News Americas, NEW YORK, NY, Fri. Aug. 26, 2013: She said she was going to work in an animal shelter.
That is what Mary Shapiro, Obama’s chair of the Securities & Exchange Commision, told reporters and others was her plan after leaving the SEC last December.
Maybe she wanted to identify who was enough of a sucker to believe her.
She did nothing of the sort instead she become a board member of GE, but more to the pint took a very lucrative full time position with a DC firm Promontory Financial Group which is notable for all the big name clients it represents before the SEC, and for the number of their employees go on to major positions at the SEC, and for all the former SEC officials who go to work for them.
It’s hard to know the difference between the SEC and Promontory Financial Group. And there is no doubt what long list of major corporations who are impacted by SEC rulings all hire Promontory Financial Group.
They are all in bed together and the rest of us left out in the cold.
Why this belongs in Obama’s America is because Obama does nothing to interfere with these incestuous arrangements although he said he would. SURPRISE his own appointees are benefiting from these relationships just as much as officials from prior Administrations.
Just more of the endless Obama hypocrisies we expose here week after week.
The Change Master is a fraud playing the same games as everyone else in DC.
The situation is far more pernicious and provides the opportunities for all those involved to make billions in deals that would be illegal in any normal society.
The subject of this week’s episode is copper and an outrage waiting to take place because of a ruling that Mary Shapiro made shortly before leaving her Obama appointed position at the SEC to go to work for Promontory Financial Group who has as one of its many major clients Goldman Sachs. In fact it was her final “act” as SEC chair before leaving.
The episode that follows as ridiculous and outrageous as it is and the real way firms like Goldman Sachs make so much money they steal it “legally.” Those who still believe Obama maybe you are on drugs will find shocking. Those who know the truth won’t.
So listen to this tale of how the very prestigious sophisticated financial industry leader Goldman Sachs has recently made hundreds of millions in profits recently and wants more now because of one ruling that Mary Shapiro made for the Obama Administration.
What Goldman did was to assign hundreds of trucks to endless move loads of aluminum from one warehouse to another for no purpose at all except to jack up the price of aluminum. Here is how our “partners” at the New York Times described it …
“ A Shuffle of Aluminum ….” published July 20, 2013 …
“Hundreds of millions of times a day, thirsty Americans open a can of soda, beer or juice. And every time they do it, they pay a fraction of a penny more because of a shrewd maneuver by Goldman Sachs and other financial players that ultimately costs consumers billions of dollars.”
“The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.”
“This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange, an investigation by The New York Times has found. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman, which owns the warehouses and charges rent to store the metal. It also increases prices paid by manufacturers and consumers across the country.”
There is lots more detail in the article but how does this involve Mary Shapiro and the SEC. It turns out Goldman and others aren’t quite satisfied ripping off consumers for hundreds of millions $$$ with this aluminum scam. They are now after a far bigger target COPPER to do something similar with it manipulate the price with “tricks” for only one reason to do what they did with aluminum create huge profits for themselves.
As The Times article concludes ….
“After an intensive lobbying campaign by the banks, Mary L. Shapiro, the S.E.C.’s chairwoman, approved the new copper funds last December, during her final days in office. S.E.C. officials said they believed the funds would track the price of copper, not propel it, and concurred with the firms’ contention — disputed by some economists — that reducing the amount of copper on the market would not drive up prices.”
This was just before Mary Shapiro left the SEC to go to work for Promontory Financial Group. Promontory Financial Group is Goldman’s key advisor/lobbyist before the SEC.
Who appointed Mary Shapiro, chair of the SEC …
The one and only Barack Obama!
And who did nothing to prevent Mary Shapiro from going to work for Promontory Financial Group immediately after leaving the SEC …
The one and only Barack Obama!
If all this was an episode of 30 Rock not Obama’s America …
Liz Lemon would end that episode declaring Obama “THE FRAUDSTER.”
About The Writer: Arthur Piccolo is a professional writer and commentator and often writes about Latin America for New Americas.
