Picking Up The Tab
Rules for business and government in America:
#1 – Don’t get caught!
#2 – Make enough to retire on if you do.
#3 – Don’t worry, the taxpayer or stockholders will pay your fines.
#4 – Jail is for small time crooks – Go big or don’t come at all!
Are we dreaming a bad dream here in America. Do criminals of a white collar nature really go free or just never get brought to court. You bet’cha Skippy! Cause thats how we roll in the Obama/Holder administration. Biden doesn’t really know, as his part is to come out later and say something stupid in order to deflect attention while the criminals do a perp walk out the front door. Now if you happen to be a banker/investor in one of the crooked scams thats about to fail or go bankrupt, you will naturally lose your money, but the government will see to it that something like a TARP BILL is passed so that your neighbors and citizens across the country can pick up the tab.
Federal regulators and prosecutors have let the banks and finance companies that tried to burn the world economy to the ground get off with carefully orchestrated settlements — whitewash jobs that involve the firms paying pathetically small fines without even being required to admit wrongdoing. To add insult to injury, the people who actually committed the crimes almost never pay the fines themselves; banks caught defrauding their shareholders often use shareholder money to foot the tab of justice. “If the allegations in these settlements are true,” says Jed Rakoff, a federal judge in the Southern District of New York, “it’s management buying its way off cheap, from the pockets of their victims.”
To understand the significance of this, one has to consider the use of fines as a punishment for criminals that includes the richest people on earth — people who simply get their companies to pay their fines for them. Conversely, one has to consider the powerful deterrent to further wrongdoing that the state is missing by not introducing this particular class of people to a jail. “You put a banking CEO in a pound-me-in-the-ass prison for a six-month term, and all this bullshit would stop, all over Wall Street,” says a former congressional aide. “That’s all it would take. Just once”.
But that hasn’t happened. Because the entire system set up to monitor and regulate Wall Street is a bunch of foxes guarding the henhouse. What were once regulators whose job it was to protect the public from crooked deals, are now the very attorneys that work to save the criminals from court prosecutions.
The idea of making the victims pay for the criminals misdeeds of executives doesn’t stop on Wall Street or the board rooms of to big to fail corporations. When the federal government elects to play grown up business games and loses, it is done at the peril of the American taxpayer. Does GM, Fannie Mae, Freddie Mac, Solyndra ring a bell. How about the proposal by Obama to reduce the deficit by cutting the defense budget that takes care of America’s Veterans. Hell, Obama even suggested that veterans pay their own medical care after they become civilians because they joined the military on a voluntary basis. They had to know that they would be putting themselves in harms way at some point, he counters. Therefore, whatever problems they have are their own damn fault.
What does the government have to lose when one of their agencies screws up, you ask? “As much as you can afford or worse yet, all that you have financially or in way of future benefits that you earned”. Corporate America and the US Government jumped into bed together and quickly covered up with a fresh sheet of 1.5 Trillion count greenbacks. No worries though, they’ll give you and every one of your heirs time to pay it back. By the way, the Obama administration is on its way to Bernanke, Geithner and Beyond for a new set of linens to line their coffers with by the end of March 2012.
Don’t forget to pay your taxes like Geithner did – Uncle Sam Needs YOU!