"Senator Bernie Sanders challenged Attorney General Eric Holder in a speech on the Senate floor today.
" 'Taking on Holder's statement that the Justice Department may not pursue criminal cases against big banks because filing charges could "have a negative impact on the national economy, perhaps even the world economy,' " Sanders declared that it is time to end the banks' stranglehold on our democracy.
"In other words,' " Sanders said, " 'we have a situation now where Wall Street banks are not only too big to fail, they are too big to jail." The Obama Administration should think long and hard about that, he added, "because America is based on a system of law.' "
"Sanders announced he would introduce legislation to break up the largest financial institutions. The top six of these, he pointed out (J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have assets equal to two-thirds of the nation's gross domestic product.
"Sanders's bill would give Treasury Secretary Jacob Lew 90 days to compile a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. The affected financial institutions would include "any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance."
"Within one year after the law takes effect, the Treasury Department would be required to break up those banks, insurance companies, and other financial institutions identified by the secretary."' If an institution is too big to fail, it is too big to exist,' " Sanders said. " 'No single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation's economic wellbeing. No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,' " Sanders said. " 'We need to break up these institutions because of the tremendous damage they have done to our economy.' "
From the Washington Post: "More than half of the country’s rivers and streams are in poor biological health, unable to support healthy populations of aquatic insects and other creatures, according to a nationwide survey released Tuesday. << MORE >>
"We don’t give a fuck about you. That message is sponsored and paid for by U.S. corporations — no matter the utterly phony bullshit use of American flags or homey cultural images that you might see in advertising. They just do not care.
"That analysis is pretty clear thanks to the radical left wing rag, The Wall Street Journal:
U.S. companies are making record profits. And more of the money is staying offshore, and lightly taxed.
A Wall Street Journal analysis of 60 big U.S. companies found that, together, they parked a total of $166 billion offshore last year. That shielded more than 40% of their annual profits from U.S. taxes, though it left the money off-limits for paying dividends, buying back shares or making investments in the U.S. The 60 companies were chosen for the analysis because each of them had held at least $5 billion offshore in 2011.
Within the group of 60 companies, the Journal found 10 that parked more earnings offshore last year than they generated for their bottom lines. They include Abbott Laboratories, whose store of untaxed overseas earnings rose by $8.1 billion, to $40 billion. The increase exceeded the pharmaceutical maker’s net income of $6 billion, which was weighed down by a $1.4 billion charge related to early repayment of debt. Including that charge, Abbott reported a pretax loss on its U.S. operations.
"See, here’s the game. These leeches pay people crap wages everywhere, sell people products, pocket the profits, park the profits overseas, and, then, they whine and scream about the alleged high tax rates in the U.S. — even though corporate tax rates here are actually quite low compared to other industrialized countries — and demand a tax holiday, and promise to use the money they “repatriate” to create new jobs, at the crap wages they pay (and the whole repatriation argument is a scam.)
"All the while CEO par and benefits rises.
"This is robbery. But, they really don’t care. It’s a big fuck-you to every American. A big fuck-you enabled by the corrupt political system that allows the buying of politicians via campaign contributions, which, in turn, buys the tax laws that enable the…big fuck-you."
Unfortunately, struggling Americans have been kicked, battered and beaten down by this system so there won't be any righteously angry taxpayers with pitchforks banging pots and pans protesting this massive, unjust, unfair inequality.
Well you cannot say the Los Angeles Diocese of the Catholic Church hasn’t gone out of its way to compound error.
Pressed to come up with hundreds of millions of dollars to settle clergy sex abuse lawsuits, Cardinal Roger M. Mahony turned to one group of Catholics whose faith could not be shaken: the dead.
Under his leadership in 2007, the Archdiocese of Los Angeles quietly appropriated $115 million from a cemetery maintenance fund and used it to help pay a landmark settlement with molestation victims.
The church did not inform relatives of the deceased that it had taken the money, which amounted to 88 percent of the fund. Families of those buried in church-owned cemeteries and interred in its mausoleums have contributed to a dedicated account for the perpetual care of graves, crypts and grounds since the 1890s.
It’s not like they could talk back, I guess.
UPDATE: Annnnnnnnndddd...the Pope is resigning. Rick Santorum polishing the froth off resume.
Last year, we wrote about the United States Post Service's problems, caused by Congress, and how the ultimate goal of GOP and DINO machinations was privatization of that long lived institution. Well, read on.<< MORE >>
1929 - 1968
"Our lives begin to end the day we become silent about things that matter." Martin Luther King, Jr.