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How Wall Street Crooks Get Out of Jail Free

Business  (tags: banksters, cover-up, law, finance, dishonesty, fraud )

- 2616 days ago -
Given the abundant evidence of massive fraud, Americans everywhere have asked the same question: Why haven't any of those bankers gone to jail? If federal investigators could not establish criminal intent for any top-flight executives, didn't they have en

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Kit B (276)
Thursday March 24, 2011, 8:25 pm

It's time we stopped treating the wealthy to "'get out of jail free" passes and started to respect the real people of this country. This is the 21st century we have no need of kings or royalty and no need of wealth obtained by destroying the lives of millions.
These people stole from us and were rewarded with obscene bonuses - if you don't see a problem here, you just aren't looking.

Kit B (276)
Thursday March 24, 2011, 8:31 pm the graphic, it's so apropos.

Norm C (74)
Thursday March 24, 2011, 11:19 pm
It's time to put an end to the Great Swindle.

This country, most easily seen in states run by this new crop of Republican proponents of disaster capitalism from Wisconsin to Maine to Florida, has been turned into the Sheriff of Nottingham as played by Ebenezer Scrooge before his visitations. In America's latest infatuation with the creed of bugger thy poor and thy middle class, once again we have come face to face with the total failure of an economic theory that claims that letting the rich run the show will result in greatness. That theory has failed everywhere it has been tried. In the case of the US, it has turned this country, if not with a dominant middle class and a poor that has no fear of destitution, at least with a secure middle class into a shell of its former self where only the fabulously wealthy are secure. Everyone else is teetering on the edge of catastrophe, as the saying goes, just one paycheck away from disaster.

Those with control of the levers of economic power have turned their backs on "the little people" and have decided that the wealthy and only they deserve any serious thought and consideration. This is not something new. This changed from a quiet mumble throughout the 50s and 60s into a roar in the 70s and 80s. If we must point to a specific time that America was turned onto this path to penury, 1973 is as good a year as any.

With the help of corporate economists and the most reputable business schools, it was in 1973 that overwhelming numbers of employers began to steal their employees’ productivity gains instead of sharing the fruit of those gains. From that point on, employee wages flat-lined while productivity kept growing as before. But only the highest of the mighty took home the fruit. The rest of us were left with the pits. It was at this point that CEO income began to skyrocket in the US rising from about 30 times an average hourly worker's pay to 200+ times in the late 80s and up to 500 times today.

It was 1973 when the US switched from a mildly self-defensive posture on trade to a mildly and then wildly self-destructive path to economic destitution by following a 19th century concept that no longer applied according to the originator of that concept. The concept? "Free Trade." By 1973 and especially after the early 80s, "Free Trade" was a hoax because of the global reach of capital. It also was a stickup for American workers because almost none of our trading partners reciprocated then any more than they do now. What we accomplished was the destruction of America's manufacturing capability and the disappearance of millions of jobs and a middle class lifestyle for perhaps a hundred million Americans. But the arrogant few made out like bandits as their money sought out new pools of misery and exploitation run by dictators and thugs in which to drop anchor and extract the life’s blood of the poor and ransack the natural riches on which they depended.

It was in the mid 70s that the banks behind Chargex (now Visa) and MasterCard started to loan, at horrific interest rates, the money back to America’s workers that their employers were stealing from them. American workers were conned by the steady stream of advertising proclaiming that the "good life" was still ours even as it was being stolen, unnoticed, from us at work. So it was that the American worker propelled the economy ever higher by going ever deeper into debt. "Don't look behind the curtain; pay no attention to those CEOs pulling the levers, pulling the Great Swindle."

But still the propaganda and the lies continue. Still the shouters of nonsense, the gasbags of rubbish, keep screaming that tax cuts for the wealthy will do what they have never, ever done -- create prosperity for all. All that tax cuts and tax clemency for the wealthy have ever done is to create financial bubbles and busts, long-term economic stagnation and gradual decline and the destitution of the vast majority of the people.

