The Unthinkable Happens: A Former TBTF Bank Chief Goes to Jail

Contributed by Don Quijones: Just when you thought the concept of universal justice was dead, a courageous Spanish judge, Elpidio José Silva, did what no other judge in the Western world, bar Iceland, dared to do: He refused to grant bail to a former top banker, sending him to prison before facing trial for his alleged role in Spain’s financial crisis.

The Gloriously Ballooning Bailout Bedlam Of Cyprus

The average Cypriot household had a phenomenal net worth of €670,900 in 2010 – over three times that of German households. That wealth had been sucked out of the cesspool of corruption that the banks and the government were, until neither had a drop of lifeblood left. Now the party is over. And you can almost hear the snickering among European politicians.

The French Government Spirals Elegantly Into Self-Destruction

France might not even notice if the Eurozone fell apart—that’s how tangled up it is in the Jérôme Cahuzac fiasco that blew up with phenomenal effect. Former Presidents Chirac and Sarkozy were dogged by investigations and trials that laid bare misdeeds they personally had been involved in. By contrast, the Cahuzac fiasco doesn’t implicate President François Hollande. Not yet. But it’s tearing up his government.

Intuit’s Long Hard Fight To Stick It To The Taxpayer

“The government imposed the income tax burden in the first place,” said former California Republican legislator Tom Campbell about the process of filing tax returns. “So if it wants to make it easier, for heaven’s sake, why not?” But two companies that sell tax preparation software and services have been lobbying tooth and nail against making it easier—and won.

Will the Real Clowns Please Stand Up?

Contributed by Don Quijones: Italy has Beppe Grillo. But with European governments reeling from self-inflicted crises, and the euro debacle descending into a tragi-comic farce, one wonders who the real clowns are – especially here in Spain, where ministers gorge themselves on the public purse, leaving behind a trail of evidence so obvious that even the mainstream media can’t ignore it.

SEC Finds State of Illinois Violated Securities Laws

Contributed by Chriss Street. The SEC determined that Illinois violated Federal Securities Laws by misstating the financial condition of its depleted pension funds when it sold $2.2 billion in bonds from 2005-2009. After a historical failure to fund the pension systems, it exposed the State to an $83 billion unfunded liability. Former Democratic Governor Rod Blagojevich was unable to comment. He was in prison.

‘Regulatory Capture’ Emasculated The Regulators Of Megabanks

Senator Warren set him up brutally. HSBC had admitted “to laundering $881 billion that we know of from Mexican and Colombian drug cartels,” she said. David Cohen, the Treasury’s point man, twitched on her skewer. Why were megabanks and their bankers able to dodge serious punishment for crimes they’d been committing for years? They’re officially too-big-too-jail. And a deeper problem: regulators have been taken over by the banks.

Budget Hawks Till Something Gets Cut In Their Districts

“Preventing future acts of terrorism” is the most critical foreign-policy goal for Americans. Next: proliferation of nuclear weapons, energy supply, trade policies, etc. Fighting off Soviet tanks rumbling towards Frankfurt didn’t make the list. Yet Congress, in its infinite wisdom, is still pushing weapons designed to do just that, whether the Pentagon wants them or not.