MSM Waking up to Zero Wall Street Prosecutions

This weekend 60 Minutes finally did a story about the fact that zero high ranking prosecutions have taken place in the wake of the financial meltdown.  I guess as far as CBS is concerned it is better late than never.  My only question is what in the hell took CBS so long to wake up to this outrageous travesty of justice?  Enormous crimes were committed by the highest ranking members of Wall Street.  This was racketeering on many levels.  The evidence shows there were mortgage fraud, securities fraud, ratings fraud, and foreclosure fraud.  60 Minutes doing one story more than three years after the 2008 crash does not excuse them, but I am happy they have finally woken up.  The video of the 60 Minutes story from this past Sunday follows a story from James Howard Kunstler.  Not prosecuting crime has cause major damage to the fabric of the American society.  Please enjoy Mr. Kunstler’s story and 60 Minutes story that follows. –Greg Hunter–

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Suspended Civilization

By James Howard Kunstler
Guest Writer for USAWatchdog.com

 

Question du jour: why is Jon Corzine still at large? In what fabulous Manhattan restaurants has he been enjoying plates of cockscombs and lobster with sauce hydromel and cinghiale ai frutti di bosco, while less well-connected citizens of this degenerate republic have to order their suppers from the dumpster in the WalMart parking lot where they have been living lately.

Is there still an Attorney General in this country? Will somebody please follow Eric Holder down a hallway and see if he leaves a trail of sawdust on the floor. Or did congress just retract all the fraud statutes by stealth in the same way that the Federal Reserve handed out $7.7 trillion in bailouts back in 2008 (much more than the generally accepted figure of the $800 billion TARP) without anyone finding out until three years later when some Bloomberg reporters rooted the numbers out of a Freedom of Information Act (FOIA) filing. And by the way, what is the US Federal Reserve doing handing out billions of dollars to the Royal Bank of Scotland? Was Scotland admitted to the Union by stealth, too? Or did Jamie Dimon just buy it as a birthday present for Barack Obama, who likes golf.

This is what life in the USA is like nowadays: shit happens and shit un-happens, and you find out about it years later. Only a desperate and hopelessly degenerate nation would choose to live this way, in a law-optional society, in which money means everything, and yet nobody even knows what money is (or where it goes, and what it does when it goes there.)

Jon Corzine has not revealed the destination of the loot (somewhere between $600 million and $2.5 billion, estimated) that vanished from the “segregated” accounts of his many clients at MF Global. The rumor is that it went to cover a rude margin call from Jamie Dimon’s bank, JP Morgan, after JC took some unfortunate positions in European sovereign bonds in a bad month. Beyond the question of why Mr. Corzine is not in jail (as a flight risk, just like DSK) is how come the Department of Justice has not so much as issued a statement saying that they were looking into the matter, so as to reassure both the victims and the financial markets that this is not a culture that just makes shit up as it goes along – i.e. that we have predictable rules and formal procedures for doing stuff.

The clowns and villains who run America have accomplished something really epic: they have vanquished meaning. Nobody knows what anything means anymore. Anything goes now. All bets are off. It’s not reassuring. It leads to bad things happening like blood in the streets. When nothing means anything anymore, some people will actually strive, make an effort, to reestablish meaning in practical economic and political life, because civilized life is impossible without it. So, in those historic moments when civilization is suspended, people will work like hell to restore meaning. Sometimes though, like Germany in the 1930s, you discover that the suspension of civilization is itself intoxicating, and you ride with that for a while.

Things are really flying apart now, and just in time for Santa Claus. The European bond rollovers are about to come in fast and furious during the season of Advent and nobody can make their interest payments. They will be skipped or postponed and promised for “next Tuesday,” and yet the bizarro universe of credit default swaps will not be triggered – is there a counter-party on God’s green earth who could afford a pay-out? Of course not. It was all a charade. So we’ll just learn that there actually is no “insurance” on all this paper. Yesterday’s “hair-cut” will be tomorrow’s “throat cut” as the middle innings of suspended civilization play out.

