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02-19-2011, 02:59 PM   #1
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As we fight our neighbors on wonders...

Why Isn't Wall Street in Jail? | Rolling Stone Politics
Why Isn't Wall Street in Jail?
QuoteQuote:
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.

"Everything's (bleeped) up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."

I put down my notebook. "Just that?"

"That's right," he said, signaling to the waitress for the check. "Everything's (bleeped) up, and nobody goes to jail. You can end the piece right there."

Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people.

This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18.

The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities has ever been convicted.


02-19-2011, 03:08 PM   #2
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JAIL???????????

Hell they got a raise and a bonus. Gotta fight that regulation thingy doncha know.
02-19-2011, 03:18 PM   #3
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QuoteOriginally posted by shooz Quote
JAIL???????????

Hell they got a raise and a bonus. Gotta fight that regulation thingy doncha know.
don't forget the socialist breast pump.........
02-19-2011, 03:32 PM   #4
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I hear we can borrow one from England.

02-19-2011, 03:33 PM   #5
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how to tie 2 threads together

QuoteQuote:
But what has reminded me, as a Protestant religious leader, of Tahrir Square is the looks on the people's faces. People here are extremely determined and somewhat awestruck as well by their numbers and their determination. There is the same sense of revelation among the protesters. While comparisons between Governor Scott Walker and Hosni Mubarak were humorous, the mood among protesters was deadly serious. And the connection with the Egyptian people went deeper than simply sharing the act of protest.

For many people around the world it might be hard to imagine the American middle class needing revolution or liberation. Yet, a veil has been pulled back from before the eyes of many middle class Americans in Madison, who suddenly seem to understand their vulnerability in a new way.

The American middle class reminds me of the figure of the tax collector in the Gospels. They are often despised by people living in poverty below them because the tax collectors are enriched by their impoverishment. But they are not the system, they are not Rome. They are small cogs in a vast system of wealth and power of which they can claim little. And Jesus welcomes them to the liberation of discipleship.

Revolution is not a term commonly found in the middle class lexicon. But the "Cheddar Revolution" will live up to its name if the revelation takes hold that the middle class is closer in significant ways to the people of Egypt who took to the street than to the "Romans" in our midst whose wealth and power we are only beginning to fully understand.
Guest Voices: In Wisconsin, a faithful witness to revolt - On Faith at washingtonpost.com
Intresting comment......
02-19-2011, 05:06 PM   #6
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Where are the libertea-arines excuses for this one?
02-20-2011, 11:17 AM   #7
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As a Libertarian, I think all this sucks as much as anybody. The big issue here is the excuse given across the board. While unethical, the practices that brought about all the problems are legal. A group of investment bankers, in a recent interview on Jesse Ventura's show, stated exactly that. It's legal. Don't like it, then change the rules. One thing you can't do is change the rules and then try to prosecute for practices before. While people harp about too much govt. regulation, it was the complete lack of regulation in areas where it was needed. What sucks the most is the govt. bailouts of the banks and investment firms.

Ron Paul made a great statement when all this was going down. He said the financial markets are ruled by 2 main things, greed and fear of loosing money with bad decisions. By bailing out the banks, the govt. has removed the fear factor.
02-20-2011, 12:44 PM   #8
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Have to agree that current depression is largest ,most widespread property crime
ever concieved,instigated,covered and perpeptuated in history.Any good faith
U.S. had from rest of world is gone.Wasnt just initial scam but the trickle down effect,
ie.labor contracts,whole bunch of hungry people out there,how are they going to get
their piece of pie,wall street says 'lets take it from those organized miscreants',
'they're a bunch of low lifes anyway'.Sure covers their butts.Worst thing is
as an smoke screen to cover those criminals while it was all going on, U.S.
invaded Iraq.Thats murder in my book,in any book.

02-20-2011, 12:59 PM   #9
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Sometimes the scandal is not that something has been done illegally but that it might in fact have been quite legal?
02-20-2011, 02:25 PM   #10
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Exactly.
02-20-2011, 04:10 PM   #11
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QuoteOriginally posted by jolepp Quote
Sometimes the scandal is not that something has been done illegally but that it might in fact have been quite legal?
not to mention things like NOT rating securities CORRECTLY just leads down a trail of "human errors" that are hard to prove as to culpability...... much of what was done was not legal but not provable..... another problem...
Second theres the reward vs the cost of prosecution which has been the major excuse that I've seen. Of course that also is a judgment call.
Like trying Bush for war crimes the "evidence" is there... but nobody wants to.
IF you dig much of the financial stuff was "not quite" legal but "not quite" illegal.... fun huh... just depends who gets paid off......
02-21-2011, 09:04 AM   #12
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...and government is always prey to the twin pokes of "Disaster! Job Loss! In Your district!" and "You want some of this campaign money?" by industry. When have you EVER heard of an industry, especially the financial one, not moan about regulations? They go to the length of self-policing even, in order to keep the rules loose. But just because they complain loudly and at length doesn't make them right.
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