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General News    H2'ed 5/1/10

Will Any Goldman Sach Execs Go To Jail? What Next on Wall Street?

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HOW SINCERE IS THE CRIMINAL CASE AGAINST GOLDMAN SACHS?

Will Anyone At The World's Most Powerful Investment Bank Go To Jail?


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By Danny Schechter

Director. Plunder The Crime Of Our Time


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Will Goldman survive the assault? Will the threat of criminal charges being pursued against the world's leading investment bank spill over onto others on Wall Street? Is the criminalization of the crisis underway, or is all this just a maneuver?


For the last two years, I have felt lonely and isolated with my calls for a jail-out, and insistence that theft, fraud and crime are at the heart of the economic disaster that has befallen us. I have written two books documenting my contention and just released the film Plunder The Crime of Our Time treating the economy as crime scene.


There are a few other voices out there making a similar claim---Bill Black, the former Bank regulator, US Senator Ted Kauffman, and even billionaire investor Jim Chanos, among them. Most politicians of both parties and media pundits have dismissed the suggestion, preferring to believe that virtually everyone was to blame and, hence, noone was to blame


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Most say finance professionals considered the "smartest men in the room" only made "mistakes" because of economic trends no one could have anticipated.


Never mind the 1000 plus bankers who went to prison after the S&L crisis. That was then, and this is now, nearly ten years after the financial services industry pulled off a costly legislative coup through lobbying and campaign contributions to erode regulations and decriminalize the playing field. With a major PR campaign in a complicit media, they packaged their agendas in the language of modernization and innovation.

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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 Amazon.com. See Newsdisssector.org/store.htm.
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