By Matt Taibbi February 16, 2011 9:00 AM ET 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 ****ed 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." http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216
I don't have time to read the entire thing right now but I want to respond after the first page. what these people did was not illegal, unfortunately, it is the result of deregulation. the debt from mortgage backed securities was rated positvely by the rating agencies. should they go to jail? its sad that they almost took the country down, but that's the financial industry.
LOL, well...a road can go to a jail, too... :grin: But as to the article, one would think that too many people in the financial industry got off way too easily and that that frustrates many people, considering how people have to go to jail for less.
cause THEY DID IT BIG seriously though, its a ****ing travesty that I could get more jail time for holding onto some bud then some guy can for destroying the economy.
Hey, the GOP would have you believe that being pro-business means everybody benefits, not just Wall Street crooks. We all won!
logic is similar to why US owe ridiculous amount of money to china is a lot less a big deal as your or I owe money to a bank. Or that countries can justify mass murders through wars and other means, but individuals or small groups doing similar things are terrorists.
Might is Right. If you were Superman, nobody can do a damn thing to you for mass murders either. I wonder what happens if our entire military just got up and self retired.
That was an excellent read. Really liked it. Although I would like to point out why did he mention Obama hiring JP Morgan guys when they were never even mentioned in the previous pages detailing bank fraud? Seriously, one shouldn't wait for cliffs on this, just spend 10 minutes (if that) reading it.
Trying to get your kid to a better school=jail time Caught holding mar1juana=jail time Getting a blowjob from your girlfriend if she's 15 and you're 17=jail time. No, seriously- The US is a prison state--- just that apparently prison ain't for everybody. Stealing money in the order of billions=pat on the ass and props. When are people gonna stand up and ask "WTF".
He makes good points, but the anger shouldn't be directed towards Wall Street, it should be directed towards those in charge of regulating Wall Street. If the system is capitalism, then you should fully expect people to do whatever is profitable within the unavoidable limits.
Yes it is crazy. Breaking the law = jail time Not breaking the law = no jail time How is one to regulate their own behavior and avoid jail with such a whackadoo system in place?
anyone else see 'the other guys' - the end credits are very educational and somewhat related to the thread...the statistics showing how quickly CEO/executive pay increased during the last 10 years is staggering. http://www.picturemill.com/TheOtherGuys.html
by apparently, refraining from love, smoke, and hope. or->if you're gonna steal, make sure you're on the board of a major investment banks. that way when you do break laws, as some of these motherf****s have (fraud on sub-prime mortgages, undeclared bonuses as pointed out in the article) you're not gonna be given the one-way ticket to jail American society seems to deem so appropriate for other, trivial crimes. seriously your comparison would make some sense if American CEOs were flouting the thing line between legality and ethics and the system itself was so f**** up it allowed something like this to happen, but in some cases they have been caught red-headed doing illegal things-and have somehow escaped responsibility for them. In their case, breaking the law=money and a comfortable retirement.
I work on Wall Street and haven't done a single thing to deserve going to jail. I guess that's why I am not in prison. We're not sitting around plotting to destroy people.
