I've already expressed my desire to embrace the Occupy Wall Street movement.
I said last week that I would join in whole-heartedly if I knew exactly what the protesters were trying to achieve.
But I don't know – and I'm not convinced they do, either.
Still, that doesn't mean we should dismiss them entirely. After all, there are millions of Americans who sense there's something terribly wrong with our capitalist system, but they can't pinpoint exactly what it is either.
But I can.
Bad actors have done bad things to good institutions and our capitalist system. Today, I'm going to let you in on who three of those bad actors are.
You see, part of the problem is that when we think of the "bad guys" on Wall Street, or in Washington for that matter, we don't often think of specific people. We talk about "them" as faceless men we might imagine sitting in luxurious high-rises chewing on cigars and laughing as they rake in millions, or even billions of dollars on the backs of hardworking Americans.
I intend to fix that. I want to shed light on the faces of the people who are gaming the system and lay out before you the tools they're using to get away with it.
So, I'm going to start today with three of the biggest perpetrators of the mess we're in.
The Three Bears
There are hundreds of bad actors on Wall Street, but three in particular tell the inside story of how appallingly corrupt our country has become. They are:
- Robert Rubin, who spent 26 years at Goldman Sachs Group Inc. (NYSE: GS), before becoming Treasury Secretary in the Clinton administration.
- Lawrence Summers, who came out of the World Bank and was Deputy Secretary of the Treasury under his pal Rubin before becoming Treasury Secretary himself in 1999.
- And Phil Gramm, once a practicing economist who served as a Republican Senator for Texas from 1985 to 2002.
These are the men who – with help of then-Federal Reserve Chairman Alan Greenspan – interfered with the Commodities and Futures Trading Commission (CFTC), an important regulatory body, to squash any regulation of derivatives.
And now the notoriously murky derivatives market, which was hugely responsible for the 2008 financial crisis, has grown into a $600 trillion trouble spot for the economy.
This group of very influential and powerful men made sure there was no oversight of derivatives products and markets. None.
While that was an incredible gift to Wall Street's biggest banks and hedge funds, the Three Bears (I call them that because their actions drove us into the systemic economic bear market from which we're still struggling to emerge) weren't nearly done.
The Beginning of the End
On April 6, 1998 Citicorp and Travelers Group announced that they would merge into a single company.
But there was a problem.
At the time, such a merger would have violated the Glass Steagall Act. If you're not familiar with it, the Glass Steagall Act is – or rather was – a piece of Depression-era legislation that established the Federal Deposit Insurance Corp. (FDIC) and mandated the separation of commercial banks, investment banks, and insurance companies. It incorporated other practical and prudent regulations enacted to safeguard investors and the public , as well.
But , lessons learned from the Depression were eventually forgotten – or maybe more precisely, steamrolled by a sweeping deregulatory movement that took root in 1980.
On the day of the announced combination, Traveler's chairman, Sandy Weill, addressed impediments to the merger in the New York Times, noting that current law would allow the new Citigroup Inc. (NYSE: C) time to divest itself of assets in order to comply with Glass-Steagall.
However, ominously he added: "We are hopeful that over time the legislation will change."
Just one year later, it did.
The same powerful group of influence-peddling government insiders overturned Glass-Steagall in November 1999, so the illegal merger didn't have to be reversed. The law that obliterated the prudent separation of FDIC-backed commercial banks and swing-for-the-fences investment banks became known as the Gramm-Leach-Bliley Act.
This act is what paved the way for giant, financial super firms that are so intertwined in the financial markets they're now all considered "too-big-to-fail."
An Eerie Epilogue
So what happened to our three players? Were they penalized or held accountable for the undermining of our economy and the implosion of markets? No. They were rewarded.
Robert Rubin went to work for the new Citigroup as a senior advisor of the firm. Rubin made $126 million in cash and stock during his eight years of service, while the bank leveraged itself up by using depositor money. It had to be bailed out in 2008.
