Legislating Greater Wall Street Theft
The new JOBS Act facilitates grand theft.
by Stephen Lendman
Political Washington is Wall Street's best friend. Whatever crooked bankers want they get. Their business model features grand theft. Wealth's amassed through fraudulent double-dealing.
Lawmakers facilitate their racketeering. They're rewarded in kind. Only fleeced households, investors, communities and nations lose out.
Their dirty game continues unobstructed. New legislation enhances what's on the books. Another bill will become law when Obama signs it. Wall Street's again celebrating, and why not. Business is better than ever, courtesy of complicit lawmakers.
At issue is the Jumpstart Our Business Startups Act (the JOBS Act) . On March 8, the House passed it overwhelmingly 390 - 23. On March 22, Senate followed 73 - 26. Doing what he does best, Obama will sign it into law. He'll again betray America's 99% in the process.
When everything comes up roses for Wall Street, ordinary people get scammed. It's the same every time like loaded dice let the house win.
Former bank regulator/financial fraud expert Bill Black explained what's at stake in his article headlined, " "The only winning move is not to play' - the insanity of the regulatory race to the bottom."
He called the imminent JOBS Act passage reminiscent of the "worst anti-regulatory travesties in the financial sphere (that) had broad, bipartisan support." Don't they all, especially in recent decades.
He reviewed some of the worst past legislation and congressional actions, including:
(1) the 1982 Garn-St. Germain Act that gave S & Ls a license to steal.
(2) the 1987 Competitive Equality in Banking Act (CEBA).
Reflecting on the double-dealing chicanery behind it, Black said his "psyche still bears the scars of this combined onslaught. It was the political equivalent of being on the receiving end of a B 52 Arc Light (carpet bombing) mission in Vietnam."
(3) the 1993 "Reinventing Government" scam. It was premised on the view that anything government does, business does better, so let it. Deregulation went wild.
(4) the 1995 Public Securities Litigation Reform Act (PSLRA) made it harder for fraud victims to sue. As a result, the financial sector became "more criminogenic." CEOs were licensed to loot with impunity. The 1998 PSLRA amendment was even more hostile to fraud victims.