As the American financial cancer metastasizes globally, savaging the well being of countless millions here and abroad, likely for years to come, it should never be forgotten that none of this had to happen; would not in fact have happened– without institutionalized disdain for the universal precept: thou shalt not steal.
Lest anyone claim otherwise, at the heart of the matter is not mere “error”– but nothing less than outright theft– along with the grievous failure of those charged with protecting society against such crimes to do their job. Whether by mis or malfeasance, those entrusted with and relied upon to safeguard the public interest– have mainly done the opposite.
Elected officials responsible for Congressional oversight turned a blind eye or pimped for even lower standards of transparency, integrity and accountability. Accountants (of all people) ignored obvious conflicts of interest to help cook the books or hide a set offshore. Professedly independent analysts issued false opinions that misled and defrauded investors, but made their hedge fund patrons fabulously rich. Ratings agencies, the purest of the pure, forgot their job descriptions and allowed their favors to be purchased and/or dictated by their own customers. Morally hazardous CDO and CDS “innovators” seduced captured regulators and others to recklessly ignore the text-book sine qua non of “insurable interest,” enabling unconscionably leveraged debt insurance obligations to be owned and manipulated by people with no “insurable interest” in the underlying companies; naked shorting at it’s most sophisticated and systemically disastrous.
And could any of this have happened if the see-no-evil decision-makers at the Securities and Exchange Commission, ostensibly the public’s first and almost only line of defense against manipulation and fraud (thanks to the courts), had not betrayed their oaths and the public trust. How? By consistently disabling and or failing to enforce existing anti fraud and manipulation laws, to the cheers of the owners of the loathsome, conflict-ridden Depository Trust and Clearing Corporation (an oxymoron if their ever was one), thereby empowering the banking and securities industry to believe they could get away with virtually anything. Which, alas, for all too many years, they surely have.
Another group played their own shameful part in the tragedy– as noted in this seminal video, which performs the public service they should have– and could have– but didn’t.
Destroying Companies For Profit: understand Naked Shorting as never before
watch this exceptional video: http://current.com/items/89439340_destroying_companies_for_profit#shareThis