Lawre nce Summers reportedly took some $20 million from D.E. Shaw & Co., a giant hedge fund that dabbles in derivatives, for a two-year stint doing something nobody at the firm could confirm.
And Phil Gramm, the venerable Texas senator, upon retiring from that powerful position, immediately became vice chairman of the investment bank division of UBS AG (NYSE: UBS).
Yes, UBS – the same Swiss bank that in 2008 had to be backstopped by the Swiss National Bank when its overleveraged and derivatives-laden balance sheet imploded. The same bank that later paid $780 million to settle criminal charges over its conspiracy to defraud the Internal Revenue Service (IRS) and federal government of legitimately owed taxes.
These are the kinds of things that are taking place every day thanks to Wall Street's influence over our executive and legislative branches of government. And you better believe that average Americans and the Occupy Wall Street protestors can sense that, and they know they should be angry. They just can't put their finger on why.
I can because I'm a Wall Street guy who spent 30 years working within the system. I studied economics and started my career as a trader on the floor of the Chicago Board of Options Exchange (CBOE). I ran the futures and options division of a giant international money-center bank.
I've done everything from trading bonds and mortgage-backed securities to running my own hedge funds. And I have hundreds of stories full of corruption and greed – just like this one.
Not everyone on Wall Street is a bad actor. Most of the professionals working in the capital markets across America are good and honest people. But, there are kingpins and kingmakers whose greed is so disgusting they will sink America for their own fistful of dollars.
It's time we had better insights into what's really going on and time to indict some of these bad actors.
News and Related Story Links:
- Money Morning:
A Guide to Getting Rich in a Bear Market - Money Morning:
From Rogues to Riches: How ETFs are Lining Wall Street's Pockets – While Picking Yours - Money Morning:
The Insidious Truth About Federal Reserve Policy - Money Morning:
The Next Banking Crisis Starts Here - Money Morning:
The New Abnormal: Permanently Engineered Market Volatility - Money Morning:
The Bank of America Settlement: The Latest Travesty in the U.S. Banking System
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About the Author
Shah Gilani is the Event Trading Specialist for Money Map Press. He provides specific trading recommendations in Capital Wave Forecast, where he predicts gigantic "waves" of money forming and shows you how to play them for the biggest gains. In Zenith Trading Circle Shah reveals the worst companies in the markets - right from his coveted Bankruptcy Almanac - and how readers can trade them over and over again for huge gains. He also writes our most talked-about publication, Wall Street Insights & Indictments, where he reveals how Wall Street's high-stakes game is really played.
This needs to be sent/circulated to all the Occupy Wall Street groups!!
Mr. Gilani,
As usual, a very informative article. I wonder how you were able to only select three culprits? These characters are definitely at or very near the top of the list. Some of the complaints from the "Occupy Wall Street" folks (the few that have been clearly made) are right on! They should also go visit the White House and Capitol building. Capitalism is in bed with Politics. Both need to be addressed. To clean up one without the other is only setting the stage for a repeat performance.
Mike
Had it not have been for derivatives there would have been far less demand for the bonds that were made up of liar loans. Why should the people that were buying them care that part of them were worthless when they were insured. The hitch came in when those that wrote these insurance policies could not pay the claims due to the large amount of claims. Remember AIG ?
On February 15th, 1999 Time magazine had on its cover “The Committee to save the World” who were made up of Greenspan, Ruben and Summers. Looking at the mess these characters have made while lining their own pockets with millions we now know that Time had it all wrong.
Add or take away one or two characters this is “The Committee That Destroyed The World”!
Are you the Mogambo Guru who was commenting on the Daily Reckoning? If so you are missed by mant of us from that website.
Thanks for the insight.
It should be a crime say like organized crime they should be left on a island that head hunters use every now and again opps nobody nos what happened to them thy were put there for safe keeping they must have tryed to swim for the main land.
