David Sirota: To Deter Crime, Get Tough on Wall Street

[marmar]

from truthdig:



To Deter Crime, Get Tough on Wall Street
Posted on Nov 18, 2010

By David Sirota


Often, the most provocative ideas arise after swigs of whiskey. This is especially true when a Rolling Stone reporter is around—and, as I recently learned, it’s all but guaranteed when that Rolling Stoner is Matt Taibbi, aka the heir to the magazine’s gonzo throne.

I had the chance to hang with Taibbi last week after he spoke to a Denver audience about his new book, “Griftopia,” which argues that Wall Street’s bubble-bailout cycle has been one of the greatest—and least prosecuted—crimes in history. His presentation was serendipitously timed, coming the same week as a local Bonfire of the Vanities-esque scandal was underscoring the speculator class’s privilege. In Colorado’s own Bonfire of the Rockies, a local prosecutor had just reduced hit-and-run charges against a fund manager because the prosecutor said a felony would have “serious job implications” for the Sherman McCoy in question.

Over drinks in my living room, Taibbi and I pondered the financial Masters of the Universe and their maddening infallibility. I asked him why they never fear facing legal consequences. Do they believe they’re untouchable? Or do they know law enforcement won’t pursue them?

“They’re not afraid because other than Bernie Madoff, when was the last time someone on Wall Street faced any real punishment?” he responded. “Sure, a few go to jail once in a while, but they’re usually out in a few months and then on the speaking circuit. That’s not exactly a deterrent against bad behavior that’s making you millions.” ..........(more)

The complete piece is at: http://www.truthdig.com/report/item/to_deter_crime_get_tough_on_wall_street_20101118/

[xchrom]

1. bears to be repeated --

“Sure, a few go to jail once in a while, but they’re usually out in a few months and then on the speaking circuit. That’s not exactly a deterrent against bad behavior that’s making you millions.”

[felix_numinous]

2. Crime is one thing that does trickle down

to fight it you have to start at the top.

[MedicalAdmin]

4. At this point in time. ...

... I am not a violent person. But I am so angry about the blatent crimes on Wall street, I would cheer loudly if someone went around with a 50 cal. chain machine gun and blew the fuck out of every wall street fat cat and every insurance exucutive on the planet.

[chill_wind]

3. K & R The truth of this is so obvious to the poorest pensioner

to the smallest struggling shopkeeper on Main Street to the greatest economic watchdogs and ethics critics of our times. There is no one who doesn't know it. But the wealthy criminals and their politicians are not afraid of us. They know how to protect each other from us.