Monday, October 3, 2011


If you want to know what's helping to drive the protests on Wall Street check this out ...

I've been saying that we should use mob-driven RICO statutes to go after the banksters for some time now. The key is prosecuting our biggest banks as criminal enterprises. So, have our nation's biggest banks become criminal enterprises? This July article from Money Morning's Shah Gilani - "The Bank of America Settlement: The Latest Travesty in the U.S. Banking System" - says the answer is "yes."

Those of you who follow this blog know why I agree. So, I'll leave it at that for now.

On another note, this article on pensions explains why we need to keep public sector defined benefits programs with the public sector, instead of shifting public sector retirement monies to Wall Street/private sector managers.

In a few words, the private sectors fee and bonus stuffed overhead costs are prohibitive, with guaranteed percentages regardless of performance. In many ways, it's the essence of wealth extraction over wealth creation.

Neither article is long or overly complex, so I'm pretty sure you'll enjoy both.

- Mark

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