Shah – I applaud you for being so spot-on and for your courage in writing what you did today. As far as I'm concerned, you nailed it for most of us common folk. We're all p@#$$ed off at what's going on, we know it emanates from Wall Street and the all-too-cozy relationship it's had with our government, but the "bad actors", as you refer to them, are always somehow clouded in a smoky veil of secrecy and implied protection and thus are seldom personally fingered. I appreciate so much you giving us a few names that we can chew on and whose past actions we can study in order to prosecute and avoid in the future. Now, if the media would only do its job and publicize these kinds of people, we could get back to the kind of honest capitalism that gives all of us a chance to do well, instead of force-flowing more and more of our national wealth to only a few would-be elitists. Though there is a problem, of course, with our "media" . . . when it's controlled by only the most wealthy (and greedy), it will of course only protect them. So these kinds of stories are never talked about over the water cooler. Thanks again for your courage. I hope you'll continue to write about what's on your heart, mind, and soul.
A Great article. Now I only wish that people would read and understand the truth.
Mr. Gilani, that is some terrific insight. Real naming names and getting to the root cause of financial problems that still plague our markets today. Will anyone listen? Will anyone act to correct the underlying causes of the problems? Seems like they won't.
Thanks for having the courage to name names. Readers please note that two of the criminals are Democrats and one a Republican. Summers "served" in the current administration too, so don't think we've seen any change from the Clinton or Bush days. (Remember Hank Paulson?) Let's hope this'll head off the stupid chatter that blames one party or the other.
The insider elite…the "money power"…is to blame and they control both parties, the Treasury, the Fed, and the regulatory apparatus. And that's for starters. It'd take a book to detail their influence.
I saw a cartoon recently that summed everything up in 4 frames.
"Corporations own the government!"
"They need to be regulated."
"By whom?"
"The government."
Bankers rule. The "silent coup" is complete.
It is obvious that these crooks will never be brought to justice by our government. They are the government. Unfortunately, if things keep going the way they are, elements will come into play that will force people to take the law into their own hands. Thank you for identifying them.
I've already written to Rep. Senator Mike Enzi to work with a Senate Democrat to introduce a bill to tax high-speed machine-driven derivative exchanges (say at 0.05%) on Wall Street, arguing that these type of exchanges increase volatility and discourage investment in the economy, and do nothing to create jobs. I've also argued for lowering the business tax rate from 35% to 25% with closing of loopholes to discourage location of "U.S. corporations" headquarters overseas to escape the high tax rate. A major priority is to reduce the nations debt. Job creation will follow, as "wealthy" people/institutions will be more confident in investing in the economy.
Great comments. Thanks for providing this type of information that needs to get out to the general public.
get info to general public about traitors to the voters by a card deck showing who the traitors were and currently are. Have Ben drop them from his helicopter, the major media outlets would
never stick their necks out. We all know the definititive of insanity. Nothing is going to change
until most of us demand a change.
Nice to see the role of "making distinctions" which serves to moderate the tendency to generalization in any conversation. One its face any condemnation of a group should be rejected but it is generally not. By providing names and drawing contrasts with details we can become less "hysterical", lumping everything together. When emotions run high and political groups want to manipulate, generalizations are the tool. Making distinctions diffuses this manipulation and brings everyone listening into the details of who is responsible. Thanks for the intellectual service in this one area.
A great article and very informative. What many of my friends have always suspected. This article needs to be more widely circulated to the broad public. A syndicated column would be appropriate as well as some New York prosecutor. Thank you for naming specific individuals rather than generalizing. It is too bad the Press doesn't get more involved in this type of reporting. The well connected political elite with a distorted value system has a way of destroying our wonderful country through their avarice and greed. It needs to be stopped.
The selection of these 3 guys was very easy. Only Brooksley Born stood up to them. She was bulldozed out. She understood futures/derivative products. And the difference between bona fide hedging and wild speculation.
