General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSpitzer: Wall Street will not be ‘too big to indict’ in 2013
In a commentary posted on his shows website on Friday, Current TV host Eliot Spitzer predicted more Wall Street heavy hitters would be held accountable for their misdeeds next year.
Every major institution, just about, has been wrapped up in some significant scandal, Spitzer said. Lets recognize two things: that they are too big to manage and they are not too big to indict. [If] we agree on those two principles, then maybe we can begin to make them smaller, manage them better.
Even if the financial sector didnt want to admit it, Spitzer said, developments like the recent scandal involving the London Interbank Offered Rate (Libor) which led to a mammoth plea bargain by the Swedish bank UBS and the lawsuit against JPMorgan Chase indicated that law enforcement had finally turned a corner in its approach to financial mismanagement.
I think the Justice Department finally has awakened to the reality that simple money damages and money penalties arent enough, the Viewpoint host and former governor of New York said. And there are going to a lot more criminal cases brought against institutions.
An increase in prosecutions, he said, would shake senior management into pleading guilty, if only at the corporate level.
Indict the bad actors, things will change, Spitzer said. Capitalism is good, it works. Im a huge fan of it. But youve gotta live within the boundaries of playing straight.
Watch Spitzers commentary, posted Friday at Current TV, below.
Raw Story (http://s.tt/1xMwY)
OffWithTheirHeads
(10,337 posts)Stealing from the 99% seems to be what government is in place to make legal.
russspeakeasy
(6,539 posts)loudsue
(14,087 posts)Pisses me off.
liberal_at_heart
(12,081 posts)Egalitarian Thug
(12,448 posts)Especially from this guy.
And I love the "mammoth plea bargain" part as well. They paid almost 5% of the money they made in a single year from the crime.
msongs
(67,406 posts)Octafish
(55,745 posts)Earth_First
(14,910 posts)Fines which equate to single precentage points of quarterly profits?
As was already stated, I'll believe it when we see it...
mick063
(2,424 posts)It falls upon the peasants to bring out the razor.
They damn well better accept a new threshold of accountability. People, world wide, are growing increasingly upset with the notion of aristocratic invulnerability.
ALEC is no match for the pissed off hordes.
Nye Bevan
(25,406 posts)and money laundering to disguise payments to said prostitutes, it's ironic for him to be huffing and puffing about people not being held accountable for their misdeeds.
rhett o rick
(55,981 posts)By the way, narrowly escaping prosecution means he is innocent. Of course Nancy Grace and Repukes would still think he is guilty because he is progressive. Why do you disparage him?
Fumesucker
(45,851 posts)It's just a fact and it does detract from what the man is doing at the moment.
rhett o rick
(55,981 posts)DCKit
(18,541 posts)Isn't Goldman Sachs still running that bank of super-computers and pre-trading every single transaction? Haven't heard a word about anyone stopping that.
liberal_at_heart
(12,081 posts)kelliekat44
(7,759 posts)You will find them on Wall Street and Banking headquarters sitting behind big desks instead of behind bars.