Matt Taibbi asks: “Why isn’t Wall Street in jail?”

At DemocracyNow, Matt Taibbi discusses why, on Wall Street, Nobody goes to jail."

Every single former investigator or current investigator that I talked to said the same thing: Madoff went to jail because the wrong people suffered. You know, it was famous actors. It was, you know, the glitterati in New York. If these were teachers and firemen and all the usual suspects—you know, look at the—we have a million people in foreclosure in this country right now, and a lot of them are there because of predatory lending and because of this fraud scheme, but there are no criminal prosecutions. I think that’s the reality now, is that we don’t see anybody being criminally targeted unless their victims were powerful people themselves. We have two-and-a-half million people in jail this country, you know, more than a million who are in jail for nonviolent crimes. And yet, we couldn’t find a single person on Wall Street to do even a day in jail for losing 40 percent of the world’s wealth in a criminal fraud scheme? And that tells you that we have—this goes beyond the cliché that rich people have better lawyers and they have an advantage. This is a step beyond that. This is a situation where the system is completely corrupted, and it’s true regulatory capture. The SEC and the Justice Department are essentially subsidiaries of Wall Street.

Continue ReadingMatt Taibbi asks: “Why isn’t Wall Street in jail?”

Student thwarts Bush-Cheney attempt to sell federal Utah land adjoining parks

Tim DeChristopher posed as a bidder at a Bureau of Land Management auction, "purchasing" 22,000 acres of beautiful Utah land to protect it from oil and gas companies. He now faces a stiff prison sentence. You'll find his story here, including his discussion with Amy Goodman of DemocracyNow (plus statement by Robert Redford).

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Dotted lines on paper

Wray Herbert writes in a Scientific American article titled "Border Bias and Our Perception of Risk" of a study by husband-and-wife team Arul and Himanshu Mishra at the University of Utah on how people perceive events within a bias of arbitrary political borders. Asked to imagine a vacation home in either "North Mountain Resort, Washington, or in West Mountain Resort, Oregon" the study group was given details about a hypothetical seismic event striking a distance that vacation home, but details differing as to where the event occurred:

Some heard that the earthquake had hit Wells, Wash., 200 miles from both vacation home sites. Others heard that the earthquake had struck Wells, Ore., also 200 miles from both home locations. They were warned of continuing seismic activity, and they were also given maps showing the locations of both home sites and the earthquake, to help them make their choice of vacation homes.
The results revealed a bias in that people felt a greater risk when the event was in-state as opposed to out of state. A second study involved a not-in-my-backyard look at a radioactive waste storage site and the Mishras used maps with thick lines and thin dotted lines to help people visualize the distances and state borders. It isn't hard to guess which lines conveyed a greater feeling of risk. I recall a story my brother told me about 17 years ago in which he was helping an old friend change the oil in his farm tractor. My brother asked, "Hey, Jack, where do you want me to put this [the used oil]?" Jack said, "Pour it over there on the stone wall." (We lived in Connecticut, where they grow those things everywhere). Brother Marshall said, "Jack, you can't do that anymore." Jack thought a short second or two, and said, "Yeah, you're right. Better pour it on the other side."

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Bankster agitprop

ZeroHedge has earned a spot in my RSS feed. A diverse group of mostly pseudonymous bloggers who consistently produce excellent financial reporting, many times breaking scandals and should-be scandals before the mainstream media. They focus on the themes of intrigue in the world of high finance, corruption, politics, and the nexus where those areas intersect. Over the past month or so, I've noticed an increasing amount of visual propaganda coming from ZeroHedge, and some of it is quite amusing. For the latest entry, they lampoon the news that Angelo Mozilo (the bankster behind the collapse of Countrywide financial) is going scott-free. Here's some background on Mozilo, from the New York Times:

The conclusion by prosecutors that Mr. Mozilo, 72, did not engage in criminal conduct while directing Countrywide will likely fuel broad concerns that few high-level executives of financial companies are being held accountable for the actions that led to the financial crisis of 2008.

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