Too Big to Go to Jail? Wall Street Swindle Officially Confirmed
Why do you go to jail for bouncing a couple of grocery checks, but get bonuses for cratering the American economy?
That's a good question, particularly now that an "official" inquiry has found that the Wall Street casino gambling that nearly collapsed our economy was preventable.
Richard J. Eskow writes in OurFuture.org:
The Financial Crisis Inquiry Commission's report couldn't come at a better time. At a moment when it seems that Washington would rather forget what happened two years ago, it documents the opportunism, bad judgment, and criminality that crashed the world's economy once - and could again at any time.
An interconnected web of Wall Street criminality, discredited ideology, and politicians chasing big money - along with a surprising amount of executive incompetence - has caused continued suffering for millions. At a time when the nation's capital is convinced that CEOs need appeasing rather than policing, the FCIC report is a badly needed return to reality.
The establishment New York Times headlined its January 26 story on the commission quite simply, "Financial Crisis Was Avoidable, Inquiry Finds."
As Eskow further notes, "Wall Street executives weren't mentioned in the State of the Union or the Republican response."
Writing in BuzzFlash just a few days ago, Danny Schechter - who has repeatedly written and even made a documentary about Wall Street as a crime scene - predicted just that: Obama would not mention the looting and loss of hundreds and hundreds of billions of dollars from the American economy. Nor has the Obama administration pursued any prosecution of the culprits. Instead, Obama golfs with them and appoints them to staff and advisory positions in the White House.
Shoplift a little and you get a court date and maybe jail time. Wreck the American economy with complete disregard for those impacted by your recklessness and lawlessness and you get hundreds of millions of dollars in bonuses.
The White House cannot move America into the "future," until it calls to account and rectifies the financial crimes of the past.