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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy Haven’t Bankers Been Punished? Just Read These Insider SEC Emails . . .
Kidney became disillusioned. Upon retiring, in 2014, he gave an impassioned going-away speech, in which he called the SEC an agency that polices the broken windows on the street level and rarely goes to the penthouse floors.
In our conversations, Kidney reflected on why that might be. The oft-cited explanations campaign contributions and the allure of private-sector jobs to low-paid government lawyers have certainly played a role. But to Kidney, the driving force was something subtler. Over the course of three decades, the concept of the government as an active player had been tarnished in the minds of the public and the civil servants inside working inside the agency. In his view, regulatory capture is a psychological process in which officials become increasingly gun shy in the face of criticism from their bosses, Congress, and the industry the agency is supposed to oversee. Leads arent pursued. Cases are never opened. Wall Street executives are not forced to explain their actions.
Kidney still rues the Goldman case as a missed chance to learn the lessons of the financial crisis. The answers to unasked questions are now lost to history as well as to law enforcement, he said. It is a shame.
THE REST:
https://www.propublica.org/article/why-havent-bankers-been-punished-just-read-these-insider-sec-emails
Frank Cannon
(7,570 posts)BTW, I highly, HIGHLY recommend it to anyone who hasn't seen it. Highly entertaining and educational, with terrific performances by Christian Bale, Steve Carell, and everyone else involved.
Anyway, I loved the scene where Carell's team is leaving the hotel in Vegas and we see the SEC investigator kissing the Wall Street banker just before she gets into a cab and he gets into a limo, implying that she literally just slept with him.
bigwillq
(72,790 posts)MrScorpio
(73,631 posts)Last edited Fri Apr 22, 2016, 12:44 PM - Edit history (1)
This is pretty much the accumulative effect of years of Reagan inspired anti-government rhetoric, as planned in the Powell Memo.
Not to mention the fact that GOPers have succeeded in instilling in the minds of people that government doesn't work by getting into government offices and not making it work. Rather than being watchdogs of business, government has become caretakers of business.
The fear of failure is palpable. We are now nothing more than an oligarchy.
SHRED
(28,136 posts)PatrickforO
(14,577 posts)'political revolution,' because the ONLY thing that can reverse this is massive pressure from a newly aware and enraged American populace. We have to stand up. Yeah we got fucked by the Powell Memo and Reagan's message, the rise of the neoconservative and neoliberal movements. Yeah we did.
Because we simply laid down for it - we elected increasingly mediocre people to office, then simply crossed our fingers and hoped for the best.
Well, the best ain't gonna happen unless we force it to through massive and peaceful civil unrest. That is what Bernie is saying, and I agree.
Nye Bevan
(25,406 posts)does blaming "rhetoric" that was "inspired" by a guy who was president 30 years ago really cut it as an excuse?
scottie55
(1,400 posts)And the fact that everyone else took the money, and would fight for their owners against any reckoning for their crimes.
I don't blame Obama as much as the whole rigged system.
Banksters buy politicians until we stop them.
No politician is going to go after them after they paid for the said politicians campaign.
MrScorpio
(73,631 posts)No one, and I mean no one will ever prosecute bankers for making money through crony capitalism in this country.
Unless there is some sort of revolutionary sea change where the vast majority of Americans decide that anything and everything that can be done to reverse the decades long upward redistribution of wealth to the richest of the rich, we shouldn't expect anything to change.
Money and power have cemented the oligarchs and the banks into their exalted positions.
Frankly, until we start building guillotines, they have nothing to be afraid of.
I just wonder if there's any hope of recovering from this debacle.
It's a cancer eating us alive from the inside.
padfun
(1,786 posts)Because we ALL know why they haven't been punished. The Kings and Queens NEVER punish themselves.
Did anyone really expect anything else in a plutocracy?
HughBeaumont
(24,461 posts)So say the Republicans/Libertarians/Third Weigh.
Sad thing is, they're probably right. The fact that what they did IS likely perfectly legal (and too complex for the average sportsbar schlub to understand) is proof positive this dirty system needs to be reformed. And everyone will be waiting mofos if they think the P90X Ryan Congress is getting going on that project any year soon.
jwirr
(39,215 posts)kairos12
(12,862 posts)KG
(28,751 posts)pay no attention to the fact the AGUS was formerly a corporate laywer. and is one now.
Octafish
(55,745 posts)For those without integrity, a pot of gold awaits...
Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard
Linette Lopez
Business Insider, Aug. 1, 2012, 2:57 PM
Neil Barofsky was the Inspector General for TARP, and just wrote a book about his time in D.C. called Bailout: An Insider Account of How Washington Abandoned Main Street While Rescuing Wall Street.
SNIP...
Bottom line: Barofsky said the incentive structure in our nation's capitol is all wrong. There's a revolving door between bureaucrats in Washington and Wall Street banks, and politicians just want to keep their jobs.
For regulators it's something like this:
[font color="green"]"You can play ball and good things can happen to you get a big pot of gold at the end of the Wall Street rainbow or you can do your job be aggressive and face personal ruin...We really need to rethink how we govern and how regulate," Barofsky said.[/font color]
CONTINUED... http://www.businessinsider.com/neil-barofsky-2012-8
...For those with integrity, along for the rest of us, it's Austerity Time. Again.
tiredtoo
(2,949 posts)Will it ever end?
scottie55
(1,400 posts)Just Because Corruption Is Legal How Do We Justify It? How Should We Stand For It? Allow It?
http://www.democraticunderground.com/125210380
99th_Monkey
(19,326 posts)leveymg
(36,418 posts)We see it from the outside. The financial services industry counts on it to continue doing business as usual. For agency lawyers, it's a way to make their way into the revolving door. This federal government is unbelievably corrupt where big money is at stake.