william the wie
Gold Member
- Nov 18, 2009
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You've understated the problem. When Reagan nationalized Continental Illinois he set up a two tier financial legal system: one for the Too Big To Fail companies and another one for relatively small banks, S&Ls, insurance companies and pension funds. The people who almost collapsed the economy with their mismanagement of LTCM in 1998 are all gainfully employed still. I suspect that far more 3600 people from one lung mortgage brokerages, drive by appraisal agencies and so forth have been indicted at the state level but their interstate enablers took their golden parachutes and walked away clean.The fact that Bear Stearns had a AAA rating the day before the collapse -- no f*cking way was that just incompetence.
It was a con job. Just like the 30 other ponzi like schemes upon which our whole economy rests.
I saw some startling stat the other day that said 3600 folks were indicted in the savings and loan scam of the 80's.
Today about 13 people have been indicted for the current and much larger crisis.
Fraud on a grand scale is business as usual. Nobody goes to jail anymore. They just get a bonus and a chance to be in the next presidential cabinet.