Monday, April 23, 2012

Only on Wall Street

Over the weekend I came across a piece from Pam Martens entitled MF Global: The Untold Story of the Biggest Wall Street Collapse Since Lehman. I want to share 2 items from Pam's fantastic piece. Her opening and her closing which pretty much sum up everything this rotten, perverted diseased crony capitalist system of ours is all about.

 Her opening:

"Only on Wall Street can you bankrupt a company; misplace $1.6 billion of customers’ money; lose 75 percent of shareholders’ money in two weeks; speed dial a high priced criminal attorney and get a court to authorize the payment of your multi-million dollar legal tab from the failed company’s insurance policies; have regulators waive your requirements to take licensing exams required to work in the securities and commodities industry; have your Board of Directors waive your loyalty to the firm; run a bucket shop out of the UK; and still have the word “Honorable” affixed to your name in a Congressional investigations hearing."

 and her closing:

"There is an old saying by Wall Street cynics: “Where are the customers’ yachts?”  Today, the public can’t even find out where are the customers’ funds."

The mainstream media will repeat on this only when their masters allow them to which most probably equates to the expiration of the statute of limitations. I want to thank the numerous individuals like Pam (She has a great site Wall Street on and countless others on the net and blogosphere who have the backbone to stand up and report and document this lawlessness. Just as Matthew Lee the whistle blowing accountant at Lehman did regarding their fraudulent book cooking and was summarily terminated. I know not which is more disheartening, the fact Mr. Lee was fired for having integrity or that he remains unemployed to this day as all around him the thugs, thieves and go-along-to-get-along yes men and women have "landed on their feet" unscathed.

These developments around us are so preposterous as to almost defy credulity. I realize Tacitus quote "Crime once exposed has no refuge but in audacity" but this is getting ridiculous now. I have said it before and will repeat it here again, the history books will not be kind in what they have to say about us and what has transpired. The only thing I wonder is whether they will be more critical of the audaciousness of the criminal class oligarchy or the apathy of the masses who stood for it.

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