In the words of President Ronald Reagan, "well, here we go again". Yes, another investigation of our Wall Street friends as reported by the Wall Street Journal. I don't doubt the validity of the report or the investigation - it is just the outcome of all this that I am leery of. As one commenter on the original post said,"They'll walk. They're rich. Of course they'll walk. Only we peons must be held to the letter of the law."MSNBC.msn.com reported:
This is evidently going to be a three year investigation. It is not clear as to when it began and when it is expected to end. Has it just begun or is it just ending? Either way I don't believe it matters much as the article says the "scope" of the investigation is unclear". OK! As with so many other investigations, the scope is unclear, the time frame is large and the end results never seem to be forthcoming. I am still waiting for the FBI investigative report on the 21 financial institutions they were investigating back in 2007 during the height of the so called mortgage meltdown. The FBI actually sent out the news release of the investigation, did not reveal which institutions were under investigation and there has not been a word of it since.NEW YORK — U.S. officials are preparing insider trading charges against a host of financial players, including investment bankers and hedge fund managers, according to The Wall Street Journal, which cited people familiar with the matter.
The charges could surpass any previous investigations on Wall Street, and examine whether certain players garnered tens of millions of dollars in illegal profits, according to the newspaper.
There has been concern for years that some experts may be passing on confidential information about public companies to traders.What a shocking statement. You mean there has really been this type of illegal activities happening on Wall Street under the watchful eye of our Securities and Exchange Commission (SEC)? Nooooo, really?
What we don't know is what the motive is behind this so called investigation. Is it to truly sort out the truth and punish those that have broken the law or is it just more of what I have always called, "feel good" reporting? In other words, have the Feds released this info just to lead us into believing that they are doing their part in protecting us and going after the bad guys? I think so.
Oh yes, as to Goldman Sachs, this is what the report had to say,
The Journal said that consultants, investment bankers, hedge-fund and mutual-fund traders and "analysts across the nation" could be drawn into the inquiry.
Again, we shall wait and see what the outcome - if any - is.
The paper reported that Goldman Sachs was among the firms being scrutinized. The probe was looking into whether some investors were leaked details about health-care mergers and other transactions by bankers at the firm, the Journal said.
Read the full MSNBC story...click here
2 COMMENTS:
They have no problem sending our kids to war to die but they can't put a bunch of law breaking prisses in jail because their too enamored by the trappings of wealth and power!
Is Ferdinand Pecora Rolling Over in His Grave?
Where are our statesmen?
Where are the individuals who would choose to sacrifice personal gain for our national welfare? I am not talking about mere public policy implementation. I am talking about those who would choose to pursue and embrace the truth while exposing the incestuous Wall Street-Washington relationship that has brought our nation to its knees.
Where is today’s Ferdinand Pecora when we need him? I shudder to think that the great Pecora, who led the investigation of Wall Street practices which brought on the Great Depression, might be rolling over in his grave right now. Why’s that?
http://tinyurl.com/23a6bys
AS: What compelled you to write Bought and Paid For?
Charles Gasparino: The notion of Big Government and Big Wall Street colluding to do bad things is something I've covered for a long time. I've always been interested in the conflicts between public policy and finance. What I've seen over the years is this seemingly bizarre anomaly of how Wall Street, which is allegedly the epicenter of capitalism, in reality thrived on something that is very anti-capitalist, which is Big Government. Crony capitalism. And these guys aren't doing it just to make money on fees selling government bonds to finance the deficit or government programs. The people at the top have political beliefs that are strongly aligned with progressivism.
http://spectator.org/archives/2010/11/19/who-owns-whom
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