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Finger Pointing and Payoffs

Posted by Larry Doyle on April 9, 2010 9:12 AM |

Who in America is going to stand up and accept appropriate culpability for his/her contribution to our current economic crisis? Who in America is also willing to expose the incestuous nature of the Wall Street-Washington relationship which provided the cover for the activities which have debilitated our nation?

Let’s review what we have learned so far:

1. Blame has been directed at bank executives…but they got paid handsomely, and have not accepted full responsibility.

2. Blame has been directed at ratings agencies….but they also got paid handsomely to provide ratings, while not really knowing what they were doing.

3. Blame has been directed at regulators…but the executives at FINRA got paid handsomely while the regulators at the SEC were largely asleep at the post. What was the payoff for SEC regulators? A hoped for job on Wall Street.

4. Blame has been directed at mortgage originators…but they also got paid.

5. Blame has been directed at consultants…how pathetic, but the consultants also got paid.

6. Blame has been directed at Fannie Mae and Freddie Mac execs…but they really got paid.

With all the finger pointing, the blame gets disbursed BUT nobody has stood up and highlighted the fact that the system itself, which allowed for these activities, is to blame. What is at the core of that system? The fact that Washington politicians and regulators were very effectively bought off by Wall Street….and it is ongoing!!

When will those who are investigating, that is the pols and the regulators, become the investigated? When will the Financial Crisis Inquiry Commission truly turn the tables and shine the bright lights on these incestuous participants?

When will the actions or inactions of these individuals (the list is too long but let’s start with Dodd, Gramm, Rubin, Schapiro, Emanuel, Summers, Paulson, Geithner et al) be fully vetted? Connecting the dots between the breakdown in regulations which promoted our crisis and the financial and political payoffs to this crowd is the investigation that America wants and needs to see.

Public service covering personal, private, individual profit and wealth accumulation by those involved in the incest is nothing more than a charade.

Don’t think for a second that America is not becoming increasingly aware that the Wall Street-Washington incest has eroded our nation’s moral fiber, while mortgaging our children’s future.


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