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General News    H1'ed 5/19/10

The Financial REFORM As A Game Of Three Card Monte

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"It's a bad sign," bemoans the New York Times, " that there are so many unresolved issues"virtually every effort to weaken the bill involves watering down or undoing these reforms either explicitly or by or by adding fiendishly convoluted language that obscures the bill's purpose."

When was the last time you saw the word "FIENDISHLY" in the New York Times

Speaking of fiends, The Financial Times, "reports: "Obviously, the idea is to kill it when no one is looking, which of course serves the industry. If you kill it now (and that is warranted, this is a poorly conceived measure), then the powers that be might have to come up with something sensible. But that might inconvenience the industry. This little finesse is perfect for them."

Example: Writes Tiffiney Cheng of A New Way Forward: "The derivatives bill that Senator Dodd is trying to kill is the part that Joseph Stiglitz called the best part of the ENTIRE reform package-- the last single strongest thing in the bill, the only thing that would really require a change in the way the biggest banks operate, and stops subsidies for toxic bets."

Phase two: Immediately say something like "That's okay! You see, most people, if they see the card go over here," Pick up a loser and the winner in your right hand, and fake throw to the left as you say "here". "figure that as long as they don't bet on either of these cards," pick up the other loser under the winner you are now holding in your right hand. Apparently the winner is to the left and you are holding the two losers. As you say "either of these cards" turn over your right hand to show the lower card (the loser), fake throw to the middle, and then turn your right hand over again to show the same loser again, and drop it to the right. You have, apparently, tossed the winner to the left, and then shown the two losers to be in the middle and to the right.

"The thing is" pick up the middle card, the winner, with the right hand, and then the one to the left, which they think is the winner. "when they bet on this card, they lose." Turn over the right hand to show the loser. Fake throw to the left. "It's only when you bet on this card" flip the card in your right hand face up "or this one" use the card you're holding to flip over the loser on the table to the right "that this one's ever going to be the winner." Drop the card you're holding face up, and then turn over the winner.

And as for action against financial fraud and crime, that's virtually non-existent even on the day that the newspaper of record ran another story on its front page about how Goldman Sachs defrauded its customers and clients.

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News Dissector Danny Schechter is blogger in chief at Mediachannel.Org He is the author of PLUNDER: Investigating Our Economic Calamity (Cosimo Books) available at See
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