Is the SEC Covering Up Wall Street Crimes?

A handful of reporters in this country have done a fantastic job bringing to light various travesties of justice on foreclosure-related issues – Shannon Behnken of the Tampa Tribune, Kim Miller of the Palm Beach Post, multiple reporters from the St. Pete Times, and David Streitfeld of the New York Times, to name a few.  

One of my personal favorites is from what could be deemed a pretty odd source – Rolling Stone Magazine.  Matt Taibbi of Rolling Stone has written several articles now that should make every American wonder: 

What the hell is going on in the U.S. Government?

Taibbi’s lastest masterpiece, titled Is the SEC Covering Up Wall Street Crimes?, is a must-read.  Yes, it’s lengthy, but it is very insightful, shedding light on the question many of us have wondered for a long time:

Why has nobody been punished for financial crimes that ruined the U.S. economy?

The incestuous relationships between the big banks and the regulatory agencies that enforce them is laid out again in this article.  It’s so disgusting, in my view, that I think a Presidential candidate for 2012 could emerge with just one platform:

Eradicating the corrpution in Wall Street and the incest between the big banks and the agencies charged with enforcing them.

If that sounds crazy, think about how much money our country would save if banks didn’t have free reign to commit financial crimes without penalty.  When I read Taibbi’s article, it made me wonder why the SEC even exists.  If that sounds harsh, you tell me – why are SEC officials terminating criminal investigations into big banks, then leaving their SEC jobs for high-paying positions with those very banks?  Does that sound like justice to you, or a horribly perverted, incestuous mockery of justice? (For details, please, read the article.)

Our financial system has run amuck, and it’s past time somebody stood up to do something about it.  And that somebody should be someone other than a reporter for a rock-and-roll magazine.  Presidential candidates … Congressmen … the floor is yours.

Mark Stopa

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One Response to Is the SEC Covering Up Wall Street Crimes?

  1. Pingback: Is the SEC Covering Up Wall Street Crimes | Foreclosure News Online

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