HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Robert Reich: The Wall St...
Introducing Discussionist: A new forum by the creators of DU

Sat Jul 7, 2012, 07:19 PM

Robert Reich: The Wall Street Scandal of All Scandals [View all]

http://robertreich.org/post/26708840314

The Wall Street Scandal of all Scandals

SATURDAY, JULY 7, 2012

Just when you thought Wall Street couldn’t sink any lower – when its myriad abuses of public trust have already spread a miasma of cynicism over the entire economic system, giving birth to Tea Partiers and Occupiers and all manner of conspiracy theories; when its excesses have already wrought havoc with the lives of millions of Americans, causing taxpayers to shell out billions (of which only a portion has been repaid) even as its top executives are back to making more money than ever; when its vast political power (via campaign contributions) has already eviscerated much of the Dodd-Frank law that was supposed to rein it in, including the so-called “Volker” Rule that was sold as a milder version of the old Glass-Steagall Act that used to separate investment from commercial banking – yes, just when you thought the Street had hit bottom, an even deeper level of public-be-damned greed and corruption is revealed.

Sit down and hold on to your chair.

- snip -

That would be a mammoth violation of public trust. And it would amount to a rip-off of almost cosmic proportion – trillions of dollars that you and I and other average people would otherwise have received or saved on our lending and borrowing that have been going instead to the bankers. It would make the other abuses of trust we’ve witnessed look like child’s play by comparison.

- snip -

So far, the scandal has been limited to Barclay’s, a big London-based bank that just paid $453 million to U.S. and British bank regulators, whose top executives have been forced to resign, and whose traders’ emails give a chilling picture of how easily they got their colleagues to rig interest rates in order to make big bucks. (Robert Diamond, Jr., the former Barclay CEO who was forced to resign, said the emails made him “physically ill” – perhaps because they so patently reveal the corruption.)

But Wall Street has almost surely been involved in the same practice, including the usual suspects — JPMorgan Chase, Citigroup, and Bank of America – because every major bank participates in setting the Libor rate, and Barclay’s couldn’t have rigged it without their witting involvement.

- snip -

This is insider trading on a gigantic scale. It makes the bankers winners and the rest of us – whose money they’ve used for to make their bets – losers and chumps.

MORE

117 replies, 15819 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 117 replies Author Time Post
Reply Robert Reich: The Wall Street Scandal of All Scandals [View all]
Hissyspit Jul 2012 OP
russspeakeasy Jul 2012 #1
BrainGlutton23 Jul 2012 #5
SusanaMontana41 Jul 2012 #10
socialist_n_TN Jul 2012 #11
gateley Jul 2012 #22
KansDem Jul 2012 #88
gateley Jul 2012 #21
sabrina 1 Jul 2012 #42
discntnt_irny_srcsm Jul 2012 #64
sabrina 1 Jul 2012 #80
kiranon Jul 2012 #106
discntnt_irny_srcsm Jul 2012 #110
raouldukelives Jul 2012 #75
davidwparker Jul 2012 #87
Occulus Jul 2012 #103
Gregorian Jul 2012 #19
Kaleko Jul 2012 #48
sabrina 1 Jul 2012 #86
Kaleko Jul 2012 #89
sabrina 1 Jul 2012 #93
Kaleko Jul 2012 #95
Kablooie Jul 2012 #35
BlueToTheBone Jul 2012 #65
davidwparker Jul 2012 #90
Spitfire of ATJ Jul 2012 #37
davidwparker Jul 2012 #91
think Jul 2012 #59
Martin Eden Jul 2012 #62
canuckledragger Jul 2012 #68
Warpy Jul 2012 #100
Poll_Blind Jul 2012 #2
PoliticAverse Jul 2012 #3
Teamster Jeff Jul 2012 #4
Kaleko Jul 2012 #51
HiPointDem Jul 2012 #53
banned from Kos Jul 2012 #6
PoliticAverse Jul 2012 #13
Ruby the Liberal Jul 2012 #17
trumad Jul 2012 #24
banned from Kos Jul 2012 #69
Marr Jul 2012 #74
trumad Jul 2012 #23
Ruby the Liberal Jul 2012 #27
riderinthestorm Jul 2012 #38
sabrina 1 Jul 2012 #43
Ruby the Liberal Jul 2012 #45
sabrina 1 Jul 2012 #55
rhett o rick Jul 2012 #82
dkf Jul 2012 #52
just1voice Jul 2012 #73
rhett o rick Jul 2012 #83
Guy Whitey Corngood Jul 2012 #109
rhett o rick Jul 2012 #111
Guy Whitey Corngood Jul 2012 #112
SDjack Jul 2012 #7
Ferretherder Jul 2012 #60
SDjack Jul 2012 #61
Warren Stupidity Jul 2012 #67
aint_no_life_nowhere Jul 2012 #8
banned from Kos Jul 2012 #9
Lucky Luciano Jul 2012 #12
AnotherMcIntosh Jul 2012 #29
bvar22 Jul 2012 #71
Coexist Jul 2012 #14
Flatulo Jul 2012 #15
ErikJ Jul 2012 #40
Po_d Mainiac Jul 2012 #16
Ruby the Liberal Jul 2012 #18
HiPointDem Jul 2012 #54
Ruby the Liberal Jul 2012 #81
Po_d Mainiac Jul 2012 #113
Ruby the Liberal Jul 2012 #114
Po_d Mainiac Jul 2012 #116
Ruby the Liberal Jul 2012 #117
alfredo Jul 2012 #20
russspeakeasy Jul 2012 #25
alfredo Jul 2012 #76
russspeakeasy Jul 2012 #79
alfredo Jul 2012 #85
Angry Dragon Jul 2012 #26
HIlton Brackett Jul 2012 #28
davidwparker Jul 2012 #92
MrSlayer Jul 2012 #30
entanglement Jul 2012 #31
Ruby the Liberal Jul 2012 #32
entanglement Jul 2012 #39
Ruby the Liberal Jul 2012 #41
lovuian Jul 2012 #33
ErikJ Jul 2012 #34
FarCenter Jul 2012 #36
Amonester Jul 2012 #44
FarCenter Jul 2012 #63
suffragette Jul 2012 #84
Kaleko Jul 2012 #97
suffragette Jul 2012 #98
Kaleko Jul 2012 #102
suffragette Jul 2012 #104
Fire Walk With Me Jul 2012 #46
Amonester Jul 2012 #47
Fire Walk With Me Jul 2012 #50
woo me with science Jul 2012 #66
Kaleko Jul 2012 #94
donheld Jul 2012 #49
OnyxCollie Jul 2012 #56
blkmusclmachine Jul 2012 #57
kiranon Jul 2012 #107
blkmusclmachine Jul 2012 #58
WillyT Jul 2012 #70
just1voice Jul 2012 #72
Ruby the Liberal Jul 2012 #101
alterfurz Jul 2012 #77
Dustlawyer Jul 2012 #78
rhett o rick Jul 2012 #96
yardwork Jul 2012 #99
sandpan Jul 2012 #105
yardwork Jul 2012 #108
Quantess Jul 2012 #115