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Too Big to Jail

April 14, 2011

In September 2004 the FBI made an alarming statement pointing to an epidemic of mortgage fraud taking place that could lead to a major financial crisis.  Knowing this, the wasteful agency, under the Bush Administration, did virtually nothing to convict or stop these predators, which only encouraged criminal activity.  Many thousands of banksters were in on the scheme, hoping to cash out before the house of cards fell. 

Eventually, Goldman Sachs was accused by the SEC of fraud because it sold complex mortgage investments that were designed to fail, while betting against them in Goldman’s own accounts.  This allowed the bank to profit handsomely while it’s investing clients were left with huge losses. Lloyd Blankfein, the CEO of Goldman, appeared before Congress and took a verbal beating by some of the very lawmakers they bankrolled, hoping the public would think the theatrics would suffice.  In the final SEC settlement, Goldman Sachs admitted no guilt, but agreed to pay a $500 million penalty.  This was the equivalent of two weeks of earnings for the company, only slightly dinging shareholders. 

Lloyd Blankfein

No perp walk for Blankfein or a great majority of the other fraudulent players behind the collapse, but they did suffer the indignity of a bailout.  Then they had to endure huge bonuses.  Bill Black, the regulator in charge of fixing the savings and loan crisis in the early 90’s, claimed there were over 1000 felony convictions of senior insiders resulting from that earlier crisis.  Black remarked, in a March 2010 report, there has not been one arrest, indictment or conviction of a senor insider at any of these major non-prime lenders in our current crisis.  He says it’s like rewarding your teenager with triple allowance after he does something very destructive to someone.  This creates, he continued, the sociopaths and psychopaths that are now in control of our major financial institutions and important levers of government.

Bill Black

You are more likely to be raided by police for selling wholesome, raw milk than sabotaging the economy.  The collectivist system forming around us is designed to enforce thousands of petty regulations, while allowing fraud and corruption to fester.  Layers of bloated government intentionally fail in order to sell the need for more layers of bureaucracy, like the recent financial reform power-grab.  The process will continue until we have total government. 

Criminals need to be punished swiftly and the too big to jail have to be brought to the scales of justice.  Micah 6:11 says, “shall I acquit a man with dishonest scales and a bag of false weights?”  Yet, this is what Washington is doing by allowing dark-suited mobsters to defraud the masses with impunity.  If we focus on enforcing existing laws, many of these problems would be solved, but if mega-banks continue to operate above the law, we have a major problem, indeed.

Printed in the Progress Index

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