Sense on Cents

Incestuous relationships can last a long time. When two willing consorts are engaged in incest without it being exposed, the incest can grow and ultimately become cancerous. Incestuous partners may believe they are pleasing each other at little expense to other family members. What a lie. Make no mistake, there is always a third party involved in incest. Who is that? Collectively, the family. In the case of our financial crisis circa 2010, the incestuous relationship between Wall Street and Washington has badly damaged the American family. Let us not allow either of these incestuous partners to define our current turmoil by asking family members to pick sides.

Why am I writing this?

It is plainly evident to me that in light of the fraud charges brought by the SEC against Goldman Sachs, differing camps have developed amongst the American family. The range of comments left on my post yesterday, “Why I Think Goldman Is Guilty,” provides a good cross-section of feelings in America today. To be perfectly frank, I strongly agree with the main points in the bulk of the comments.

Do not allow either of the Wall Street or Washington incestuous partners to vilify the other in an attempt to curry favor with the American family. If we allow ourselves to be split, then the incest itself will gain victory and the needed transparency will not occur.

The simple fact is that in consorting with each other, both Wall Street and Washington have truly f#@%ed the American family. Let’s not lose sight of that reality. Let’s pressure both incestuous partners. Then and only then will our collective American family have a chance to move forward.

To that end, rest assured I will continue to call out fraud on Wall Street when and how I see it. Simultaneously, I will look to bring pressure on our regulators and legislators for having failed us. Without getting into specifics, readers here can rest assured I am currently engaged in doing just that (think FINRA and auction-rate securities front running).

While some may think our collective pressure may not bring the desired results of transparency and integrity, our kids deserve nothing less.

Incestuous liasions lack character and wilt under pressure . . . let’s give them just that. In this spirit, I ask you to join me as I once again repeat my call: Sense on Cents Calls for Independent Investigation of FINRA.

Thoughts, comments, color encouraged and appreciated.

LD

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This entry was posted on Tuesday, April 20th, 2010 at 9:17 AM and is filed under General, Wall Street, Washington D.C.. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.