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Thu Jan 24, 2013, 07:59 AM

 

"A cover-up to keep the public from knowing what went wrong"

PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.

What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.

As I documented at length in my 2011 book on America's two-tiered justice system, With Liberty and Justice for Some, the evidence that felonies were committed by Wall Street is overwhelming...Numerous documents prove that executives at leading banks, credit agencies, and mortgage brokers were falsely touting assets as sound that knew were junk: the very definition of fraud...

The reason there have been no efforts made to criminally investigate is obvious. Former banking regulator and current securities Professor Bill Black told Bill Moyers in 2009 that "Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong." In the documentary "Inside Job", the economist Nouriel Roubini, when asked why there have been no such investigations, replied: "Because then you'd find the culprits." Underlying all of that is what the Senate's second-highest ranking Democrat, Dick Durbin, admitted in 2009: the banks "frankly own the place".

The real mystery from all of this is that it has not led to greater social unrest. To some extent, both the early version of the Tea Party and the Occupy movements were spurred by the government's protection of Wall Street at the expense of everyone else. Still, Americans continue to be plagued by massive unemployment, foreclosures, the threat of austerity and economic insecurity while those who caused those problems have more power and profit than ever. And they watch millions of their fellow citizens be put in cages for relatively minor offenses while the most powerful are free to commit far more serious crimes with complete impunity. Far less injustice than this has spurred serious unrest in other societies.



http://www.guardian.co.uk/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

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Reply "A cover-up to keep the public from knowing what went wrong" (Original post)
HiPointDem Jan 2013 OP
Dustlawyer Jan 2013 #1
PoliticAverse Jan 2013 #2
rhett o rick Jan 2013 #3
Hotler Jan 2013 #4
rhett o rick Jan 2013 #6
riverbendviewgal Jan 2013 #8
CrispyQ Jan 2013 #7
NorthCarolina Jan 2013 #5
Plucketeer Jan 2013 #9
JDPriestly Jan 2013 #10
L0oniX Jan 2013 #11

Response to HiPointDem (Original post)

Thu Jan 24, 2013, 08:41 AM

1. I have been saying this for the last couple of years! BP, which I know a few things about since

I have been litigating against them since 2005, when they blew up their plant, killing 15, and the Deepwater Horizon almost 3 years ago, will not have anyone except to mid-level sacrificial lambs go to jail. The rich pay a fine for major crimes, but do not go to jail. When you have people (Corps too) who are above the law, you do not have Representative Democracy. The fight we need to have is for COMPLETE CAMPAIGN FINANCE REFORM! That would solve most of our problems!

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Response to HiPointDem (Original post)

Thu Jan 24, 2013, 08:46 AM

2. If you missed it you can watch the entire Frontline program online here:

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Response to HiPointDem (Original post)

Thu Jan 24, 2013, 09:11 AM

3. The general public is apathetic. Totally dumbed down by the corp-media.

"There a roll-over on the I-7 and a house on fire somewhere." Approx 32% of eligible voters voted for Pres Obama. You cant pry Americans away from their American Idol. TV the new opiate of the masses. IMO Pres Obama is slowing down the slide into total oligarchy/fascism but he hasnt been able to reverse the trend. The oligarchs dont really care about same-sex issues other than the distraction they provide. It's the clamping down of human rights like the Patriot Act, indefinite detention, and domestic spying that they treasure. Also it is absolutely essential to the oligarchs to not allow protests, like Occupy, to get off the ground. No expense is too great and no actions are too severe.

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Response to rhett o rick (Reply #3)

Thu Jan 24, 2013, 09:46 AM

4. I've been told many times here on DU that protest do not work.

We can get 50-60 thousand people to pack a football stadium each Sunday and 100,000 at a NASCAR race but, we can't even muster a simple protest against the fucking we are getting from the PTB.

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Response to Hotler (Reply #4)

Thu Jan 24, 2013, 10:04 AM

6. Protests dont get any corp-media attention. nm

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Response to rhett o rick (Reply #6)

Thu Jan 24, 2013, 10:26 AM

8. some work

Taking money out of major banks and putting in credit unions got reaction. Be safe take your money out of the stock market. I did. Watch where your pension money foes. Join Obama's new action organization. Better to do something than nothing.

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Response to rhett o rick (Reply #3)

Thu Jan 24, 2013, 10:22 AM

7. So much concern over the 2nd amendment, not so much over the 1st, 4th or 5th.



I agree with every word you said & I have pretty much zero hope. TPTB have us just where they want us - in debt up to our eyeballs & clinging to whatever job we have, hoping we aren't the next pink slip. I don't think they are really worried about Occupy. Yeah, they squash it when they can, but how many people can really commit to something like Occupy for an extended period of time in numbers to really make a difference? Remember this cartoon from Thanksgiving two years ago? This is pretty much everyone I know.







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Response to HiPointDem (Original post)

Thu Jan 24, 2013, 09:53 AM

5. Wall Street chooses the candidates we get to vote for.

It is no accident that Obama, or any POTUS, would ignore Wall Street criminal activity. You dance with the one who brought you.

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Response to NorthCarolina (Reply #5)

Thu Jan 24, 2013, 10:50 AM

9. LOL!!!

yeah - like a fan of some TV crime drama, I stupidly expected a positive ending to the "show" that was the '08 Obama campaign. But in a season-ending "cliffhanger" of an episode, the freshly minted harbringer of hope and change unbelievably staffs his new cabinet with CRONIES of the criminals he'd sworn to bring to justice! WTF??? OH! Oh! that's Right, it'll all be resolved with one hell of a plot twist at the start of the next season. Riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiight

You want justice? You HAVE to go to TV to see how it's supposed to work. Criminal Minds? Is that a TV show or a definition of Wall St.?

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Response to HiPointDem (Original post)

Thu Jan 24, 2013, 11:13 AM

10. Wonderful article.

I like this part:

". . . it exposes just how shameful is the American penal state by contrasting the immunity given to the nation's most powerful with the merciless and brutal punishment meted out to its most marginalized."

http://www.guardian.co.uk/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

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Response to HiPointDem (Original post)

Thu Jan 24, 2013, 11:57 AM

11. The "law" and "taxes" are for little people. n/t

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