banned from Kos
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Thu Oct-13-11 10:32 AM
Original message |
Former Goldman Sachs board member sentenced to 11 years in prison |
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Edited on Thu Oct-13-11 10:40 AM by banned from Kos
http://dealbook.nytimes.com/2011/10/13/rajaratnam-is-sentenced-to-11-years/That is about conviction #20. Can we finally put to rest the myth that "none of Wall St has been prosecuted"? --------- edit - error. Rajat Gupta is the Goldman guy - he was indicted at the same time and is next up. http://www.bloomberg.com/news/2011-03-01/ex-goldman-sachs-director-rajat-gupta-tipped-off-raj-rajaratnam-sec-says.html
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closeupready
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Thu Oct-13-11 10:36 AM
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1. Why would we put to rest the "myth" that "none of Wall St has been prosecuted"? WTF? |
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He was sentenced for something related to the recession? I don't think so.
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Lint Head
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Thu Oct-13-11 10:45 AM
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2. I don't think it was just 20 people that crashed the world economy. |
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You're right people have been convicted for financial crimes and have been since the current economic system has been in place. Madoff's crimes was specific to lying to investors and misappropriating their money or outright theft.
Selling mortgage funds to people that you know will fail and bet they will fail yet represent them to the buyer as a good investment is outright robbery. There should be hundreds of people in jail. More of these thieves should be arrested than the current number of demonstrators arrested.
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Vincardog
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Thu Oct-13-11 11:19 AM
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3. He was convicted of insider trading not any of the illegal activity that caused the mega meltdown |
JackRiddler
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Thu Oct-13-11 01:48 PM
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4. Bullshit. How do you even imagine that's remotely true? |
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Individuals getting caught for individual crimes happens sometimes. So what?
You're a quantitative guy, so tell us: How many such cases in the last 3 years? You say 20? How many were there in the prior 3 years? What's the baseline?
The mass institutional crimes centered on the subprime mortgage securities and derivatives frauds of 2002-2008 remain, not merely unpunished, but rewarded with trillions in public payouts and hundreds of billions of dollars in bonuses paid, before and since the exposure of the fraud, to the primary perpetrators of the fraud.
Their institutions are more powerful today and more in control of all three branches of the former constitutional government than ever.
By contrast, the entire world economy is burning and tens of millions of people are drowning in debt thanks to the witting actions of these perpetrators, who, like the poachers, knew they were killing the six-ton elephant so that they could profit from a few pounds of ivory.
There has been no justice, only ever-greater injustice. And so it will go, as long as the ratings agencies who provided the central element of the fraud are allowed to continue terrorizing the world's nations. Like prior auditing conspirators in mass corporate fraud (e.g., Arthur Anderson), Moody's and Co. must be shut down and seized, as the prelude to the prosecution of the primary perpetrators who sit in the executive suites at Goldman BoA Citigroup Chase et al. There is no justice until the Too Big To Exist entities, who have openly seized power in this nation and continue to wage their rabid plunder of the 99 percent, are liquidated.
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Initech
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Thu Oct-13-11 02:02 PM
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5. One day they'll all get caught. And then we will be free. |
DU
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Thu Apr 25th 2024, 11:16 PM
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