Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.That Rolling Stone article is a must read. Matt Taibbi explains how the entire system that is designed to monitor and regulate Wall Street is so fucked up that it actually serves to protect financial criminals. This is how the system works for the richest:
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."
— Excerpt from Why Isn't Wall Street in Jail? by Matt Taibbi.
Criminal justice, as it pertains to the Goldmans and Morgan Stanleys of the world, is not adversarial combat, with cops and crooks duking it out in interrogation rooms and courthouses. Instead, it's a cocktail party between friends and colleagues who from month to month and year to year are constantly switching sides and trading hats. At the Hilton conference, regulators and banker-lawyers rubbed elbows during a series of speeches and panel discussions, away from the rabble. "They were chummier in that environment," says Aguirre, who plunked down $2,200 to attend the conference.And these super-wealthy elite criminals are amazingly skilled at whipping up a distracting frenzy of populace rage against... unbelievably... health care, socialism, and unions. I don't know what will convince them to re-aim their pitchforks.