Is It Corruption Or Incompetence?

No writer of fiction, prize winning or fantasy fool could ever make this stuff up.  Our United States Attorney General has just given all of the U.S. attorneys ninety days to bring cases against those financial and bank individuals who were involved in the financial crisis, in this case, the mortgage back securities frauds.  Is it me or does it seem a little late at this juncture to start worrying about the MBS frauds?  In 2008 were had already seen the problems appear and by 2009 we were witness to the tales of Robo-Signing for the hundreds of thousands of repossessions that were taking place around the country.  By 2010, the economy was so bad that mortgage default was extremely common as were the drops in real estate prices across the countries.  The fact that loans were fraudulently entered into by mortgage brokers, real estate brokers, the buyers, and the banks didn’t seem to raise an eyebrow at the Justice Department.  And the fact that these loans were packaged into securities without the proper legal papers never bothered Mr Holder before.

Time and time again in the last six years all this has been brought to Mr Holder’s attention but because he did not consider it racism the fraud didn’t seem to matter until now.  We have had both the Senate and the House committees and subcommittees hold hears seeking answers to the various charges and now it finally dawns on Mr Holder that perhaps we should pursue the cases of fraud?  The legal and executive abilities of this Attorney General mirrors those of his boss.  The various miscreants must be republicans, that is the only possible solution.  I mean, my god!  We had Fannie Mae and Freddie Mac, and HUD pulling this same crap and where are the investigations let alone the indictments?  Or course he might have taken his cue from the past Supreme Court decisions.  The ruling by the court on the bondholders of General Motors bonds certainly left the left the question of when is a contract not a contract.  Of course we finally understand why the court decided that the ACA is really a tax since those wonderful consultants wrote it as such and convinced Congress that it was a tax even though those same people are now trying to convince the court that it is not a tax and that the court erred in saying it was.  My god!  What has happened to the rule of law in this country?

Meanwhile we have the high frequency trading done by many hedge funds using arrays of computers and sophisticated algorithms that were supposed used to pump liquidity into the stock market but are instead used to from run the market, something that is very illegal.  The rule is, when you offer a buy or sell quote it must be filled or withdrawn if there are no takers.  Instead, the HFT algos offer thousands of quotes in milliseconds to discover the price and either bid it up or down, depending on the algo.  Joseph Kennedy and his cronies used to do this in the twenties, before the crash.  They would buy and sell the same stock among them until some sucker would finally pay the highest price they could extort out of him.  The  SEC regulations prohibit that since 1933 and Kennedy was named to the senior post, a sort of set a thief to catch a thief policy by FDR.  Where are the investigations, where are the indictments?  What happened to the rule f law?  Oh, that’s right, Holder came from Goldman Sachs, can’t bite the hand that feeds you.  Why is there a revolving door between the banks and financial institutions and the various agencies that are suppose to regulate them?  Was it just hope that this time it would be different, is that what changed, Mr President?

First we lost the regulations that kept banks in their own states.  The banks screamed that they needed to be nation wide to compete with all the world wide foreign banks.  So like fools we let big banks incorporate in Delaware and have branches in every state.  This meant that they were no longer subject to the state auditors and regulations.  Then we did away with the regulation that kept investment banking separate from commercial and retail banking.  Well, there went Lehman Brothers and began the mergers of ever larger and larger banks who are now labeled Too Big To Fail.  Well, if they are too big to fail then they must be a public trust and let us nationalized the suckers.  And any failure will lead to federal prison time for the top officers.  But no, we have become so corrupted that we have sold our birthrights like Joseph, we deserve to wander in the desert.

But it just doesn’t stop there, does it.  We have the IRS scandal and the missing emails and where was Holder?  No crime here, obviously conspiracy is not a felony.  Did you know that a conspiracy to commit a misdemeanor elevates that misdemeanor to a felony?  Man, that’s basic business law 101.  But somehow a conspiracy to break departmental regulations concerning investigations is innocent horse play.  My god, where is the rule of law in this country!  And if the DEA decides to sell weapons to drug cartels in Mexico, contravening export laws of both countries while ATF laws are also broken (selling automatic weapons to unlicensed individual is illegal, particularly when such individuals are foreign citizens and possible convicted felons), where are the investigations and the indictments?  I’m sorry but just because they happen to be federal employees and most likely members of the democratic party does not mean they can have Get Out Of Jail Free cards handed to them.  Law either works for all or it works for no one.  It is an either or situation and one does not get to pick and choose who can do the wrong doing without the slightest disapproval and who gets their rear ends held in jail for years on end.  How can one justify suspending the rule of law because it happens to be an inconvenience at the time?  What is the possible greater moral good you invoke?  Without rules, even informal rules of behavior, society disintegrates into chaos, into oblivion.  Public trust is not gained immediately because you want it, it is earned.  And once destroyed it is not easily regained.  If we do not have rule of law we do not have a society worth lining in, worth dying for, worth raising our children in.  Once we destroy cooperation, that is what rule of law is about, we destroy society, we destroy civilization.  We are all dead!  This administration, this presidency, will go down as the most morally corrupt and the most incompetent in the history of the United States.  And it will be a long time before we put black men in positions of high public trust.  You know, the Tuskegee Airmen of World War Two never lost one single bomber they were assigned to escort to the enemy targets.  Not a single one!  As maligned a group of men as they were and called every name in the book, they proved that this thing called Race was nothing more than a lie.  They were the equals of any group of white pilots in the sky, perhaps more so.  Mr Obama and Mr Holder, what have you done to uphold their legacy?  Where is your excellence?  Why aren’t you ashamed of yourselves?  Oh yes, there might be some fraud done by some people.

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