Why Isn't Wall Street in Jail?

Here's Cenk Uygur with guest Matt Taibbi acknowledging that Wall Street is now above the law.



Taibbi, who is one of America's last remaining old-school journalists, the kind that actually investigate the issues that matter and the perps behind the issues, reports on what should be on the front page of every newspaper, but isn't: The Security and Exchange Commission has been routinely destroying data, including sensitive and potentially incriminating data, for years. And it isn't data on you and me, but the bankers, brokers, and hedgies, the ones who have been defrauding us.

So not only are no charges being brought against criminals on Wall Street, much of the primary evidence against them, thanks to an accommodating SEC, has been trashed, quite literally. As Taibbi writes:

Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after police stumble upon past intrigues in some old file – "Hey, chief, didja know this guy had two wives die falling down the stairs?" No more burglary sprees cracked when some sharp cop sees the same name pop up in one too many witness statements. This is a different world, one far friendlier to lawbreakers, where even the suspicion of wrongdoing gets wiped from the record.

That story was in the August 17th edition of Rolling Stone, Taibbi's main haunt. There is, or should be, much more to this story. And, of course, much remains to be actually proven. But that is precisely what the media should be jumping on. Uncover the story one way or another. But we have a deadly combination of feckless media and embarrassing lack of citizen interest and knowledge. Considering all the Ritalin this country takes, you would think people could pay attention.

What do you want to bet this story goes nowhere? Republicans won't touch it because they don't care; they are ones that have largely emasculated the SEC anyway. and Obama is having enough trouble with moneyed interests as it is. He has decided he needs Wall Street's approval, so that quaint shit about equal application of the law is out the door.

Rich Narcissists Still Whining

I wrote an earlier post about hypocrites on Wall Street on August 31. The key take-away for me, other than the enormity of their plunder, was the extent to which Wall Streeters, especially the banks, felt put upon because President Obama has dared to scold them for ruining the economy with the most reckless and breathtaking display of greed and irresponsibility in the history of capitalism. And yet they are still walking around, rich and unindicted, while Obama bailed out their collective and undeserving ass, poured billions into the economy, oversaw a stock market recovery, which disproportionately benefited these same bankers and other wealthy elites, passed a luke warm financial reform bill that won't reform much of anything, and thus does little to slow down Wall Street's dominance, and then agreed to extend tax breaks to America's richest.

And still they whine. Many bankers got behind Republicans in '10, as is customary, after supporting Obama in '08, an especially ironic choice given that Wall Street has done very well under Democratic administrations. They just can't shake that unsupported belief that Republicans are somehow better for business than Democrats. As with so much in our modern political economy, and ever more so in what is becoming a post-factual society, identity trumps evidence.

The President met with a small group of CEOs recently, and none of the banking honchos was invited. So now they are having a snit about it. Ben White at Politico has a good take on a level of animosity towards Obama that, in view of banking's profits and privileges, is irrational and bizzarre.

John Amato, referencing Ben White's article, has his take on it as well.  As Amato says, "You can see how deluded these fat cat CEO's are. I mean a few words will make them cry. As I said, even though the President gave these Masters of Destruction virtually a free pass they will now go back to pumping their millions in the GOP."

Finally, watch the video of Sam Seder's interview with Matt Taibbi.




As Taibbi says, the attitudes of the bank CEOs are "unbelievably obnoxious."

A Few Good Questions

Ralph Nader has a few questions he would like to ask of teabaggers. Good luck on that, Ralph. They are excellent questions, but try getting these people to answer moderately-detailed questions on policy, or to explain inconsistencies, or whatever. They can't and they won't. Teabaggin's all about visceral, feel good identity politics.  Not that some won't try, mind you. They are happy to talk, but they mostly want to attack, accuse, and smear, all while acting out their tribalist instincts; they don't want to be challenged.  This is true for the candidates by and large, but I think especially so for the fist-pumping, gun-toting, sign-waving crowds who have an awfully hard time getting their facts straight. There I go again, talking like a Democrat, fussing over facts and evidence.

Have you noticed how the teabagger signs (which you can easily google) are almost entirely directed against government, especially liberal government policies, such as health care reform, stimulus spending, unemployment benefits? Yeah, right, just the things that benefit the middle class. More to the point, notice the absence of any anger or venom directed at the real culprits; Wall Street, the bankers, the corporations that outsource, and all the other assorted motherfuckers that put the economy in the ditch and lined their pockets with our tax dollars? Not a word about how health insurance companies have been raising rates and denying coverage. They have almost nothing to say about the wars in Iraq and Afghanistan, or the monstrously expensive government contracts for the defense industry that has profited so greatly.

The teabaggers are, in the main, angry, but ill-informed. Check that, I am mincing words. I should say they don't know what the fuck they are talking about. They actually believe that President Obama has raised their taxes, just one example of how they get so much ass-backwards. And that is because their Republican handlers keep saying it. They are being played by the Republican Party which has fed them prime talking points that benefit the wealthy and powerful.

Can teabaggers really be this misinformed? Can they really not see whose jerking their chain?  Matt Taibbi thinks so. He wrote at length recently about the astonishing willingness of teabaggers to believe ridiculous horseshit.  Have an eye-opening read about your fellow Americans.

Tax Breaks for Billionnaires

Matt Taibbi over at Rolling Stone notes how, once again, a remarkably unfair, asinine, and unjustifable piece of legislation has sailed through Congress with nary a public comment; no Republican obstructionism, no outraged Dems, and damn little debate. You didn't hear about it on the teevee? You probably won't either.
 
Once again, hedge funds, and a few others, such as venture capitalists and real estate partnerships, have bought themselves some fat tax breaks. One enabler is Democrat Charles Schumer, who went to bat to ensure that hedge fund managers pay a lower rate than their secretaries. This is nothing new for Chuck; he has fought for the same creampuff tax treatment that ensures that society's richest get the most favorable rates that money can buy.

Senator Schumer is often on the right side on many issues, but his vote on this is a significant contributor to growing inequality in the US. Schumer represents Wall Street, not metaphorically, but literally. I guess he has constituents to worry about, like all politicians.

Who am I kidding? It's their money he wants, and he sure as hell gets it too. Have a look here to see who lines his pockets.