Foxes guarding the corporate coop

[Donnachaidh]

http://socialistworker.org/2010/05/10/foxes-guarding-corporate-coop

The financial meltdown of 2008 raises the question: Who will regulate the regulators?

May 10, 2010

THE CONGRESSIONAL post-mortem of the 2008 financial crisis has focused primarily on the handful of rogue banks--in particular, Lehman Brothers and Goldman Sachs--whose actions helped precipitate the meltdown. This serves the convenient purpose of deflecting attention away from the network of government and government-anointed personnel that could have stopped their misdeeds before they infected the entire global financial system.

Still, the investigations currently underway have provided a rare glimpse of the elite club of cronies who run the financial system from behind closed doors. All its members are culpable in the financial meltdown of 2008.

To be sure, the banks conned their clients in a manner befitting a Mafia family. But the government institutions that were empowered to police them were all too happy to look the other way until the deals went sour--en masse.

This includes many of the same members of Congress now spewing vitriol at bankers' shady business practices while TV cameras roll -- but who happily accepted corporate dollars when campaigning for election.

Much more at the link above --