Sunday, January 27, 2013

Find' em, Fund' em and Forget 'em

Watch The Untouchables on PBS. See more from FRONTLINE.

The Untouchables was broadcast on Frontline this week as part of their continuing investigation into the Financial debacle of 2009 and it's aftermath. This episode deals with the so far lack of prosecution and the seeming hands off attitude of the Federal Government to Wall Street and the Financial Institutions. One of the people interviewed is Fim Maker, Nick Verbitsky, who made the Documentary, The Confidence Game in which he exposes the culpability of our Federal Legal System in letting these guys go on with their lives scot free and red handed.
The bottom feeders, the actual victims of the housing loan crash are the only ones who have suffered here. There have been a few billion in fines, but that is but a fraction of the real cost to the American Economy and even more so, the financial stability of the world.
The recent appointments of the Obama administration Mark 2, make me even more wary that there will ever be any meaningful reform of the American financial system. The sharks will never be punished which is wrong, because it only encourages the repetition and even more financial chicanery. I am sorry I can't embed the entire videos here, only the trailers, but the Frontline piece is one of the most lucid documentaries I have seen that explain the present state of non action  on the crimes of Wall Street and what they did and how they did it. I would recommend that you watch it.
We should take a lesson from Iceland. Wouldn't it  be nice if the Obama administration was paying attention:

Iceland President Olafur Ragnar Grimsson tells Al Jazeera's Stephen Cole that Europe should let banks that are ran "irresponsibly" go bankrupt. Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago. "We didn't follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery." Fact: Iceland is prosecuting and jailing it's criminal financial CEO's. when no one else is. Fact: Iceland is the most rapidly recovering economy on the planet now and they reject IMF Bailouts and the Austerity conditions it would have imposed on the Icelandic people!

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