It’s 2012, and the frauds are still free


I wonder if the old Stones’ song “I’m Free” is on Lloyd Blankfein’s iPod?

The song crossed my mind while reading Danny Schechter’s article about the media’s “lack of any real investigation of Wall Street crimes, and the indictments of wrongdoers.” It’s not as if the evidence of high-level malfeasance isn’t there, or that high-powered news organizations don’t know where to look for the evidence:

… The barely exposed chain of criminality that started in some salon of securitisation and then rippled across the world… has its origins in Wall Street, where three industries colluded as a cabal to sell fraudulent subprime loans and then transfer fees and foreclosures from poor and middle class Americans to themselves.

Where is the examination of the pillars of our “FIRE” economy – Finance, Insurance and Real Estate. They became the interconnected cogs in a leverage machine to enrich themselves while plundering the rest of us.

So far, this story affecting so many millions has not really crashed through in the 1 per cent media machine, with a few exceptions here and there…

Schechter notes the connection between the corporate media’s indifference to Wall Street fraud and its indifference to signs of even bigger trouble ahead:

Just as many outlets did not warn us about the coming market meltdown, most are not warning us today about what will happen if the depression we are already sinking into deepens.

The military is making contingency plans as things get worse; reports the Telegraph, “The military planning work has come to light after The Daily Telegraph disclosed last month that British embassies in the eurozone have been told to prepare emergency plans for the demise of the euro and the possible civil disorder that could follow.”

This could be one reason for the passage of the new NDAA defence authorisation bill that provides for rounding up dissidents branded as terrorists while suspending legal protections.

Read the whole story to see Schechter’s short list of media people who are on the case regarding Wall Street fraud.

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This entry was posted in economic collapse, Goldman Sachs, Great Recession, mainstream media, Occupy Wall Street, Politics, The New Depression, unemployment, Wall Street and tagged , , , , , , , , . Bookmark the permalink.

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