The rot goes all the way to the root ....

[Blackhatjack]

It's not enough to point the finger at those who took advantage of the lax government regulation and looted not only their own corporations and now the American taxpayers.

We have to unshield our eyes and face the fact that the economic disaster of this monumental size could only happen with the collusion of government officials who benefitted financially by refusing to do their job as regulators.

Or in other words.... the government officials charged to protect the public interests were co-conspirators, and until we identify them, remove them from office, and start sending them to jail, this will all be just a short timeout for those who will perpetrate the very scheme all over again in the future.

It is time to call it the way it is .... we know that greed drives those on Wall Street. But we are all dumb as a box of dirt if we believe this problem will be fixed without fixed without holding the regulators responsible first.

When the public observes these regulators going to jail, it will be a step in the right direction to restoring public confidence.

[yourout]

1. I suspect some of the regulators were on the take.

[fumsm]

2. I expect more than some

There is no way things could have gotten this bad without a wholesale sellout of the regulatory agencies, no way.

[Blackhatjack]

3. No doubt about it .... officials at Treasury knowingly allowed IndyMac Bank to 'cook the books'...

... and the worst the regulator suffered was he was allowed to quietly retire.

Tell that to the shareholders and employees of IndyMac Bank.

[Blackhatjack]

4. Here's one link ...

http://abcnews.go.com/Blotter/Economy/story?id=7009596&page=1

[notesdev]

5. And that's the one who gets caught

a slap on the wrist.

And all those others who haven't gotten caught? Is anyone even investigating? Are they still working, and on whose payroll?

[dixiegrrrrl]

6. Yet, strangely, average citizen never seems to wise up to this.

And election after election, we hope that "this time it will be different".
Strange.

[Blackhatjack]

7. To a slightly lesser degree those supposedly rating the financial stability of corps need to go too

How in the world does a company maintain a Triple A rating one month and go out of business the next, if you take the rating agencies at their word that they have thoroughly examined the books and issued their ratings based upon Generally Accepted Accounting Principles?

They were co-conspirators as well, and were well-paid for performing their part of the swindles.