The headline is a quote from investigative journalist Matt Taibbi, who has written some of the best articles on Wall Street fraud and greed and the mortgage/financial debacle. He’s writing about yet another bogus investigation into the unbridled greed and blatant fraud that brought the economy to its knees back in 2008.
Despite the hue and cry of millions of foreclosed homeowners and more than a few excellent journalists, there’s been nothing like real justice for what the big banks and Wall Street did to cause so much grief. And, aided and abetted by Congress (with a few notable exceptions), the Justice and Treasury departments, the President and the colluding “regulators,” the greed-crazed financial execs are winding up to take another whack at the economy.
How? By going on doing exactly what they were doing pre-2008, only now with even more arrogance and sense of entitlement, secure in the knowledge that they’ll get richer and get away with it again.
“These banks are not getting smaller; they’re getting larger. There are now more too-big-to-fail institutions than there were prior to the 2008 crisis.”
~ Gretchen Morgenson, Why Banks Are Still Too Big To Fail
The “too big to fail” myth is still alive and well five years after the first domino, Lehman, fell and seems to be accompanied by an overwhelming belief that the perpetrators are also too big to jail. That’s a very dangerous situation. Overthrowing countries dangerous.
And it’s not going to get reined in any time soon, not as long as our political leaders are so cozy with Wall Street and the big banks.
“When JPMorgan Chase CEO Jamie Dimon testified before the Senate Banking Committee earlier this year about the “London Whale” scandal, only two of the senators facing him had not received campaign contributions from his bank. Dimon was also called “Obama’s Favorite Banker” for a while.”
~ From Seven Things You Wanted to Know About Prosecuting Wall Street
Still holding out hope that somewhere, someone is investigating the facts behind your predatory mortgage loan or any of the fast-and-loose dealings that brought on the crisis? Sorry to say, the statute of limitations for some of the infractions is about to expire.
And that special task force on the mortgage crisis that President Obama announced in his January 2012 State of the Union speech? Well, without funds and staff, NY AG Eric Schniederman didn’t have much of a chance to
“…hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many homeowners.”
~ Barack Obama, 2012 State of the Union
I predicted at the time that it was just another of Obama’s false promises to beleaguered homeowners. Very disappointing that I was right.
What would revive our economy and our faith in the nation where we live? Easy. If you’re of a “certain age,” you probably said it every morning of your grade-school days:
“Liberty and justice for all.”
In the meantime, you can stop supporting the companies that are getting away with fraud by simply removing your patronage. Move your accounts to a community-oriented local or regional bank or credit union and go on about your business as if the big banks simply don’t exist.
I only want to hear about the banksters in one context: Wake me when someone goes to jail.