Today the SEC announced insider trading charges against Goldman Sachs and Proctor & Gamble.
Do I see a cop?
Maybe….although we’ll see if the criminals actually get prosecuted under criminal law or if they get off with a little fine.
This is a prefect illustration of how some of our biggest corporations work with those on Wall Street to circumvent laws that should prevent this sort of behavior. The problem is, they don’t. This is because the penalties for breaking these laws, at least as applied to our most prestigious corporations and investment banks, are merely fines, despite the fact that these actions are crimnal in nature and should be penalized with hardcore jail time. If the penalties for being caught robbing a local store were merely a fine, wouldn’t you turn around and do the same thing the next day? How fabulous would YOUR checking account appear if you could disregard mark-to-market accounting? I don’t know about you, but I’d have a swimming pool and at least two Corvettes. What kind of home would you be living in if you were able to have inside information regarding which way a stock would go, three days before it happened? And you could have all this without fear of going to jail? Just pay a little fine and be on your way. This is precisely what happens to those on Wall Street and those running our big corporations anytime they are caught in an illegal act.
This circumvention of laws that are applied to the rest of us is precisely why all of We The People’s money is being stolen and systematically funnelled to the top 1% of our country. It is NOT that capitalism is evil, it is that some people have very successfully managed to circumvent equal protection under the law by paying our regulatory agencies and our legislators to look the other way. Big profits by Wall Street and our large corporations go directly to electing those that will vote in favor of an agenda that benefits Wall Street and the large corporations.
Anyone who thinks protecting Wall Street is protecting capitalism is delusional. You’re advocating for fascism – which is exactly what our system has become – ALREADY. What we need to do to RESTORE capitalism is for our existing laws to be enforced, applicable to EVERYONE. We don’t need new ones. We don’t need a new system: WE NEED TO ENFORCE EXISTING LAWS WITH THEIR APPROPRIATE PENALTIES. Then perhaps we can talk about finally rescuing this country and stopping this insanity.