Senate report on Wall Street crash: The criminalization of the American ruling class

[Hannah Bell]

The 650-page report is the outcome of a two-year investigation that involved over 150 interviews and depositions as well as the examination of subpoenaed emails and internal documents of major banks, government regulatory agencies and credit rating firms.

The report, entitled “Wall Street and the Financial Crisis: Anatomy of a Financial Collapse,” establishes that the financial crash and ensuing recession were the result of systemic fraud and deception on the part of the mortgage lenders and banks, carried out with the collusion of the credit rating corporations and the complicity of the government and its bank regulatory agencies.

...As the executive summary states: “The investigation found that the crisis was not a natural disaster, but the result of high-risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”

At a press conference Wednesday and in subsequent interviews, Senator Carl Levin (Democrat from Michigan), the chairman of the subcommittee, was even more explicit. “Using emails, memos and other internal documents,” he said, “this report tells the inside story of an economic assault that cost millions of Americans their jobs and homes, while wiping out investors, good businesses and markets. High-risk lending, regulatory failures, inflated credit ratings and Wall Street firms engaging in massive conflicts of interest contaminated the US financial system with toxic mortgages and undermined public trust in US markets.

http://www.wsws.org/articles/2011/apr2011/pers-a18.shtml

[Rex]

1. Well it is a good thing we gave Corporate America 1.6 trillion dollars!

Imagine what they would have done to us, if we would have said NO and allowed all these big business to fail! We could have taken the money and invested it! OR we could have paid for the military for about 3 years.

[snot]

2. K&R'd!

[dkf]

3. What has changed?

What measures have been put in place to ensure this never happens again? Are the regulators referring cases to the DOJ yet?

[99th_Monkey]

4. Good question. ~nt

[Javaman]

14. Lots of people have been hired to do studies as to what went wrong...

um, other than that nothing. Because, in reference to what you stated, nothing will change.

smoke and mirrors, my friend, smoke and mirrors.

[fasttense]

5. You can't criminalize a criminal.

"The overwhelming evidence is that those institutions deceived their clients and deceived the public, and they were aided and abetted by deferential regulators and credit ratings agencies who had conflicts of interest.”

A bunch of criminals got together and stole our national wealth.

Yet, nothing has been done except to put together a large report.

How are they not in jail?

[aquart]

6. So why aren't the bastards in jail?

[bluedave]

9. uhh

cause they are rich

[Angry Dragon]

12. +1000

Gitmo is still open........just saying

[alterfurz]

15. same as it ever was...

Laws are like spiders' webs which, if anything small and weak falls into them they ensnare it, but the large and powerful break through and escape. -- Solon, ca. 600 B.C.E.

[hobbit709]

7. And crickets is all we hear from the so-called Justice Department.

[hatrack]

11. Besides, they're too busy busting medicinal pot clubs and growers

:puke:

[scarletwoman]

8. Don't they really mean the "criminality" of the American Ruling Class?

I agree with the article, I just think they've misused the word, "criminalization".

[Wilms]

10. k&r n/t

[malaise]

13. K & R

for truth

[grahamhgreen]

16. Seize assets, tax em, and toss em in jail!