Thursday, August 18, 2011

Capital Crooks

If you like stories about how we're all doomed, Taibbi has a rather impressive column this week at RS.

The one sentence version is this;

The SEC is supposed to investigate Wall Street and prosecute white collar criminal behavior. SEC investigators take high paying jobs at Wall Street firms, and employees at Wall Street firms take high level SEC jobs. Consequently, very little criminal behavior is actually investigated and the records of investigations are summarily destroyed.

Okay.. so that was one paragraph rather than one sentence. Still, it's a pretty good racket. It helped the largest economy in the world implode, threatening the stability of the entire world - and as a result of said implosion, American taxpayers throw billions more dollars at the very same people.

Consider it the greatest heist in the history of the world, and it happened just a few years ago. Then we get a President who wants to "look forward" - and nothing comes from it.

I'm quite sure many of the same players are cooking up new schemes all the time, while they have the SEC under their thumb. And why not? I tell everyone to get money.. even if you dip into shades of gray. If the playing field were level, then the issue would be black and white.. but it's not.

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