Corruption in Financial Institutions Goes Unpunished
Posted by Frugal on January 18th, 2010
When Enron and WorldCom debacle happened, the people who were responsible went to jail. When financial & mortgage (CDS, SIV, etc.) markets collapsed, NO ONE is even investigated. We are talking about trillions of dollars, and our government officials didn’t even put anybody through legal proceedings. Oh, sorry, I forgot! There is one. The whistleblower for the case on UBS collusion with tens of thousands of multi-millionaires to evade US tax got 3 years and 4 months of jail time, while ALL others at UBS and all the multi-millionaires got a free pass. Can you believe this? The rule of laws in this country are controlled by the “ruling elites” who are the bankers, lawyers, and government officials. Where is the justice for the common people? There is something seriously wrong in this country. After all, the whistleblower Bradley Birkenfeld helped US to recover $780 million dollars from UBS. For that, he got 40 months of prison time. Now, let’s see who else is going to mess around with the “big guys”.
When all the money is coming from future generations instead of our pockets, nobody is paying much attention. Yeah, just put it on our national credit cards. US is running at a rate of about $130 billion every month (average rate from July 1st to Dec 31st), which is about the entire net worth of one Berkshire Hathaway or Intel company. Who is going to foot the bill when it is due? It will be everyone of us.
If we do not voice our concerns, and take a stand for liberty and justice, we will all lose it, if not one by one. Prison statistics show this clearly. US has 5% of the world population, but has 25% of the all the jailed population in the world. Ranked #1 in the incarceration rate in the world. Higher than Russia and China. You have to wonder whether our cops are better, or US citizens are more immoral, or just maybe some innocents are jailed unnecessarily.
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January 19th, 2010 at 1:46 pm
What has happenned is analogous to running a high speed train on tracks laid 60 years ago.
These are systemic issues that have affected all organizations. The Government will ultimately find regulators and themselves guilty if they propose to investigate.
January 19th, 2010 at 3:53 pm
Not to get all political on your webpage; however, there are some heroes out there tyring to stop the national debt problem which will provide more dividends than any other program out there.
Ron Paul, and his son Rand, and Peter Schiff are tyring their hardest to stop this government spending spree.