Monday, March 2, 2009

Malefactors of Great Wealth: Is it Not Time that Wall Streeters Spend some Time in Jail?


" Almost a century ago, Teddy Roosevelt railed at ''the malefactors of great wealth'' who controlled the trusts; in 1933, F.D.R. lashed out at the ''unscrupulous money-changers'' who had manipulated the market. "


  • Today the Stock Market dropped 300 points because they do not like the direction that our elected president has chosen for our nation. Why are we allowing them to do this?
  • Why is it that the people who caused this meltdown are not being called to account?
  • When there have been in the past government actions that resulted in disaster like Pearl Harbor there have been investigations and indictments. Why is this not happening now?
  • Why isn't Phil Gramm being asked to account for being a major cause of this meltdown?
  • Why is Bernie Madoff still living in his penthouse?
  • Why are we bailing out AIG again but no one from AIG is in Jail?
  • Why are we allowing the 'freemarketeers' whose philosophy lead us to try to drive the debate?
  • Why aren't we re inacting Glass Seagall and separating Banking and Investment Companies?
  • Finally why isn't someone who wants our President to Fail called a Traitor?
  • Someone Tell Me Why?


Michael Rew said...

Madoff should be in jail for his fraudulent activity. But when should it a crime to sell stock and lose money?

Plattes said...


People don't go to jail for imprudence. On the other hand companies have had their stock beat down to nothing, wiping out employees' career savings. There are many consequences for living on borrowed money, and when trust evaporates, you get the sort irrationality we've seen. But this too is a phase--if one with lasting consequences--and the level of patience and faith this requires will make the tech-bubble seem like a trailer to a very dark film indeed. This is actually good for writers. Oh, and Gramm-Leach-Bliley is a true culprit but Citigroup is paying the price don't you think?