There are heroes as-yet-sung-and-unsung in America, people who prefer reality over reality-TV, people with a taste for meaning in life, which often requires the recognition that some things are true and some not so true, and you’re better off with what’s true. What appears to be true is that the old order is finished and a new disposition of things is coming along. The Long Emergency will beat a path straight to the Great Re-set. Sign up for it. Roll up your sleeves. There is so much to do in this country. If you are young, especially, it’s all waiting for you.

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Mr. Kunstler is a prolific and talented author. Some of his recent books include: “The Witch of Hebron,” World made by Hand,” and “The Long Emergency.” To check out Mr. Kunstler’s bio (click here.) To go to his website (click here.)

 

Comments
  1. Brent

    I have no faith in the majority of my fellow Americans, and even if by some miracle there is a ‘Great Awakening’ by the populace it’s far to late to matter.

  2. Steve

    “My only question is what in the hell took CBS so long to wake up to this outrageous travesty of justice? ”

    Hey, they are all in on the deal, and probably getting a kick-back, LOL!!

    What a mess.

  3. Kenny

    No LOL here, the MSM was either threatend and or received a kick back. It just doesn’t make since, what happened to investigative reporting? Thank goodness for websites like “USAwatchdog” This is sad time for America, and I too have no faith in our fellow Americans, not anymore. Tighten your seat belt because unfortunately I think the worst part of the ride is yet to come.

    • MasterLuke

      Yeah this is the part of the roller coaster ride where people are blowing puke chunks all over the place. Not very enjoyable.

  4. Bob

    I think the fake wars the fake banking system is just the plan for a reset of the world money system. A plan crash and all the big players are doing what the government whats. You don’t put soldiers in jail for doing there job. I think people always say watch out WW3 is going to start, maybe we are at the ending of WW3. At the end of any great war you always have a new money system, with new players controlling the resources. This idea make sense why nothing is done that would improve are debt are why people don’t go to jail. Even before the 9/11 the debt bubble around the world was heading for a crash. By using the fake wars we could change the out come of a crash that was going to happen sooner are later anyway. The pentagon has all kind of long range plans, that’s what they do. PEACE

  5. Jerry Frey

    Absence of individual and institutional accountability for illegal trading activity, along with congenital greed, accounts for the culture of corruption that pervades the financialization industry. Unless you’re a rogue trader or slip on your ego like Bernie Madoff, penalties are part of doing business.

    http://napoleonlive.info/economics/facts-about-financial-meltdown/

  6. sensetti

    There’s a fine line between being a vigilante and a concerned citizen. When the criminal justice system ceases to function, protection of the innocent falls to the good men of the community. Justice is then swift, sure and measured appropriately.

    Sensetti

  7. [email protected]

    We live in a lawless society run by goons. The authorities are no more than Sheriff of Nottinghams. The media are no more than bread and circus.

  8. jay

    greg.
    the reason 60 min took so long to speak up is simple. the oligarch,s over cbs did not give permition to speak of it,until they have too. with the protest going on,permition was given.
    i saw dan rather in an interview, after his retirment from cbs. he was asked a question simmular to yours. why is there so little spoken about the corruption in the buracracy? he replied…fear of being tared and feathered by the boses. he explained in other countries one caught in disobedience to athority would have hot tar poured over him layered in feathers and set on fire. burned to death.

  9. norcar survivor

    Blagojivich just got 14 years. He must report to prison early February. he will have to go to a real prison because he got over ten years but he will not be put into the general public because of who he is and what he did. Justice in this country is a joke. What would I get if his shoes were on my feet? Even when these bastards are caught and convicted they get the royal treatment. Just one more reason our country is going to hell in a hand basket.

  10. Oldguy

    The trouble here is that the general public only cares when they are directly affected and have to suffer. The original Americans (pioneers) suffered as they hacked this great country out of the wilderness. The greatest generation that stormed the beaches in WWII also suffered, as did their families when daddy or mommy didn’t come home. Then came the fiasco wars in Korea and Viet Nam. Where is Macnamerra who fathered the Bay of Tonkin fraud???? He’s a head of banking in Europe and not in jail as he should be. What has to happen will eventually happen and the general public will get a much deserved kick in the ass. What they do then remains a question…it depends on them having enough guts.
    Oldguy

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