There are certainly others that should be criminally investigated. Sandy Weill appears to have removed himself at an opportune time, but I'd think he could possibly do some jail time.
The frustration at OWS is that everyone knows their pockets have been picked, yet they have seen nobody actively investigating very much. And they realize that nothing seems to be trickling down.
Perhaps we need an Elizabeth Warren type running for the presidency.
No doubt this is a richly deserved indictment of the individuals involved – as far as it goes – I would certainly defer to you on the details. However, what do you think of the arguments by some in the OWS that point the finger at the FED? If we should all be exercised by 'greed and corruption' surely the FED is the sleeping tiger in the room?
Excellent summation, and spot on! Perhaps, however, we might include Clinton in this mix, since it was his appointments of these jackanapes that greased the slide.
Great work Mr. Gilani. This information should be sent on to someone like Bill Oreilly of the Oreilly Factor Fox news.
He has the resources to dig deeper and in my opinion would report the situation accurately whether it indicted a Democrat or Republican.
O'Reilly is closer to being part of the problem than part of the solution
These people are not just about the money. Their main objective is CONTROL, achieved by doing just what they are doing. Legislation by stealth. Unfortunately we are powerless to stop them, as they hold all the cards. A few scapegoat heads may fall, but they will find a way to get back on their track to our disempowerment.
And Bush not only should never have been elected as he was not capable but he should also be accused with these three for bringing the world to it's knees. He should also be tried for war crimes in Iraq and Afghanistan. As should Rumsfield and Cheyney.
A good start on a complex organization. Too shallow… we need to start with Ahmed Rothschild et al; and show the whole picture. Please include the Bilderburgers, Illuminattis, etc.
Such incidents as these cannot be corrected quickly, but if we are of the mind to do so we can correct them.
#1- No person, Company or Organization should be able to make a contribution to a Candidate or Campaign unless they have a vote for that position. That means the Elected Officer would be beholding to the Voter and not the Company or Party.
#2 – When a person puts his Corporation's Stock on Sale to the Public, he does not do that to just be a "Good Old Boy." He does it to raise money. He then is no longer a Private Entrepreneur; He is then a Public Employee. His Salary should be less than the salary of the President who is the Highest Paid Public Employee. The Executive and his staff should be able to make more than their base salary; HOWEVER, the Bonus should be based on "Profits they make for the Corporation." AND their Bonuses for ALL executives should not be allowed to be more than the "Dividends paid to Stockholders" for their investment.
#3 – The Corporations should also be required to retain a Minimum of 15% of their Profits for continuation. The Dividends to Stockholders should be taxed to individual investor and not to the Corporation. That way the profits of a corporation are taxed. It is not taxed to the Corporation (except the retained profits) but it is taxed to the Owners who are the Investors.
There are several other things but that is a start.
Shoboski
Thanks for the information. Ah, the joys of the unfetterred free market. As always, making the rich richer and poor more poor. As it should be according to Ayn Rand, Hayek and Milton Friedman. We cannot have government regulation by honest government can we? That's SOCIALISM !!!
And why is it "creating leverage" when it involves banks and financial traders, and "creating debt" when it is done by government?
Shah Gilani.
I love your indictment of the murky players on Wall Street. Have you, however, considered, what it actually means. 680 trillion U.S. Dollars as derivatives. ( How many zero's is that ?)
The only way to eliminate is is by using the printing press, like in pre-Hitler Germany, to wipe out the debt.
Even if it means to welsh on Americas greatest foreign debt owner, the Peoples Republic of China.
All Born Again Christians would applaud such step, because they are Americans to the core, and because next morning, they would be off to church, declare their sin and bingo, with a clear conscience they would return to their thieving ways; because their non existing "Lord" would have forgiven their
"SIN", even if it means that millions, nay billions of people are being legally defrauded by the Mafia that runs Wall Street in the guise of Unmcle Sam and his greedy thieves.
