the acceptance of a ‘whatever works’ outlook. Here’s a sobering example from China, a country that often executes corrupt businessmen. BEIJING – (AFP) A six-year-old girl has become a media darling in China on her first day of school by expressing her aspiration to become a “corrupt official” when she grows up, state media said. The young student stated her aspirations in a televised interview that was posted on a southern China website, leading bloggers to describe her comments as “a reflection of social reality,” the Southern Metropolis Daily reported. “When I grow up I want to be an official,” said the girl, whose face was blurred to protect her identity. “What kind of official?” the interviewer asked. “A corrupt official because corrupt officials have a lot of things,” she replied.
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“[This] may well turn out to be g
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Comments on The Crime of Our Time
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“Danny ranges wide over the polit
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THE CRIME OF OUR TIME WaS the econo
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Contents Preface By Larry Beinhart,
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PrefaCe By Larry Beinhart Dear Pros
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Boesky accepted a plea bargain. Thr
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MUsICaL PrefaCe/ soUnD traCK Plunde
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“Denial is the refusal to acknowl
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xx lies losing their homes. After a
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xxii analysis. There may be journo-
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xxiv “The investigation is the la
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xxvi then so clearly an economic bo
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xxviii I was well aware of all the
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xxx Special thanks to ColdType.net
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xxxii offs have taken a heavy toll
Page 37 and 38: xxxiv of failures were cited - a fa
Page 39 and 40: xxxvi borrowers would not be able t
Page 41 and 42: xxxviii any illusion that public or
Page 43 and 44: xl eclipses the S&L debacle in term
Page 45 and 46: xlii The requirement of a liquid fi
Page 47 and 48: xliv • This environment was enabl
Page 49 and 50: xlvi fundraiser, “This is an impr
Page 51 and 52: xlviii But there were many who saw
Page 53 and 54: l Commenting in the Atlantic magazi
Page 55 and 56: lii white-collar criminals build ar
Page 57 and 58: liv wrong doers are to be brought t
Page 60 and 61: CHAPTER 1 THE MADOFF MOMENT BEFORE:
Page 62 and 63: the SEC’s Division of Enforcement
Page 64 and 65: sands of clients had $65 billion. B
Page 66 and 67: ‘How am I supposed to find the se
Page 68 and 69: Noting that “for decades, Mrs. Ma
Page 70 and 71: 11 And what about the victims? What
Page 72 and 73: 13 kerage called Cohmad) was a “p
Page 74 and 75: 15 In early September 2009, the SEC
Page 76 and 77: in which we took them, along with h
Page 78 and 79: 19 These suggestions may or may not
Page 80 and 81: 21 ber #3 was Norman Schmidt who ra
Page 82 and 83: 23 in this case, I would suspect th
Page 84 and 85: violent and physical crimes. If som
Page 86: about them, namely investigations a
Page 91 and 92: 32 Over 730,000 counts of suspected
Page 93 and 94: 34 didn’t think that they, how co
Page 95 and 96: 36 So there you have it - the same
Page 97 and 98: 38 The victims of corporate crimina
Page 99 and 100: 40 attracted a slew of illustrious
Page 101 and 102: 42 use the “borrowed” money to
Page 103 and 104: 44 inside deals, require less artis
Page 105 and 106: 46 “Because we measure the effect
Page 107 and 108: 48 White House is not going to be t
Page 109 and 110: 50 it; so they set it up, not as a
Page 112 and 113: CHAPTER 6 wHO sHOulD bE prOsEcuTED?
Page 114 and 115: ecause of a failure of a number of
Page 116 and 117: state, in the grip of the early-Rea
Page 118 and 119: CHAPTER 7 iNVEsTigATiNg FiNANciAl c
Page 120 and 121: estimate the strength of hostile el
Page 122 and 123: former executives running the feder
Page 124 and 125: As readers know, I have stated many
Page 126 and 127: CHAPTER 8 cOuNT 1: prEDATOrY subpri
Page 128 and 129: I interviewed him at length. He is
Page 130 and 131: In the November 2006 study we expla
Page 132 and 133: They write: 73 Those who are allege
Page 134 and 135: 75 fact, mechanically more interest
Page 136 and 137: General Andrew Cuomo labels as a sc
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79 It is hard not to feel that her
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81 Research Service Report in Augus
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84 a little piece of the layer of a
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86 A former Vice President of Stand
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88 sion in which he examined one ho
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CHAPTER 11 cOuNT TwO: wAll sTrEET c
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93 tion, vast resources were transf
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Flanders then asked Black to bring
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CHAPTER 12 COUNT THREE: THE INSURER
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AIG’s later role in escalating th
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101 BILL MOYERS: Is it possible tha
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103 you might have seen an opportun
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105 not a question most media outle
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108 eling but there was no discussi
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110 scamming them - and there is tr
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112 earnings were being created. Th
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114 out at his former colleagues du
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116 There is an unfortunate dialect
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118 advertising money sloshing arou
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120 It was startling to watch a Fox
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122 I pressed Starkman on whether t
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CHAPTER 15 THE BEAR STEARNS “BLEE
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as collateral to obtain overnight l
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129 DS: Around 11 am they watch the
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131 was financing and forcing the b
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133 hearing about a mortgage being
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135 Bamber replied, “Absolutely,
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137 www.huffingtonpost.com/ellen-br
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STEWART: But isn’t that financial
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142 this was a turning point in the
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144 the credit-market collapse that
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146 Shock Doctrine, in which a majo
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148 Doctor Housing Bubble, Lehman B
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150 management of internal risk and
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152 In the aftermath of his company
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154 the price of oil kept rising sh
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156 The government has machinery in
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158 The reports on it are sketchy,
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160 system. And while there is some
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162 tronically printed cash and buy
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164 this is where all the money is
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166 “Bernanke is being praised fo
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CHAPTER 18 THE TESTOSTERONE FACTOR
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171 prostitutes exposed in each win
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173 “Sexualize?” I asked him, h
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175 There was another cultural phen
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178 non-governmental think tanks re
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180 $5 BILLION IN POLITICAL CONTRIB
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182 ing the post of Treasury Secret
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184 AP explained. “The report sai
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186 In Obama’s speeches across th
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188 financial system because if you
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190 ing at a snail’s pace.) Johns
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192 parency for derivatives as a re
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194 structure of the economy itself
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196 predators are not getting away
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198 current big finance) vs. centri
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200 tions of power still associate
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202 all trapped inside the bubble a
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204 officials who knowingly misled
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206 The chances of a just outcome a
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208 Wall Street’s behavior may be
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210 are not ones we can count on. W
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212 Schechter’s professional jour
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214 1999 A Hero for All: Nelson Man
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From the Author of PLUNDER, WHEN NE
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Danny Schechter - ColdType

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