Why Isn’t Wall Street in Jail? |Rolling Stone
Financial crooks brought down the world’s economy — but the feds are doing more to protect them than to prosecute them […]
The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted.
The immorality of Wall Street
Human-Stupidity was wondering long ago why Rating institutes’ AAA ratings for junk (causal for world economic collapse) went unpunished. Not only is the financial sector one big behemoth that profits from unproductive gambling in financial markets, The financial sector fraudulently rigs the game, gains immorally high commissions and ruins the world economy, banks, and entire countries like Ireland and Iceland.
When caught red handed, executives at Goldman Sachs, unaware that their own memos and emails had leaked, blatantly denied their wrong-doings under oath. What are the conclusions?
We need true morality in big world-moving issues.
- We need morality in economy and business. Maybe a Western Confucianism.
- Profit should come from production, not from financial gambling and fraud
- Big fraudsters need to face punishment.
- Or maybe the lesson is: Destroy your tracks. Don’t send and keep incriminating emails. When planning to con your own customers, don’t discuss it in writing
Our moral philosophers, religions, churches fail, philosophizing about silly issues like:
birth control, the beginning & end of life, sex & possession of child porn
Our churches, moral apostles and philosophers fail miserably. Entire countries get plundered, the world economy gets shattered, currencies are a house of cards waiting to collapse under collective debt. Banks make immoral profits from the world’s miseries. Our moral guides and philosophers are caught up in silly issues like
- abortion, immorality of birth control,
- when does life start, and
- forcing people to die miserable deaths, preventing people from choosing a dignified death,
- teenage sexuality, doctor playing children and
- all of Interpol focuses on child porn witch hunts imprisoning loners who possess 0’s and 1’s on their hard disks that constitute child pornography.
Our religions and moralists are just as useless and damaging as banks.
A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges
They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it.
A legal system that allows the financial sector to make huge gains while producing nothing, or worse, destroying the productive economy.
Total dishonesty. Outright fraud. Impunity. Rating institutes that give AAA rating to junk and don’t get punished. Governments that bail out banks instead of letting them pay for their mistakes.
Government and nations borrowing like there is no tomorrow
Governments that borrow money like there is no tomorrow. Impossible to service in case of interest increase. Pretty impossible to ever pay back. Entire countries get bailed out with insane amounts of money. When will the USA default, or when will China throw its US bonds and currencies on the market?
The entire world economy, currencies, financial industry, are a house of cards and a huge risk. Everyone’s savings, security, future are at risk.
We ‘just want to call attention to the topic and encourage readers to put up links. We unfortunately don’t have time and qualification to do profound analyses.
Goldman Sachs’ lies and perjury
"Goldman’s CEO claimed the firm ‘didn’t have a massive short,’ when the opposite was true." First of all, in Goldman’s own internal memoranda, the bank calls its giant, $13 billion bet against mortgages "the big short." Second, by the time Sparks and Co. were unloading the Timberwolves of the world on their "unicorns" and "flying pigs" in the summer of 2007, Goldman’s mortgage department accounted for 54 percent of the bank’s risk. That means more than half of all the bank’s risk was wrapped up in its bet against the mortgage market — a "massive short" by any definition. The People vs. Goldman Sachs
When caught red handed, executives at Goldman Sachs, unaware that their own memos and emails had leaked, blatantly denied their wrong-doings under oath. We pointed out above that we need serious moral codes.
This issue is bigger than what Goldman executives did or did not say under oath. The Levin report catalogs dozens of instances of business practices that are objectively shocking, no matter how any high-priced lawyer chooses to interpret them: gambling billions on the misfortune of your own clients, gouging customers on prices millions of dollars at a time, keeping customers trapped in bad investments even as they begged the bank to sell, plus myriad deceptions of the "failure to disclose" variety, in which customers were pitched investment deals without ever being told they were designed to help Goldman "clean" its bad inventory. The People vs. Goldman Sachs