Why won't the financial media cop to this blatant immorality as they treat "the law" as sacrosanct? Would they have recognized lynching and racism as legal because Deep South legislatures passed laws allowing segregation? How are the laws bought by Wall Street any different?
The housing bubble was built on bedrock of deception and fraud linking shady subprime brokers and appraisers to a whole industry that structured financial products and then resold them with misrepresented values with the complicity of unethical ratings agencies.
The FBI has been denouncing, investigating and indicting those what they call a "fraud epidemic." The selling and reselling of worthless asset-backed securities is a centerpiece of the larger crime, as was the practice of overleveraging these schemes, insuring and even betting against them by companies like AIG with swaps, CDO's etc. etc.
We are not talking about a handful of executives like the 25 people Time Magazine listed as responsible for the crisis. We are dealing with a criminal enterprise of tens of thousands who benefited.
Martin Wolf of the Financial Times explained that three industries came together with thousands of employees to run the FIRE economy--Finance, Insurance and Real Estate. Their infrastructure was big, --In between the ultimate borrowers and the risk takers were loan originators, designers and packagers of securitized assts, ratings agencies, sales staff, managers of banks and SIVs (structured investment vehicles) and managers of pension and other funds"
They all worked together like a cabal to perpetuate what I call the crime of our time.
Will these people ever face justice?
News Dissector Danny Schechter directed Plunder The Crime Of our time and wrote the companion book. For info: plunderthecrimeofourtime.com. Comments to dissector@mediachannel.org
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