Little Fish, Big Fish: The Illusion of the Prosecution of Wall Street

[marmar]

from the Working Life blog:



Little Fish, Big Fish: The Illusion of the Prosecution of Wall Street

by Jonathan Tasini
Thursday 27 of October, 2011


Gupta. Rajaratnam. Blaring headlines are a potentially dangerous distraction from the truth: the bankers responsible for the economic catastrophe that wiped out millions of jobs and trillions of dollars in wealth are still free and clear, reaping tens of millions of dollars more and laughing all the way to next purchase of a yacht or mansion. We need to keep focused on the truth--the system is giving a pass to the real crooks.

I have no sympathy for these guys:

Rajat K. Gupta, a former director at Goldman Sachs and Procter & Gamble, pleaded not guilty Wednesday to insider trading charges, setting the stage for a courtroom battle that will extend the government’s broad crackdown on Wall Street to the corporate boardroom.

On Wednesday, a federal grand jury in Manhattan charged Mr. Gupta, 62, with one count of conspiracy to commit securities fraud and five counts of securities fraud. He is accused of sharing corporate secrets about Goldman and Procter & Gamble with Raj Rajaratnam, the co-founder of the Galleon Group who was sentenced to 11 years in prison earlier this month for insider trading.

But, let's be absolutely clear: this is not what has hurt people throughout the nation and the globe, bringing vicious austerity to the doorsteps of tens of millions of people, impoverishing a generation or more of workers and obliterating trillions of dollars of wealth from pension funds and savings of regular people.

Insider trading is a crime. But, it's a crime that is a pimple compared to the vast conspiracy and crime THAT IS GOING UNPUNISHED. ............(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15327

[hulka38]

1. Absolutely.

[Eddie Haskell]

2. Right as rain. This prosecution has nothing to do w/ the

mortgage fraud.

[woo me with science]

3. Thank you.

We have been fed this crap too many times.

[redqueen]

4. "a pimple compared to the vast conspiracy and crime THAT IS GOING UNPUNISHED"

Exactly. And what is the SEC doing? What is the AG doing?

Trying desperately to distract the hoi polloi with insider trading busts and MMJ crackdowns, that's what.