strong showing in America that justice will be strongly pursued for these victims of the massive financial fraud.
One of the first things we need to do is reinstate our membership to the International Criminal Court to prepare for an influx of rich immigrants carrying the fraudulent gains of their former country. With such a level of financial disaster and crime, one could call this a crime against humanity and as such ripe for the Intenational Tribunal. Bush was quick to see the need for the US to exit, given his war crimes and his involvement in the US subprime mortgage fraud and Obama is in line to follow this example. The American people must step up and lead on this issue......a nation that needs to avoid International Law is one that sheds Rule of Law.
This goes two ways as our rich stash their fraudulent gains in investments all over the globe. The pursuit for justice which will take decades will necessitate the need for global jurisdiction. I know, in a country that has no Rule of Law how do we get to this point?
YOU START BY VOTING YOUR INCUMBENT OUT!!!!!!
The International Criminal Court usually takes on genocide and war atrocities, but it has under its venue the institution of Rule of Law as it pertains to human dignity and governments working against the interests of its citizens. We all know that this massive subprime fraud was worldwide and involved several trillions in fraudulent gains world-wide. We also know, as we watch Greece, others, and our own citizens soon to follow, that people are losing their lives and are left destitute.....this is the crime against humanity. The fact that all the governments overseeing the fraud; the US, UK, and Germany primarily, have not sought restitution for their citizens shows the negligence needed to bring this international court into play.
To fall under the Rome Statute, a crime against humanity which is defined in Article 7.1 must be "part of a widespread or systematic attack directed against any civilian population".
The Center for Public Integrity and Global Integrity laid the groundwork all over the world for actions like mine....it is happening all across the country.....to get this handled as the international crime it is. I liked one of the Greek candidates who was scolded for claiming the rich will pay. 'They will just leave they said'. This candidate said 'Let them leave.....they will still pay'. HE IS RIGHT.
The correct way to have prosecuted and penalized these financial crimes involves assessing the total amount of fraud, assessing a penalty for the crime of theft, and then assessing damages for civil claims. We all know that these total trillions so the $25 billion with a few penalties of hundreds of millions was a farce. Believe me, if these were corporate losses they would have a task force work decades to recover this money. WE STILL NEED TO SEE THIS PROCESS FORWARD IN ORDER TO REVERSE INCOME INEQUITY AND WE WILL NOT DROP THIS AS THIRD WAY DEMOCRATS TRY THEIR HARDEST TO MOVE BEYOND THIS. THESE TRILLIONS ARE OUR'S AND OUR CHILDREN'S FUTURE AND WE WANT THEM BACK!
Inequality: It’s Even Worse Than We Thought
By Michael KinsleyJune
13, 2012 6:30 PM ET Bloomberg Financial
The current debate about rich and poor -- the 1 percent versus the 99 percent -- is a bit misleading because the evidence usually is data about income, not wealth. Looking at wealth would make the comparison even starker. There are some nice deals to be had in the income tax code these days, but most wealth accumulates and passes from generation to generation with no tax at all. Warren Buffett (who has selflessly taken on the role of all-purpose tape measure in these matters) is worth $45 billion or so. Do you think that all of that $45 billion, or even most of it, has appeared on any Form 1040 on its way to the cookie jar? Even at the
special, low 15 percent rate the U.S. insanely confers on capital gains? Unlikely. Much of that $45 billion is unrealized capital gains -- increases in the value of Buffett’s stock that have never been cashed in, and therefore have never been taxed. I’m not saying that unrealized capital gains should be taxed (although it’s a thought). I’m just noting that you only pay income tax
when an investment is liquidated, and very wealthy people don’t have to liquidate until they actually need to spend the money.
For most of the very rich, this time is never. When you die, any unrealized capital gains disappear for tax purposes. Your heirs, if and when they sell, pay
taxes only on any increase in value since they got the money. And there is no estate tax at the moment on estates of $5.12 million or less.
The Federal Reserve released new numbers on Monday. Unsurprisingly, wealth distribution is even more skewed than income distribution. In 2010, the median family had assets (including their house but subtracting their mortgage) of $77,300. The top 10 percent had almost $1.2 million, or more than 15 times as much.
But the headlines -- and rightly so -- went to the dismal fact that household wealth has been sinking for all categories of Americans. As I said, the net worth of the median family in 2010 was $77,300. In 2007, the net worth of the median family was $126,400. That’s a drop of almost 40 percent in just three years. (All these numbers are corrected for inflation.)
Characteristically taking the longer view, the New YorkTimes led with the fact that household savings were back to where they had been in the early 1990s, “erasing almost two decades of accumulated prosperity.”
Most of the lost household net worth of recent years is due to the drop in housing prices. This is comforting, in a way, because the price of land and things built on land -- and what, ultimately, is not? -- are different from the price of other goods and services.
