Rolling Stone Magazine. Why isnt Wall St. IN JAIL?

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stodgey

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Great piece that might help to shock some ordinary folks into reality.



It seems to be true. Except for a poster boy "Madoff" it seems that NO top guns in the banking and finance industry have been put on trial and sent to prison for their crimes.

You have to ask yourself, is there any justice left in the US anymore?
 
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Justice is no longer 'blind', that's for sure.......

PS: While I have mixed feelings about the events taking place in Wisconsin, it is obvious that there is a lot of scapegoating of union workers going on while the fatcats skate...
 
There is no one to put them in jail! Its like a paid-off judge and jury convicting the head of a mafia family!... now the mafia has found its way into congress and Wall Street. Foxes and hen-houses!
 
The disgusting thing is that the scions of power elite produced a tv production that put small time "hood" Madoff in front of the media so that it "APPEARED" justice was being served to a degree.

You've got to hand it to the power elite they have genius (at least the hired guns) when it comes to making reality nothing BUT a perception.
 
Well, we have the best justice system money can buy. Wall Street has lots of money so they buy better justice.
 
Could it be that the elite know that because there is NO justice except for the top ruling caste in the USA that more and more ordinary "joes" are starting to grasp this fact and as such will start to ignore the "laws" in general?
 
I don't think saying "there is no justice" is the best way of putting it. I think it is more correct to say that the system is shaped by those who have influence. And influence is the most at the elite and descends as you go down through the classes. It gets a little more complicated when we mix in the ethnicity, race or even trivialities like shade of skin of particular groups.
 
Interesting but if they send Wall St people to jail what about the enablers in Washington? The politicians created the environment and then stuck their heads in the sand.
 
It is true, and while I'm not fan of unions necessarily, this is where the true anger should be. IMO. These are crazy times.
 
Originally Posted By: CivicFan
Well, we have the best justice system money can buy. Wall Street has lots of money so they buy better justice.
Well, we have the best justice system money can buy. Wall Street has lots of money so they buy better justice politicians.
 
Wall Street and their greed helped a lot to create the mess we’re in (And we must thank many politicians that allowed this to happen). This might upset some, but GM should have never been bailed out. Same with a lot of those banks. Yes, it would have hurt many of us, but we would be stronger now without the government coming in and trying to assist. Yes, some would have lost their life’s savings, but then we shouldn’t be putting all of our money into one basket. I for one, have my limited funds spread out. But getting back to Wall Street and these bail outs, why were bonuses still handled out in those companies? If the government has to step in, then it shows that something is wrong in that business. Government failure to stop those excessive salaries and bonuses still amazes and stuns me.
 
what about the people in this country who took out 2nd mortgages and defaulted on their first and second mortgages? there is more blame to go around for stealing money.

The house I just bought, these people took a 400k home equity line. then let the house go under. they stole 400k from the bank. most likely blew the money and filed bankruptcy.
 
Originally Posted By: Cutehumor
what about the people in this country who took out 2nd mortgages and defaulted on their first and second mortgages? there is more blame to go around for stealing money.

The house I just bought, these people took a 400k home equity line. then let the house go under. they stole 400k from the bank. most likely blew the money and filed bankruptcy.


You don't think that these banks enticed these borrowers to take out these outrageous loans, sure the borrower is also responsible, yet as far as I can tell the banks did not do due diligence when making the loans in the first place. After all the "professionals" running the lending institutions know better and are far more culpable in the big picture.

But again, we are failing to focus on the FACT that this "money" we are talking about is FAKE, with no REAL value, and this fake paper is what helped to fuel such irresponsible lending in the first place.
 
Guys -- Love the info, but be careful with the political stuff or it'll get locked or pulled.
 
The whole point is that obligating debtors, packaging those obligations into securities, and then selling them was the root of the crisis, which in my estimate was largely caused by an unsupportable buildup of bad debt.
This resulted from a consistent and continuing errosion of underwriting standards, until the ability to breathe was all that was needed to borrow money.
The recent recession was finally brought to fruition by the steep runup in commodities prices in 2008.
The buildup of bad debt was the underlying cause.
Who profited from the vast expansion of debt?
 
Debt in and of itself isn't an evil thing. If it wasn't for debt I wouldn't have the job I have thanks to student loans, or have a credit card (that's paid off in full every month).

Now what happened on Wall Street twisting debt into ever-more-divorced-from-reality "synthetic" CDO's or whatever financial debt instruments they traded us into this mess with was likely very illegal, with lots of collusion and likely some outright rule-breaking thrown in there. So there's likely enough there to send most of them to prison for a long time if we looked hard enough.

However, if a person's paycheck depends on them fervently believing something no matter how divorced from reality it is, they'll believe it...
 
They should have jailed any random two dozen head honchos back in fall of 08 when this was all going down. Find where they signed off on an annual report under penalty of perjury... that all was fine and dandy. Trump up charges related to this... basic fraud will do... and declare because of their huge flight risk from their being filthy rich that they can't get bail.

This would have had a huge positive effect on the mass population who had money in Wall St. Instead everyone started freaking out and running around like crazies.
 
elefino:

INteresting you state that because in countries like Iceland the population became so enraged at the debacle that they DID charge and jail many senior banking and lending executives along with their equivilant Wall Street gang.

Just goes to show you how corrupt the US has become when a small nation like Iceland can step up but our great nation is nothing but a paper tiger when it comes to enforcing the laws, maintaining good eithics, and punishing those who violate those elements of society.
 
Originally Posted By: pbm
Justice is no longer 'blind', that's for sure.......

PS: While I have mixed feelings about the events taking place in Wisconsin, it is obvious that there is a lot of scapegoating of union workers going on while the fatcats skate...


The problem here is the tax payer has no one at the table when the contracts are negotiated. they're just left with the bill.
 
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