The Unsinkable brian cork™

Brian Patrick Cork is living the Authentic Life

a little Government action on the side

September14

Recent Headline: SEC defends $33M settlement with Bank of America

The Securities and Exchange Commission (SEC) affirmed in a legal filing its defense of the proposed $33 million settlement over “the bonus affair”, which arose after Bank of America Corporation agreed to buy Merrill Lynch for $50 billion a year ago.

However, the SEC also says there is “…no factual support to charge individual Bank of America executives in the case”.

I am tempted to hold myself speechless.

…but, I could never do that. And, you reader, would have none of that.

So… Why then, did they impose a fine on Bank of America to begin with?

Meanwhile… A federal judge has delayed approving Bank of America’s proposed settlement with the SEC. He asked for filings by Wednesday from the SEC, and the bank, so that he can decide whether to approve the deal.

How is this a deal? Isn’t it, in some reality, a scam?

Let me get this straight… Merrill lynch executives bilk the public by misrepresenting the truth. The company then gets bailed out by our government. The SEC cuts a little deal that puts pocket change back in government coffers – so, they can pretend like they do something. Now the courts FINALLY want to get involved, and also pretend like they are doing something.

I get distracted by shiny things often enough. But, I see a pattern here as well.

I wonder who is going to take credit for any of this once someone sorts it out?

Where the hell is an indignant media?

In other news:

WASHINGTON (AP) – Economic activity is stabilizing or improving in the vast majority of the country, according to a government survey released Wednesday. The findings indicate that the worst recession since the 1930s may be over.

That’s it?

Okay. That’s it then. Everybody back to work (just in time for Labor Day to be over). No more excuses. The media has made a statement (perhaps anticipating my outrage, as outlined above).

I am guessing “the memo” was finally issued by the Obama administration.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

is Bernie Madoff Reflecting or Representing?

March13

As many of you know, I am always considering examples of how we reflect and represent God (possibly the Christ element), and how we reconcile all of that with our lives. That uncertain but earnest quest began here – and, is threaded throughout this Blog.

Meanwhile…

History will decide who Madoff helped or harmed

Ultimately history will decide who Madoff helped or harmed

The inestimable Mr. Brian Visaggio posited a passionate and singular point of view about Bernie Madoff yesterday on his own Blog Saint Superman entitled: Raw in Moral Poverty.

Following were my own immediate thoughts to his posting:

A couple of thoughts here Brian…

1. I won’t believe that Mr. Madoff’s sons were clueless around the machinations of the company. They are very well educated and highly sophisticated business people in their own right. And, I suspect the elder Mr. Madoff is taking a fall for the family.

2. I would be curious to learn how many people, over the years, actually made multiples on their money as they invested, withdrew, reinvested and repositioned those funds over a thirty year period. For those decades, hundreds thousands of people were happy and content. Taxes were paid. Ironically, the IRS has an interesting challenge before them in determining how many of the “dividends” distributions paid out over the years represent “ill-gotten” gains, and how that might affect taxes.

3. What role or responsibility do the numerous charities, cities and schools that benefited from Madoff’s legendary generosity (buckets of millions) share in all of this?

4. What is the Securities and Exchanges (SEC) own culpability in this matter? Over the years they have been contacted by numerous professionals that something was not “right” within the Madoff organization and the financial results they published.

Where might “situational ethics” come into play here?

Bernie Madoff pled guilty today. But, I am not sure we will understand precisely what it is he is guilty of (for example, which rules, conduct, actual financial loss, etc) for years to come.

There is a legal term called scienter that makes all of these points a “perfect storm”. It seems that (most) EVERYONE, generally involved – or, at least observing the activity, knew there was something amiss – from the investors themselves, through the Madoff management team, to federal regulators. However, the “American Dream” was afoot.

Now you have multiple groups standing back, with hands on pistols, ready to volley.

Does our society reflect Bernie Madoff? Or, does he represent our society?

[…]

Peace be to my Brothers and Sisters.

Brian Patrick Cork

What’s All This About?

"What am I looking at?", you might wonder.

Lots of stuff.

Meanwhile, here, I discuss events, people and things in our world - and, my (hardly simplistic, albeit inarticulate) views around them.

You'll also learn things about, well, things, like people you need to know about, and information about companies you can't find anywhere else.

So, while I harangue the public in my not so gentle way, you will discover that I am fascinated by all things arcane, curious about those whom appear religious, love music, dabble in politics, loathe the media, value education, still think I am an athlete, and might offer a recipe.

All the while, striving mightily, and daily, to remain a prudent and optimistic gentleman - and, authentic.

brian cork by John Campbell





photos by John Campbell

 

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