A friend of mine was sentenced to 16 years in the slam today for losing some $20 million for clients which earned multiples of that under his management.
At the same time -
On top of it all, no one was held criminally responsible for the collapse in mortgage-backed securities, no one was held responsible in LIBOR rigging, no one has been held responsible for anything to date, and no one will be held responsible for currency rigging either.
Bankers actively stealing billions face no responsibility whatsoever.
Back in 2008 I had Rydex double short financials knowing the system must fail, as hedge. When the play began to pay off, SEC Chairman Chris Cox outlawed shorting on Financial, to protect them from their bad management. Government changed to rules in the middle of the game to protect its owner, the banks. Cox never went to prison. He did say it was probably a mistake, but who cares. He is unspeakable rich for taking care of the bankers to the harm of all investors.
Banks are ludicrously managed, and they are in charge of the U S A. Our very worst managers make the decisions for our peace and prosperity. Such is capitalism.
Since I sat behind him for eight years in school SPAngler, SPIers. I know Mark very well. He is no criminal, as many of his "victims" agree. (Some who lost money understand that can happen, others believe if live dishes out any inconvenience whatsoever, someone must pay harshly.)
For those with an extreme sense of entitlement, the rest of us, having paid for a pointless trial, that took money the "victims" might have recovered, the rest of us must must now pay for 16 years of incarceration to keep talent on ice.
Sure, I've lost money because the game is rigged, and it is clear that when Cox et al changed the rules in the middle of the game they knew what they were doing, that is why they did it, it was criminal intent. But no, I am not calling for any trial, but I think there should be truth commissions, so people can see how capitalism really works, and how only free markets promote peace and prosperity.
Some people let money go to their heads, like the ones who complained about Mark Spangler after losing their money. Money is just not that important. There is more where it came from.
Should there be no sanction for wrongdoing now? Well, there is no sanction for wrongdoing now. almost nothing of the vast wrongdoing on a daily basis by the State has any reply at all, except ever mounting resentment. In this case, let the community he lives in decide to what degree he will be inconvenienced for his sins. Condign punishment, whatever it is.
The state brings chaos to orderly society. It is time to escape from chaos into the order of anarchy.
Feel free to forward this by email to three of your friends.
“He got bit by the venture capital bug,” said Mike Lang, an assistant United States attorney who was one of the prosecutors. “We’re in Seattle. Everyone is making money. He wanted a piece of that.”Well,,, not quite, his clients, the few who complained, had an outsized sense of entitlement and were enraged when he was unable to compliment their outsized sense of entitlement with predatory return rates briefly. No one complained when they were cleaning up under his management for twenty years. Then the unthinkable happened, he lost for a while. Stop the world, the rest of us must all attend to and pay for the inconvenience of the complainers.
At the same time -
On top of it all, no one was held criminally responsible for the collapse in mortgage-backed securities, no one was held responsible in LIBOR rigging, no one has been held responsible for anything to date, and no one will be held responsible for currency rigging either.
Bankers actively stealing billions face no responsibility whatsoever.
Back in 2008 I had Rydex double short financials knowing the system must fail, as hedge. When the play began to pay off, SEC Chairman Chris Cox outlawed shorting on Financial, to protect them from their bad management. Government changed to rules in the middle of the game to protect its owner, the banks. Cox never went to prison. He did say it was probably a mistake, but who cares. He is unspeakable rich for taking care of the bankers to the harm of all investors.
Banks are ludicrously managed, and they are in charge of the U S A. Our very worst managers make the decisions for our peace and prosperity. Such is capitalism.
Since I sat behind him for eight years in school SPAngler, SPIers. I know Mark very well. He is no criminal, as many of his "victims" agree. (Some who lost money understand that can happen, others believe if live dishes out any inconvenience whatsoever, someone must pay harshly.)
For those with an extreme sense of entitlement, the rest of us, having paid for a pointless trial, that took money the "victims" might have recovered, the rest of us must must now pay for 16 years of incarceration to keep talent on ice.
Sure, I've lost money because the game is rigged, and it is clear that when Cox et al changed the rules in the middle of the game they knew what they were doing, that is why they did it, it was criminal intent. But no, I am not calling for any trial, but I think there should be truth commissions, so people can see how capitalism really works, and how only free markets promote peace and prosperity.
Some people let money go to their heads, like the ones who complained about Mark Spangler after losing their money. Money is just not that important. There is more where it came from.
Should there be no sanction for wrongdoing now? Well, there is no sanction for wrongdoing now. almost nothing of the vast wrongdoing on a daily basis by the State has any reply at all, except ever mounting resentment. In this case, let the community he lives in decide to what degree he will be inconvenienced for his sins. Condign punishment, whatever it is.
The state brings chaos to orderly society. It is time to escape from chaos into the order of anarchy.
Feel free to forward this by email to three of your friends.
2 comments:
Hopefully he can get on with appeals. Doesn't the court need evidence to convict?
Sure, enough to convict, apparently... I wonder at criminal intent which I thought was a part of our legal tradition, plus... if he is also charged with making restitution to the tune of what everyone lost in their particular bad investments, how does putting him in the slam help? He is not going to pay back the $20 million at the 22 cents an hour he'll make in the pen under the 13th Amendment. It sounds like debtors prison. If he must make restitution, shouldn't he be out working? I'd hire him...
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