So it is today. So it will be until we turn these merchants of widespread poverty out, once and for all.

Bonnie B (103)
Friday March 25, 2011, 12:44 am
Thanks for posting this, Norm. I apologize for interrupting the thread of this article, but did you read the other article by Greider? 'The End of New Deal Liberalism'? I think you'd really like it. Here's a couple of excerpts:

"Whatever people on the left may call themselves, they have a special burden in this situation because they are deeply committed to the idea that government should be the trustworthy agent of the many, not the powerful few. Many of us believe further (as the socialists taught) that the economy should serve the people, not the other way around.
The current crisis requires people to go back to their roots and re-examine their convictions—now that they can no longer count automatically on the helping hand of government or the Democratic Party.

He has suggestions on how we can fight what is happening, here's a couple of paragraphs I'd like to especially call to your attention:

"A century ago the populist rebellion organized farmer cooperatives, started dozens of newspapers and sent out lecturers to spread the word. Socialists and the labor movement did much the same. Modern Americans cannot depend on the Democratic Party or philanthropy to sponsor small-d democracy. We have to do it. But we have resources and modern tools—including the Internet—those earlier insurgents lacked.

Reformers today face conditions similar to what the Populists and Progressives faced: monopoly capitalism, a labor movement suppressed with government's direct assistance, Wall Street's "money trust" on top, the corporate state feeding off government while ignoring immoral social conditions. The working class, meanwhile, is regaining its identity, as millions are being dispossessed of middle-class status while millions of others struggle at the bottom. Working people are poised to become the new center of a reinvigorated democracy, though it is not clear at this stage whether they will side with the left or the right. Understanding all these forces can lead to the new governing agenda society desperately needs."

I hope you will go back and read this entire article, Kit and Norm! Perhaps I'll post it to get more people reading it. Wisconsin has shown that the working class is 'not going quietly into that dark night.' As things get worse (and they will) I think more will join them. We have to remember that there are more of us than them!

If we cannot trust or government to prosecute the wealthy and powerful for their crimes, if we can not trust them to protect all the citizens of this country, then it is up to us to make the changes that are needed.

patricia lasek (317)
Friday March 25, 2011, 4:43 am
Yes, Bonnie. There are more of us than them. How much longer will "we the people" stand for it?

Patrick Donovan (344)
Friday March 25, 2011, 2:12 pm
I certainly believe that people need to be held responsible for their actions. However, in a democracy, people get the government they vote for. So if you are upset about the Republicans and Democrats who are at the beck and call of the monied class and large corporations, start organizing now. Look for progressive groups that have all peoples' interests at heart. Not the "Tea Party" or other front for the rich and wealthy to manipulate the masses.

Past Member (0)
Friday March 25, 2011, 2:15 pm
Back to the REPUBLIC for me.....and probably you too......we've had it and it's time to reorganize>>>
scroll to the download>>>

Past Member (0)
Friday March 25, 2011, 4:31 pm
What massive fraud? The only thing I see is the Government guys pretending to be lawyers.

KS Goh (0)
Saturday March 26, 2011, 2:44 am
Thanks for the article.

Marco C (31)
Saturday March 26, 2011, 7:47 am
American credibility suffers and confience in its government ceases when the law is no longer upheld, There is clear evidence that our monied citizenry is holding our justice system hostage to bought and paid for politicians, too weak from financial dependence to stand up to criminal behaviour when it occurs.

We have Politicians too weak in their own convictions to stand fast in the face of a wresting of America from the people that built her with their sweat and who gave their lives in war after war for her ideals. A revolution which occured on paper, financial paper to usurp political power from the American people.

Are we victims of a coup d'état, which has gone unrecognised, by the American people distracted by the glitz and glamour of money for nothing, and thieves cloaked as government officials winning our confidence by masquarading as conservatives or libererals and then acting as the agents of the revollutionary superwealthy and corporate class that have outfoxed the dormant and betrayed America?

Think about it.....disturbing thoughts no? How easily could it all be turned around? I wonder....
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