And the corruption and theft is becoming more open and egregious now that the crooks are the same ones who are supposed to be enforcing the laws. As many of you know, 60 Minutes ran a story on the "legal" insider trading going on in Congress: LINK It was no surprise to me that Nancy Pelosi, who has a long resume of graft, nepotism and corruption, was one of the more conspicuous perpetrators. House Rep Spencer Bauchus - a ranking member of the House Financial Services Committee - has a long documented record of personal stock account trades that correlate with information he received in private meetings as part of his position on that infamous Committee: LINK What's most shocking for me about this is that this story should be front and center in the news and there should be a strong public cry for justice. But to whom do you cry? You gonna write a letter to your Congressman? LOL
This is a blatant example and it's hilarious to me that the Pelosi's and Bauchus' of the world have chosen to hide behind a feigned veil of Congressional immunity. But what about JP Morgan's role in the MF Global collapse. It would appear that JPM is connected to the disappearance of the at least $600 million in missing customer funds. But JPM's role has been obscured and the it looks like the restitution is being negotiated behind the scenes, out of sight: LINK Where's Jon Corzine these days? I would surmise that he is being kept well-hidden and protected by his powerful political cronies. He knows where a lot of "bodies" are buried throughout the system and he represents a clear and present danger to all the "legal" criminals both on Wall Street and in DC.
Meanwhile, back at the collapse, Jefferson County Alabama filed the largest municipal bankruptcy of all time: LINK The funny thing is that most Americans, even the ones who make a half-hearted attempt at following the news, likely never saw this report. And even the ones who do know about it have no clue that JP Morgan is the party responsible for putting Jefferson County into financial collapse.
The same names keep coming up in connection with extreme financial fraud and corruption: JP Morgan, Goldman Sachs, Bank of America, AIG. It is just unbelievable that a former Goldman Sachs partner is the chairman of the CFTC - the entity responsible for the oversight of MF Global. It's even more inconceivable that Obama's White House chief-of-staff is a former JP Morgan director.
When you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed (Atlas Shrugged)Our system is collapsing. And the people who are in position to steal as much as they can, while they can, are now doing so openly and without shame. The ones who blow it like Corzine walk away with shame but no punishment. It's true that our system assumes innocence until guilt is proven. But the evidence against Corzine is overwhelming and he should at least be incarcerated while the pieces are sorted out. But that will never happen because the people in a position to enforce and create laws to protect our system are the Pelosi's and Bauchus' of the world. Our society is doomed.