William K. Black notes the lack of prosecutions regarding financial fraud, and offers a solution

William K. Black previously worked as an investigator of financial institutions during the S&L crisis. In a detailed article at Huffpo, Black laments the almost total lack of criminal prosecutions related to our recent financial meltdown. Here's the problem in a nutshell: "What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ's senior leadership cannot conceive of elite bankers as criminals." Here's what we need to do about it:

Our best bet is to continue to win the scholarly disputes and to continue to push media representatives to take fraud seriously. If the media demands for prosecution of the elite banking frauds expand there is a chance to create a bipartisan coalition in Congress and the administration supporting prosecutions. In the S&L debacle, Representative Annunzio was one of the leading opponents of reregulation and leading supporters of Charles Keating. After we brought several hundred successful prosecutions he began wearing a huge button: "Jail the S&L Crooks!" Bringing many hundreds of enforcement actions, civil suits, and prosecutions causes huge changes in the way a crisis is perceived. It makes tens of thousands of documents detailing the frauds public. It generates thousands of national and local news stories discussing the nature of the frauds and how wealthy the senior officers became through the frauds. All of this increases the saliency of fraud and increases demands for serious reforms, adequate resources for the regulators and criminal justice bodies, and makes clear that elite fraud poses a severe danger. Collectively, this creates the political space for real reform, vigorous regulators, and real prosecutors.

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World’s best magazine – National Geographic

As the new year began, I found myself finishing up the January, 2011 edition of National Geographic. This is not a magazine to be merely scanned. In my experience, National Geographic deserves its own special time. It needs to be read slowly so that its exquisite prose and photography can be deeply appreciated. Every minute invested is paid back tenfold, and National Geographic has been written in this high-quality way for as long as I can remember. So… If you're going to put me on a deserted island and I can only have one magazine subscription, please make it National Geographic. The cover story of the current issue is "Population 7 Billion: How Your World Will Change." In the introduction, the Editor notes that "the issues associated with population growth seem endless: poverty, food and water supply, world health, climate change, before station, fertility rates, and more." Therefore, it would seem that we would insist on discussing the carrying capacity of Earth. We talk about the capacity of motor vehicles and houses and hotel rooms and conference centers, because we can't deny that human animals take up space and use up resources. We can't put 12 people in a boat that is designed to carry four, because it would cause a disaster. Yet many of us simply refuse to consider whether there is such a thing as a carrying capacity of the earth, and we utterly refuse to attempt any sort of quantification of the carrying capacity of the earth. Therefore, as we are approaching 7 billion people on earth, it is preordained by many people that population is simply not a problem, even though societies all over the earth, rich and poor, traditional and modern, are exhausting the resources that are available to them.

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Unchecked secret power

The December 27, 2010 issue of The Nation comments on a noteworthy piece of reporting by The Washington Post:

In July the Washington Post published 'Top-Secret America,' a series of articles based on a two-year investigation by Dana Priest and William Arkin. The report meticulously documented the growth of a vast secret government in the wake of September 11, encompassing at least 1,271 government organizations, 1,931 private companies and an estimated 854,000 individuals with top-secret security clearance. Secret America, Priest and Arkin wrote, has become 'so large, so unwieldy and so secretive' that it is not only unaccountable, it is practically unknowable--even to the officials charged with administering it. The series elicited much praise from fellow journalists, but from the government there was-- nothing. The Posts report generated not one congressional hearing, subpoena or reform. As far as we know, Secret America continues its work unchecked and unchastised. . . The Post didn't tell secrets so much as outline the contours of the shadow world from which they originate; WikiLeaks rips off the veil. It's the exposure of the secrets that has the world's power elite so rattled.

Here's a link to the Washington Post's articles and introductory video--the secret network of government agencies is so extensive that the authors of Secret American describe it as America's "fourth branch of government, which emerged subsequent to 9/11." Amy Goodman of Democracy Now recently discussed Secret America with Julian Assange. Here's what Assange had to say:

Dana Priest’s article on the CIA black sites had all the names of the countries removed from it after a request by the White House to the editors of the Post. Similarly, it is standard Washington Post practice, whenever Dana Priest is to reveal a new story showing significant allegations of abuse, say, by the CIA, to call up the press office the night before to give them the heads-up, as a courtesy move. That doesn’t seem like independent journalism to us. It seems to us that a journalist’s relationship should be with the public, on the one hand, and with their sources, on the other hand, who are providing them with information to give to the public. It seems that the Post is engaging in a sort of an unclear cooperation with the very organizations that it’s meant to be policing. So we’re a little bit hesitant about dealing with them.

But the recent Dana Priest article covering the extensive expanse of money going into the top-secret industry in the United States is encouraging. So perhaps, if that’s a sign of the movement by the Washington Post to a more combative form of journalism, then we would be happy to work with them.

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