Skip to comments.Why nobody went to jail. The truth of the 2008 financial collapse
Posted on 03/01/2011 7:18:05 AM PST by SeekAndFind
'Not a single financial executive has gone to jail, and that's wrong," bellowed Charles Ferguson at Sunday night's Academy Awards. Is it really?
Consider the source: "Inside Job," Ferguson's Oscar-winning documentary on the financial collapse of 2008, proudly features Eliot Spitzer -- who, as New York's attorney general, went on a tear against the big brokerages and their executives over various alleged crimes. In the film, Spitzer discusses how he uncovered various misdeeds, and claims the feds could have used their investigative powers to bring the bad guys to justice before it all blew up.
But why didn't Spitzer do it? He had even more expansive powers than the Justice Department or the Securities and Exchange Commission. New York's Martin Act gives the state AG a lower threshold than the feds to charge either firms or individuals with fraud.
Yet Spitzer's record was middling at best: He brought some good cases, but all the ones against the big banks were civil, not criminal -- and he ultimately settled for headlines and a modest fine.
Some of his targets, such as Sandy Weill, the former CEO of Citigroup, were never charged with a crime or even a misdemeanor. Others, like former New York Stock Exchange Chairman Dick Grasso, ultimately beat back charges in court. And former AIG CEO Hank Greenberg settled with the SEC in a manner that made the shock value of Spitzer's initial accusations appear wildly overstated.
In fact, for all his bluster and legal might, Spitzer didn't put one Wall Street miscreant at a major firm in jail. The one time he actually tried, he lost in court.
The point is, what looks like a crime -- at least as presented by a publicity-hungry AG or an agenda-driven filmmaker -- often isn't one.
(Excerpt) Read more at nypost.com ...
Nobody went to jail because of ‘discovery’..............
—”Attorney General” usually can be translated as “Aspiring Governor”—leads to a need for publicity—
I’m not getting the WHY?... part...
Will someone please tell Charles Ferguson who the current President is, and who appointed the current Attorney General.
That way, next time Ferguson starts a rant about officials doing nothing, he can actually name names.
/* BEGIN RANT
Sent to jail!!? They got a trillion dollar bailout. Because the whole deal is basically a complicated syndicate designed to rip off the taxpayer. That’s what they do. That’s all they do.
END RANT */
Now we're to believe MERS was operating from a cave in Tora Bora and all the robo-signers were Taliban members.
To get to the heart of what went wrong with the report released yesterday by the Financial Crisis Inquiry Commission, check out its account on page 254 of how the largest investor in a cash fund managed by Bank of America suddenly pulled out $20 billion of its money in November 2007.
While $58 billion of your tax dollars or more accurately, your childrens tax dollars are being used to pay foreign banks, a substantial portion of that money ($43.5 billion) is being used to pay American banks, including Goldman Sachs, Merill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, AIG International, and JP Morgan.
Did you actually read the entire 111 page report or just Gertz’s column? If you didn’t read the actual report I can understand your comment. The report is a Defense Dept analysis of what other outside influneces MIGHT have occurred that enhanced what happened.
Your MERS comment is intellectually childish. A major part of the analysis was the Oil price increases three years ago and how much of it was possibly driven by Middle Eastern money buying up contracts to raise the value of their reserves.
The second part of the analysis concerns Bear Raids on financial stocks that were vulnerable, like Bear Stearns.
The third part is speculation about dumping Treasuries and driving down the dollar. If you’ve forgotten there was a scandal where $135 Billion of Treasuries in bearer form that were conuterfeited, but luckily found on a border inspection outside the country.
I suggest you ACTUALLY READ the whole document. It is not Pie In the Sky.
I confess. I didn’t read the report. However, I’m still a kid at heart and reserve the right to make childish statements.
W took Paulsen’s advice and screwed the tax payers out of billions of dollars so Paulsen’s buddies (and W’s) could be paid off. Just for listening to Paulsen made it hard to defend W when liberals called him stupid. So, if anyone should have gone to jail it should have started at the top.
I like you’re rant... let me add:
and people (inside fixers) like Franklin Raines and Jamie Gorelick walked away from their roles and responsibilities at Fannie Mae having “earned” (looted) $120MM and $40-50MM, respectively. I guess Mr. Raines was pressed to give-back about $20MM, so I’m sure he feels very put-upon. And both, I’m sure, are still sitting on boards and providing easy access to “those in power” for more “fixing”.
Of course, Fannie Mae was providing an important “social good” with their Alt-A lending. /sarc
And GWB, ever the squish even admitted that he had to ‘destroy the free market to save it’ or some facsimile of that idea. I’m OK with putting GWB on the stand as long as many other gov crooks from at least the last 3 administrations are also investigated.
The fraud and corruption for the 2008 melt down is even larger and no one of significance has paid a price, in fact most of Wall Street got billions in government bailouts. The WSJ reported record bonus and earning numbers for Wall Street employees, over $140B.
This is the moral travesty that we face. So when they start calling for “austerity” in the face of budget calamities, the middle class is going to tell them to take a hike.
The corruption is so endemic, not sure anything but a reset will fix it. Madam Dufarge is sharpening her blade.
I'm usually the first one to be wary of conspiracy theories, but when the bubble burst at exactly the right time to help Barry Soetoro, it didn't look like just another twist of fate. After reading the article you linked to, I'm positive that the fascists running the democrat party at the very least knew exactly when someone would be popping the bubble.
NOTHING is just a coincidence when it come to the malevolence of the Dums/Soros types.
I don’t know what you thin of Beck. But his massive outting of Soros may actually helpe us from going under.
I submit he may be at arms link from many of his commrades in this vile money making scheme.
Remeber he took great pleasure in “bringing down the Bank of England”
His problem is he bit off more than he could control.
However, Paulson is problematic. He was right in the middle of it, even working in the FED (along with Turbo Tim).
As much as I would like to point the finger solely in the direction of Soros. This was a group effort Dodd,Frank, Pelosi,Reid,etc etc.
Barry was just their empty suit to hide behind.
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