OPINION ~ Was on Viewpoint with the inimitable Eliot Spitzer last night and joined Dennis Kelleher from Better Markets in discussing some of the more upsetting recent revelations from the LIBOR banking scandal — including most notably the not-so-surprising revelation that Tim Geithner was apprised of the rate-rigging as far back as 2008.
P.S. I advise everyone to check out the Godzilla-v.-Mothra death-battle between Spitzer and Maria Bartiromo from last Friday on her show on CNBC. Maria’s always been a little nuts, but this latest crusade to rewrite history and cleanse ex-AIG chief Hank Greenberg of culpability in a fraud scandal that at the time led to the biggest financial settlement ever paid is an absolute head-scratcher.
The confrontation between the two of them on air is epic. In it, Bartiromo blasts Spitzer for going after Greenberg and accuses him of only targeting Greenberg for personal reasons. Spitzer counters by asking her if she’s read a judge’s opinion ruling that Greenberg had participated in a conspiracy to defraud. “Have you read this opinion?” he asks
She hedges, pauses, and here’s the funny part: Clearly she hasn’t read it.
Spitzer asks her again, have you read the opinion? This time she decides to go all in, and immediately says she has read it. “I’ve read much more than I want to read on this case!” she shouts.
Spitzer then gets so hot that he appears to have a prosecutorial flashback on live TV, saying: “You are under oath right now. I’m going to be very serious with you!” He again demands that she answer the question: Was it not true that a judge ruled that Greenberg had committed fraud?
Humorously, Bartiromo explodes here and then retreats into the unfamiliar/uncomfortable territory of the truth: “I’m not under oath and I am not in your courtroom! You are on my television show!”
(NaturalNews) U.K.-based pharmaceutical giant GlaxoSmithKline (GSK), a corporate “person” in the eyes of the federal government (http://blog.timesunion.com/occupyalbany/corporations-are-people/394/), has pleaded guilty to criminal charges in what even the mainstream media is calling the largest healthcare fraud case in history. And though the company is having to fork over $3 billion in collective fines for its illegal activity, no actual GSK employees or executives are being held personally responsible for their crimes.
A roughly nine-year federal investigation has exposed GSK’s rampant abuse of the law by illegally marketing drugs, forging drug safety data, bribing doctors to promote dangerous and expensive drugs, ripping off Medicare and Medicaid, and lying about the effectiveness and safety of drugs. And all this deception has generated tens of billions of dollars in profits for GSK over the years, while thousands of patients who used the drug products involved have suffered horrific side effects and even death.
But rather than pursue any of the individuals responsible for purveying such crimes, the federal government instead agreed to have GSK simply fork over $1 billion in criminal fines and $2 billion in civil fines. This $3 billion sum is but a fraction of the amount GSK raked in as a result of its illicit behavior, and the company’s employees are now essentially free to continue engaging in such behavior without having to worry about facing any real repercussions.
Big Pharma considers legal settlements to be just another cost of doing business
Though it may sound like a lot of money to most people, $3 billion is not really all that much for a company that generated more than $42 billion in revenues just last year. In fact, according to Reuters, GSK has agreed to pay the $3 billion in fines from company cash reserves that appear to be specifically earmarked for such uses.
Bix Weir writes ~ “It’s over for the banking cabal.
Watch this video to understand the largest banking corruption scandal in history. These large banks have stolen money from every single human on the planet. Not one person was left out. Not even YOU! Now that it is exposed there is no going back. We will ALL support the “NO MORE BAILOUT” mantra…”