Matt Taibbi: Why Isn’t Wall Street in Jail?

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Democracy Now!
Feb. 22, 2011

“Nobody goes to jail,” writes Matt Taibbi in the new issue of Rolling Stone magazine. “This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth.” Taibbi explains how the American people have been defrauded by Wall Street investors and how the financial crisis is connected to the situations in states such as Wisconsin and Ohio.

[…]

MATT TAIBBI: Governor Kasich, yeah, and he was intimately involved with selling—getting the state of Ohio’s pension fund to invest in Lehman Brothers and buy mortgage-backed securities. And of course they lost all that money. And this, broadly, was really what the mortgage bubble and the financial crisis was all about. It was essentially a gigantic criminal fraud scheme where all the banks were taking mismarked mortgage-backed securities, very, very dangerous, toxic subprime loans, they were chopping them up and then packaging them as AAA-rated investments, and then selling them to state pension funds, to insurance companies, to Chinese banks and Dutch banks and Icelandic banks. And, of course, these things were blowing up, and all those funds were going broke. But what they’re doing now is they’re blaming the people who were collecting these pensions—they’re blaming the workers, they’re blaming the firemen, they’re blaming the policemen—whereas, in reality, they were actually the victims of this fraud scheme. And the only reason that people aren’t angrier about this, I think, is because they don’t really understand what happened. If these were car companies that had sold a trillion dollars’ worth of defective cars to the citizens of the United States, there would be riots right now. But these were mortgage-backed securities, it’s complicated, people don’t understand it, and they’re only now, I think, beginning to realize that they were defrauded.

[…]

via Matt Taibbi: “Why Isn’t Wall Street in Jail?”

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Matt Taibbi on Article in Rolling Stone Magazine Titled, “Why Isn’t Wall Street in Jail?”(Excerpt)

see

“Why Isn’t Wall Street in Jail?” article in Rolling Stone magazine

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2 thoughts on “Matt Taibbi: Why Isn’t Wall Street in Jail?

  1. Pingback: How Wisconsin Can Turn Austerity into Prosperity – Own a Bank by Ellen Brown « Dandelion Salad

  2. Indeed. When the wool is first pulled from ones eyes, it takes a little squinting to adjust to the new perspective and to really take in what there is to see. but most people are not, as so often assumed, stupid. They’ll get it soon enough.

    Oh, and about those riots. Give it time…

    Time to plan for afterwards is now, because then it will be too late. If you were in Egypt, or Tunisia, or Libya today – what would you be doing? How do you ensure that a new way of being takes root in the fertile ground of possibility?

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