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Why isn't Wall Street in Jail?


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http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216

 

I have some thoughts about this, but I think I'll wait...

Thanks for the link on this!! I heard him on Democracy Now yesterday. He has done some interesting reporting from what I heard yesterday.

 

" Some will rob you with a six gun, some with a fountain pen."

 

LouieB

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Matty T?

 

 

Just having some fun with it. He's kind of become a superstar of investigative journalism, at least as it applies to this mess.

 

My thoughts after reading this, even moreso than after last year's article - Wall Street's Naked Swindle, are centered around the staggering contempt and entitlement of these pricks. You see, they despise all of us... not just the usual socioeconomic pariahs - those aren't the people they stole from, but the average football/american idol watching midwestern blue collar rubes, and the white collar big city types who are educated enough to understand what is happening, but powerless to stop it. They despise us, they think they are better than us, and therefore, they are entitled to steal from us. The contempt and brazen "fuck you" efficiency of it is alarming.

 

My house got broken into a few years ago. I ended up filing a claim for about $8k. About half of that was damage to my house. I felt so incredibly violated by that... and they only got me for $8k. Thanks to these pricks, I have lost tens of thosuands in investment and retirement accounts, plus about 20% on my house. Why should I not be several times as pissed as I was at the burglar thugs? And why should these jackasses get away with it?

 

I have a law degree and an accounting degree, and a somewhat functioning brain. It makes me want to run down to the local US Attorney's office and scream, "sign me up damnit!", then I realize I have too much to lose (wife & kids that depend on me), and I also realize that most folks are too preoccupied or have too much to lose as well. So nothing's going to change until things really get as bad as they are in the Middle East, which is both frightening and depressing.

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I recently finished Taibbi's new one, Griftopia - and damn if it didn't make me want to pretty much take up arms against these assholes.

 

Shrug. We watched Gasland last night. I'm over the financial crisis. When people can set their drinking water ablaze as it pours from the tap there are far greater social ills than the raping and pillaging of retirement accounts. Clearly the only solution left is to tear all of society to the ground and hope something better emerges from its ashes.

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Guest Speed Racer

As far as I can tell, the financial crisis is as much the fault of ignorant and/or irresponsible consumers as it is the corporations that designed their businesses to take advantage of ignorant and irresponsible consumers. It's a shame, but we can't hoist all the blame on "Wall Street."

 

And Matt Taibbi annoys the shit out of me for some reason that I can't quite put my finger on, but don't really care to. I'm content leaving it at that.

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I work in Wall Street and I'm here to tell you that some of these guys do not have the intellect and best interest of their customers in mind. compliance doesn't necessarily belong in their vocabulary. I can think of maybe a handful of people that I work with, not even that, that I would trust my money with. it's really quite shameless. however, there are some that have scruples and know what they are doing. money is the bottom line.

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As far as I can tell, the financial crisis is as much the fault of ignorant and/or irresponsible consumers as it is the corporations that designed their businesses to take advantage of ignorant and irresponsible consumers. It's a shame, but we can't hoist all the blame on "Wall Street."

 

 

 

Well, if that's your impression, I have a reading list for you that might help disabuse you of it, that impression.

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Guest Speed Racer

You might, but the fact remains that people bought homes they couldn't afford; many people borrowed against homes they coudn't afford, when the bubble burst, they still couldn't afford the homes or the amount they took out on the value of their homes, which then subsequently bottomed out because it was a crazy, over-inflated bubble. No one forced people to buy homes more expensive than they could afford; people chose to. No one forced people to take out home-equity loans, but they did anyway. If any institutions kept from people that these might be risky endeavors, a simple hand-held calculator could have told them as much.

 

And that's only part of the financial crisis.

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Just having some fun with it. He's kind of become a superstar of investigative journalism, at least as it applies to this mess.

 

My thoughts after reading this, even moreso than after last year's article - Wall Street's Naked Swindle, are centered around the staggering contempt and entitlement of these pricks. You see, they despise all of us... not just the usual socioeconomic pariahs - those aren't the people they stole from, but the average football/american idol watching midwestern blue collar rubes, and the white collar big city types who are educated enough to understand what is happening, but powerless to stop it. They despise us, they think they are better than us, and therefore, they are entitled to steal from us. The contempt and brazen "fuck you" efficiency of it is alarming.

 

My house got broken into a few years ago. I ended up filing a claim for about $8k. About half of that was damage to my house. I felt so incredibly violated by that... and they only got me for $8k. Thanks to these pricks, I have lost tens of thosuands in investment and retirement accounts, plus about 20% on my house. Why should I not be several times as pissed as I was at the burglar thugs? And why should these jackasses get away with it?

 

I have a law degree and an accounting degree, and a somewhat functioning brain. It makes me want to run down to the local US Attorney's office and scream, "sign me up damnit!", then I realize I have too much to lose (wife & kids that depend on me), and I also realize that most folks are too preoccupied or have too much to lose as well. So nothing's going to change until things really get as bad as they are in the Middle East, which is both frightening and depressing.

 

i also have an accounting degree and i am always amazed at the dumb decisions business men make. Matty was on Real Time with Bill Mahr last week too. good stuff. i refuse to blame the consumer in this mess. this is america and people have no choice. consumers do have the power though. we just don't use it.

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You might, but the fact remains that people bought homes they couldn't afford; many people borrowed against homes they coudn't afford, when the bubble burst, they still couldn't afford the homes or the amount they took out on the value of their homes, which then subsequently bottomed out because it was a crazy, over-inflated bubble. No one forced people to buy homes more expensive than they could afford; people chose to. No one forced people to take out home-equity loans, but they did anyway. If any institutions kept from people that these might be risky endeavors, a simple hand-held calculator could have told them as much.

 

And that's only part of the financial crisis.

 

 

Those people at least had consequences for their actions.

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Those people at least had consequences for their actions.

Oh snap!

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It's been said before in this thread ( I think ); but it is true:

 

Steal a little and they throw you in jail, steal a lot and the make you king

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