"Corporate criminals gone wild" by Andrew Leonard at Salon

[applegrove]

Corporate criminals gone wild

by Andrew Leonard at Salon

The maker of the documentary film "Inside Job" has a new book excoriating Wall Street -- and President Obama

http://www.salon.com/2012/05/18/corporate_criminals_gone_wild/singleton/

"SNIP................................................

“If you have already got 96 percent of what you want,” Ferguson told Salon, “why not take the remaining 4? That’s where the culture of American finance is right now, and I think it’s really dangerous for the country.”

For at least 30 years the United States has been headed on the wrong track, handing over more power and wealth to a tiny percent of the American population at the expense of everyone else. But Ferguson’s story isn’t just focused on the greed and recklessness of the elite. It’s also about their criminality. The bankers who wrecked the financial system broke the law. And yet, amazingly, not only have the vast majority of responsible parties not been convicted of any crime — they haven’t even been charged. There have been a few settlements of fraud allegations with the Securities and Exchange Commission and other regulatory bodies and a smattering of slap-on-the-wrist fines, but nothing that comes close to a proper reckoning for the massive hardship and economic destruction that they caused.

Ferguson’s glowering rage spares neither political party. Clinton gets the blame for completing the process of financial sector deregulation, and George W. Bush is lacerated for his general incompetence. But Barack Obama is showered with a particularly aggrieved contempt. Obama, writes Ferguson, came into office with more hope invested in him than in any recent leader, and then proceeded to “betray” and “screw” his supporters by declining to bring Wall Street to account for its misdeeds.

“Predator Nation” hits bookstores on Monday, just in time to cash in on the headlines generated by the latest banking atrocity — JPMorgan Chase’s massively failed derivatives bet.



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[woo me with science]

1. DU Rec

Last edited Sat Jun 9, 2012, 11:33 PM - Edit history (1)

People are waking up to the depth and pervasiveness of this corruption.

Reality is ugly, but you cannot fix a problem you refuse to acknowledge.

[Quantess]

2. It only seems to be getting worse, as the USA slides rapidly from the top.

K & R

[Phhhtttt]

3. White collar criminals get a free pass while pot smokers are prosecuted. NT