Troubled Greek Economy Is Being Left to Fend for Itself
By LIZ ALDERMAN Published: June 15, 2012
ATHENS -- No matter what happens in this weekend’s
elections, Greece is rapidly becoming an isolated economy.
Carrefour, the giant French supermarket and retail
group, said on Friday that it was selling its entire stake in Greece at a loss to its local franchise partner, so it could concentrate “on markets where it sees growth,” a spokesman said. Coca-Cola’s operations in Greece were also downgraded by Moody’s Investors Service, which cited the increased likelihood that Greece could exit the euro zone. A day earlier, the French bank Crédit Agricole said it was ring-fencing its Greek operations to protect itself should that happen. Two of the world’s largest import-export insurers,
Euler Hermes and Coface, have recently refused to cover transactions involving companies in Greece, imperiling the import of basic goods. Global businesses and investors are retreating both because of the uncertainty on whether they might be paid someday in a devalued
currency, and because domestic consumption has plunged after three years of painful austerity. Nearly a quarter of the people are out of work. Buying power has shriveled. Sales of clothing and pharmaceuticals have slumped, and even gas purchases are down as people drive less to save money. Companies short on cash have stopped paying one another. Amid rows of unsold screws, drills and power tools at his hardware store here, Deodoris Diamadis is one of many Greeks awaiting elections that he hopes could bring much desired economic improvement.
“Commerce in Greece is down to almost nothing because
of all the economic and political uncertainty,” Mr. Diamadis said grimly on a recent weekday as he watched the occasional customer flit in and out without buying anything. “We’re hoping that a new government will resolve this crisis.”
Those hopes are likely to be dashed, given the bleak
outlook. Even the strongest parts of the economy are suffering badly. Tourism, which accounts for nearly 20 percent of all jobs in Greece, is expected to plunge by about 15 percent this year as dire headlines leave visitors uneasy
about planning vacations. The shipping business here has been losing steam to China, and its profitability fading, especially in the last year.
“The economic international isolation of Greece is
growing progressively day by day,” said Vassilis Korkidis, the president of the National Confederation of Greek Commerce. Even if a new government wanted to remain in the euro, allaying concerns that the euro zone
was breaking apart, it would have to satisfy the demands of the international community for financial aid. Though its coffers are running dry, the Greek
government must find 15 billion euros in savings by the end of the month under the terms of its bailout.
The state power agency is warning of imminent electricity blackouts because it can’t pay its bills. And Gazprom, the Russian gas giant, has threatened to cut Greece off unless it is paid by June 22.
Alexis Tsipras, the left-wing leader who is emerging
as a front-runner in Sunday’s elections on promises of repudiating Greece’s loan agreement, said in an interview Thursday that growth would mainly be restored by reversing the harsh austerity measures required by the international community for Greece’s bailout.
He promised initiatives to stimulate the economy, without specifying what those initiatives would be or where the money would come from — aside from taxing wealthy businesses and individuals more, collections that have failed repeatedly in this tax-evasive culture. Greece needs to get its
finances in order, he added, “but if we annihilate growth while doing it, what’s the point?”
Global companies have been wary about the country for a while, but their concerns shot to new heights last month after Greeks voted in large numbers for Mr. Tsipras’s left-wing party, stoking fears that his willingness to tear up the country’s 130 billion euro bailout agreement could lead Greece to exit the monetary union. Qatar recently froze a 5 billion euro investment because it wanted to see if Greece was staying in the euro, George A. Papandreou, Greece’s former prime minister, said in an interview.
Rachel Donadio contributed reporting from
International Criminal Court
The International Criminal Court (commonly referred to as the ICC or ICCt is a permanent tribunal to prosecute individuals for genocide, crimes against humanity, war crimes, and the crime of aggression (although it cannot, until at least 2017,exercise jurisdiction over the crime of aggression).
It came into being on 1 July 2002—the date its founding treaty, the Rome Statute of the International Criminal Court, entered into force—and it can only prosecute crimes committed on or after that date.The Court's official seat is in The Hague, Netherlands, but its proceedings may
take place anywhere.
As of April 2012, 121 states are states parties to the Statute of the Court, including all of South America, nearly all of Europe and roughly half the
countries in Africa. The Statute will enter into force for its 121st state party, Guatemala, on 1 July 2012. A further 32 countries, including Russia, have signed but not ratified the Rome Statute; one
of them, Côte d'Ivoire, has accepted the Court's
jurisdiction.The law of treaties obliges these states to refrain from “acts which would defeat the object and purpose” of the treaty. Three
of these states—Israel, Sudan and the United States—have "unsigned" the Rome Statute, indicating that they no longer intend to become states parties and, as such, they have no legal obligations arising from their former representatives'
signature of the Statute.