There would not have been Nuremberg Trials today if our Justice Department was in charge. This is an unpleasant and offensive analogy perhaps; however, there are millions and millions of Americans living in silent despair and Wall Street Flu has spread around the world causing vast human suffering. (Speer should have been represented by a Wall Street Securities Defense Firm.) And Wall Street Godfathers are immune, basking in the glory of narcissistic sociopathic greed.
Articles, from the New York Times to Huffington on September 8th seem to accept, and certainly do pass on excuses from Justice, state attorney Generals and “expert,” but severely conflicted, securities’ defense attorneys why it is so difficult to prosecute the culprits for fraud. Are Wall Street COEs too big to prosecute? What about the heads of the rating agencies?
What’s up with this?
Financial tragedy is bloodless; and like many chronic diseases, it is not immediately apparent to the eye. So it is not in your face every day like war crimes – because the media loves a good war, just like the military industrial complex. It is human nature to want to keep busy, so imbedding reporters to report on the tragedy of war is a must, but imbedding reporters on the front lines of our Depression is not exciting news.
Oh, there is no front line against the Depression only $700 Trillion Derivatives waiting to explode, or is it implode? We don’t know because no one can explain derivatives.
And incidentally, Republicans vote in lockstep to keep the Depression going to get rid of Obama – all the displaced people are only casualties in the war to get rid of Obama. And the Republicans can accept these casualties for the greater good of winning their war.
Let’s be coldly realistic, it is easier to see the tragedy of death as well as the physical destruction and human displacement in the aftermath of war – than to witness financial devastation. War crimes are more palpable, and death is without hope. Financial killings also cause physical destruction and human displacement.
The lesson we learned from Justice: to cause a Depression by lying about investments without foundational value and heaping as much leverage as possible on top of nothing much all the while knowing that the values were misrepresented – must not be a crime that has risen to a high enough level for Justice to discern how to prosecute.
It is known that Goldman sold-flipped the complex stuff it was advising clients to buy concurrently while it was frenetically contriving the too complex to explain “investments,” it wisely knew it could not retain – would hold to participate in the rewards it based its sales pitch on. Goldman was not alone; Lehman is gone and could not be prosecuted for criminal acts either.
A court determined that Lehman did nothing illegal. Nothing illegal by representing it had doubled the real estate assets in a real estate portfolio of $2 Billion which it represented to investors was worth $4Billion, and other complex unmentionables.
Only $4 Billion – which is nothing compared with JPMorgan Chase’s $9 Billion (who knows how much) losses in their synthetic portfolio of derivatives which Jamie Dimon, who is on the New York Fed board of governors and CEO of JP, could not explain. Securities that are “too complex to explain” are “unlawful” based on Fed Bank Holding Company Regulations. This is explained simply in How We Got Swindled.
Where is Justice? Understaffed? Where are the regulators who let it happen and continue to enable all the unexplained derivatives? Where are the reporters to relentlessly cover the implausible explanations to expose the truth?
The New York Times in the bottom corner of Business Day on Saturday August 11 reported: Justice Department Closes Investigation of Goldman. Not a headline on the front page. Just seemingly resigned acceptance from the best newspaper left standing. Why not imbed a reporter at Justice – it is supposed to be the front line.
Why has the 4th estate accepted the implausible 450 word statement from Justice: “…based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution.” What would George Orwell the journalist conclude: a lie is truth?
So the party line is: it is too difficult to prove fraud – but what about breaking the law, why can’t justice prosecute people who violate significant SEC and Fed Bank Holding Company regulations which have the force of law behind them.
If you rob a bank, it is necessary to prove you defrauded the bank?