Here is a question from “It’s Mee” who wants to know …
When there is so much fraud, so much angst, so much suffering and pain, and when all of this is only increasing, how come there is NO accountability. I mean, if my kid does something wrong, he gets punished right. Someone actually called the shots that led to demise of major banks and caused global financial havoc. Fixing the problem is always 1st priority to avoid further mess. But don’t we do a post-mortem to find out who/what caused this and actually indict them?
The answer should be easy to spot: Those running the show are the ones who benefit from the fraud.
It is only when someone steps way out of line, like Bernie Madoff, do the powers step in to set an example of where the line is.
Where is the line?
1) There is no line as long as things are going well – Madoff is proof – Everyone knew he was a cheat but the SEC did nothing about it until after it blew sky high.
2) There is also no line if you are doing what all the other crooks are doing – That leads of course to the mutual defense “No one saw this coming”
Everyone likes a party. The Fed does its best to accommodate. Banks are willing to sponsor the party because they know the Fed will bail them out whenever trouble arises.
The worst thing that ever happens (as long as they all do the same thing – and for the most part they do) is executives like Chuck Price are shown the door with millions of dollars in bonuses.
Sadly, that is the way the system works, from the Fed, to the Treasury, to Bank CEOs, to ex-governors like Rod Blagojevich (who did step too far over the line), to presidents of the United States like Nixon: “It’s not illegal when the president does it”, to George Bush and Obama who clearly did not/do not care what the Constitution even says.
Where The Line Isn’t
Here are some sad examples of where the line isn’t, and just how much one can get away with.
March 2, 2010: Geithner’s Illegal Money-Laundering Scheme Exposed; Harry Markopolos Says “Don’t Trust Your Government”
January 31, 2010: 77 Fraud, Money Laundering, Insider Trading, and Tax Evasion Investigations Underway Regarding TARP
January 28, 2010: Secret Deals Involving No One; AIG Coverup Conspiracy Unravels
January 26, 2010: Questions Geithner Cannot Escape
January 07, 2010: Time To Indict Geithner For Securities Fraud
October 20, 2009: Bernanke Guilty of Coercion and Market Manipulation
July 17, 2009: Paulson Admits Coercion; Where are the Indictments?
June 26, 2009: Bernanke Suffers From Selective Memory Loss; Paulson Calls Bank of America “Turd in the Punchbowl”
April 24, 2009: Let the Criminal Indictments Begin: Paulson, Bernanke, Lewis
You have to be arrogant and stupid to cross the line, yet that alone is not enough unless it is blatantly out of line with what everyone else is doing.
Madoff, Nixon, and Blagojevich crossed the line (the latter I might point out is still not in jail) and Nixon as we all know was pardoned.
Mike “Mish” Shedlock
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