Dodd Frank Is About To Be Thoroughly Hillaried | The Daily Caller:
"I can no longer sit quietly and watch this country implode from
all of the Washington corruption.
Today I watched Hillary Clintons speech and I was appalled.
I watched her tell the audience how she would bring Wall Street to heel and hold them accountable.
I listened to her say how she would use Dodd Frank legislation to manage that process.
It is all complete BS.
Hillary is fully aware of the large scale bond fraud uncovered in Puerto Rico.
A criminal conspiracy so large that it calls into question all $70 billion dollars of Puerto Rican debt. Hillary is calling for a complete bailout and supports current legislation to do just that.
The Puerto Rico Senate held investigative hearings in early 2015 to explore the financial failure of one of its largest municipal agencies.
One government executive after another
testified under oath that they knew they were technically bankrupt when they issued these bonds and could not pay them back.
The witnesses then went on to say that although the credit agencies (Moody’s, Fitch and S&P)
knew they were insolvent, they could secure good credit ratings for the bonds for the “right fee.”
According to the same testimony, Wall Street’s biggest banks knew all this but for the “right sales fees” they would sell these junk bonds as safe retirement income to their retired investors.
The SEC has already performed four full audits on four bond issues and found the audits to be consistent with the Senate testimony.
These agencies were insolvent and it could not have been accidentally overlooked by the Rating Agencies and the Banks.
We have seen this before with the 2007-2008 CMBS (mortgage bonds) crisis.
The Rating Agencies and the Banks almost prefer to support these failing agencies because it forces them to refinance debt they can’t pay off as agreed before they have to admit it to their bond holders. This “Ponzi Scheme” forces frequent and costly refinancing on a regular basis,
generating huge fees for the Rating Agencies and Banks.
All good, if you can continue to refinance fast enough and bring in new investors quick enough to pay off the old investors.
As in the case with Puerto Rico and other States and Cities, even a small hiccup causes the hold house of cards to collapse.
It is pretty clear that the Agencies issuing the bonds, the Rating Agencies issuing fraudulent ratings and the Banks selling junk bonds all broke the law and violated almost all of the provisions of Dodd Frank..."
