Obama’s New SEC ‘Sheriff.’ No Conflict of Interest When it Comes to Shielding Wall Street’s Pin Striped Mafia

Via: ICH


By Tom Burghardt

March 31, 2013 “Information Clearing House” – One indelible sign of state capture by pirate corporations and the financial jackals holding sway on Wall Street and the City of London is the ease with which former “regulators” slip into plum positions with the firms whom they supposedly “regulated” as “public servants.”

While the drone kill-crazy Obama regime has done yeoman’s work cementing in place extra-constitutional policies first enacted by the Bush gang–only to exceed Bushist depredations by a whole order of magnitude–kool-aid sipping “progressives” and troglodytic “conservatives” have given the president a free pass when it comes to policing the financial criminals who blew up the world economy.

But when it comes to US spy agencies probing and sweeping up your financial information, well, the sky’s the limit!

As Reuters reported last week, the administration “is drawing up plans” to give securocrats “full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document.”

That Treasury plan would give secret state apparatchiks, including those ensconced at CIA, NSA and the Pentagon free reign to rummage through the Financial Crimes Enforcement Network’s (FinCEN) massive database of “suspicious activity reports” routinely filed by “banks, securities dealers, casinos and money and wire transfer agencies.” The FBI and DHS already have full access to that database under the Orwellian USA Patriot Act.

Under the proposal, FinCen data will be linked “with a computer network used by US defense and law enforcement agencies to share classified information called the Joint Worldwide Intelligence Communications System,” according to Reuters.

And since requirements for filing SARs are “so strict,” banks often “over-report,” this “raises the possibility that the financial details of ordinary citizens could wind up in the hands of spy agencies,” where it will live in perpetuity, “criminal evidence, ready for use in a trial,” as Cryptohippie famously warned.

Got that? While Wall Street drug banks are handled with care because of the “collateral consequences” that might result from a criminal referral for laundering billions of narco-dollars, the average citizen’s financial data will be fair game.

Which brings us back to Obama’s anemic regulatory regime and the “sheriffs” eager to do the bankster’s bidding.

Read more: here

Scum sucking pigs….
-Moose

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