Monday, October 31, 2011
As The Cookie Crumbles (11/1/11): Circumstantial
Jolly little gnome, Bobbie Reich, joked about it recently, spoofing us all with the suggestion that the Obamster would start to put things aright by going to Wall Street next week and proclaiming a program to restore Glass-Steagal.
Just KIDDING!!!! Jeez!
Restore Glass-Steagal doesn't have the je ne c'es pas of Occupy Wall Street, but Reich's quite correct: It should be done.
But even he realizes it's naganahapun...The banksters are gonna get off scott-free, and the regulations that would prevent them from engaging in yet another round of economy-shattering bubbles are NOT going to be re-written and re-introduced; those that are (almost laughably) in place thanks to the Chris Dodd Platinum Parachute bill last year cannot be enforced because the FBI still devotes about 80% of it's man-power to "counter-terrorism."
One bankster got sent to jail last week, but that was for the entirely separate offense of insider trading: apparently the game wasn't satisfactorily rigged for this schmuck. But also, Reich wrote, "Just last week Citigroup settled charges (without admitting or denying guilt) that it defrauded investors by selling them a package of mortgage-backed securities rife with mortgages it knew were likely to default, but didn't disclose the hazard. It then bet against the package for its own benefit - earning fees of $34 million and net profits of at least $126 million. So what's Citi paying to settle this outrage? A mere $285 million. Its CEO at time (Charles Prince) doesn't pay a dime."
Woody reckons, okay: we can't prove, indisputably, that these skeevy mother-fux like Prince, Blankfein, Dimon, Rubin DID tank the economy AND fuck the People, for no more reason than for fun and profit. But since they're the only ones who COULD have done it, and the circumstantial evidence is at least as strong as that which convicted Troy Davis, and since they have prospered so handsomely by it, it is difficult to dismiss the near certainty of their intervention and impossible to grant them any clemency in the collapse.
So, since deterrence is evanescent, but recidivism is permanently prevented by the expedient, Dimon, Blankfein, Vikram Pandit, both Paulsons, Bernanke, Geighner, Rubin Summers, BOTH Koch Bros, and Phil & Wendy Gramm--at a bare minimum-- should be taken hence and their heads removed, and then be displayed atop Pikes in and around Zuccotti Square.
Have you noticed? No more color coded alerts? Right. Who needs 'em when you get your Stiff-of-the-Month, the faux-terrorist entrapment schemes the Feds pull off about every 30-45 days.