I think it is worth watching the C-Span testimony of Treasury Secretary Jack Lew.
Secretary Jack Lew (click here) testified at a hearing on the Financial Stability Oversight Council’s (FSOC) annual report. The report includes information on financial regulatory developments and potential threats to the U.S. financial system. Secretary Lew took questions on the economy, U.S. debt, and financial regulations.
Below is a clip from the hearing on June 17, 2015. It is with a Massachusetts Representative, Rep. Lynch. The dialogue is rather troubling to me. The reason it is troubling is because it states big banks have a sovereignty greater than that of the USA.
Rep. Lynch points out the fact the SEC is providing waivers for punishment to crimes known to be committed. The waivers supposedly are in lieu of fines and/or prison time for the truth. The SEC is acknowledging the prosecution is possible, but, it will settle for the truth rather than potentially a court hearing whereby facts would be excluded to defend against the prosecution.
The testimony by Secretary Lew sadly portrays a financial system with greater weight than the laws of the USA. The financial institutions have created a sovereign entity easy called The USA Plutocracy. The USA Plutocracy only lacks a military to define itself as a governing body.
I don't think so. It is time to break up the banks.
By chance the film clip doesn't work as it should, the exchange was from 01:19:03 through 01:24:00.
I was astounded. I shouldn't have been. There has been long standing complaints by the public there have been no convictions or prison time for these companies and/or there board of directors and/or their CEOs.
Representative Lynch states he has people within his district that has far less severe infractions in the law than the big banks and yet they serve time.
Secretary Jack Lew (click here) testified at a hearing on the Financial Stability Oversight Council’s (FSOC) annual report. The report includes information on financial regulatory developments and potential threats to the U.S. financial system. Secretary Lew took questions on the economy, U.S. debt, and financial regulations.
Below is a clip from the hearing on June 17, 2015. It is with a Massachusetts Representative, Rep. Lynch. The dialogue is rather troubling to me. The reason it is troubling is because it states big banks have a sovereignty greater than that of the USA.
Rep. Lynch points out the fact the SEC is providing waivers for punishment to crimes known to be committed. The waivers supposedly are in lieu of fines and/or prison time for the truth. The SEC is acknowledging the prosecution is possible, but, it will settle for the truth rather than potentially a court hearing whereby facts would be excluded to defend against the prosecution.
The testimony by Secretary Lew sadly portrays a financial system with greater weight than the laws of the USA. The financial institutions have created a sovereign entity easy called The USA Plutocracy. The USA Plutocracy only lacks a military to define itself as a governing body.
I don't think so. It is time to break up the banks.
By chance the film clip doesn't work as it should, the exchange was from 01:19:03 through 01:24:00.
I was astounded. I shouldn't have been. There has been long standing complaints by the public there have been no convictions or prison time for these companies and/or there board of directors and/or their CEOs.
Representative Lynch states he has people within his district that has far less severe infractions in the law than the big banks and yet they serve time.