So my suggestion is the printing Press and why stop at three trillion Dollars. Blame it on a computer glitch if you exeed fifty trillion Dollars. And why stop at 50 trillion. Lets wipe out these horrible derivatives. It can be done, with the three wise monkeys in charge. And anyway, why would three wise monkeys care, if the U.S. of A goes bankrupt… They have made their money and probably invested it in Gold !!! For the rest of America… will it be Hyper inflation?
The question is: Why this guy, who knew what's been happening for years, didn't come and speak out persistently and consistently long ago before it got to point? It seems like the sick society of ours, recent decades, at least, is very representative of the good old and destructive "Selfishness" — For as long as it doesn't affect Me, I don't really care! And that's what's been happening … until the situation became very grave and affected too many that we are seeing these protestations and critical commentaries from those in the know. This is a very sad fact! Anyway, it's time to kick butts; the Criminals(all involved) must be held accountable — Hang Them All If We Have To …!
Finally someone that really knows what he is talking about brings us the truth. While he calls them the three bears, When I wrote on the subject I called the group (Rubin Summers and Greenspan) "the Cabal".
For all that are interested in an in depth investigation concerning the OTC Derivatives market with Rubin, Summers and Greenspan, the leading "actors", check out "The Warning", a fascinating PBS video account of an attempt by Brooksley Born, in 1998, a SEC regulator, to warn of the risk to the financial system of the OTC derivative market. Go to the site of PBS, and look for "The Warning"
I think money mornings comments highlighting Wall Street Fraud etc will cause major change, well done.
The occupation of Wall Street, the London Stock Exchange and others goes Global in 951 Cities in 80 Countries around the World. This is the beginning of the end for Governments who ignore the protesting public.
Ordinary law abiding citizens have seen corrupt Governments bail out banks with taxpayer money. Then devalue the £ pound to inflate away the Government and Corrupt Fraudsters debts. This has lead to Hyperinflation for all Taxpayers and the destruction of security of tenure for many homeowners who have been repossessed by the Banking Gangsters, with Government and Courts approval. For the Greedy Banks who make more money by repossessing homes. Than assisting homeowners.
If you have money you have power, and you are able to buy off most in Government, Banking, Finance, Insurance, and the Media, this is fact.
What Governments are attempting to do is hide the truth about the gigantic debt owed by the Banking Gangsters and Insurers who have stolen £ trillions from you and many future generations. The truth is the BANKS and INSURERS do not know just how much Money they have lost, or need to pay out. But the gambled away and lost money by UK BANKS and INSURERS is in £ trillions.
Just how much this equates to is:
You would have to pay back one million Pound a day (for 2000 years, just to pay off three quarters of a trillion Pound.
If we put this into time:
A million seconds is around 11.5 days. A billion seconds is around 32 years. And a trillion seconds is approximately 32,000 years. A Pound a second for 32,000 years
Banks and Government and its Agencies cannot be trusted they are Crooks Fraudsters and much worse. I would certainly advise any business to keep everything away from prying eyes. Most of the Banks have hundreds of subsidiaries that are Competitors to most businesses. They are Ruthless and Intent on getting hold of inside information for its Group Subsidiaries.
The same applies to all Government Departments and Agencies; it’s not unusual for your designs ideas plans or methods to be stolen by Government Departments and restrictive impossible terms (then used in competition against you.
What has been Normal Business for large Corporate Insurers, Banks, etc such as buying off Ministers and MPs has meant that in Britain SMEs small and medium enterprises have been starved of Funding, Help, Assistance, Relocation, Premises etc. And (had instead Planning Objections, Restrictions, Bureaucracy, Red tape, a Multitudes of Taxes and Destructive, Restrictive Policies from past and present Governments.
For years Government has only been interested in looking after those elite few who pay £millions in all manner of bribes to have their dirty work done for them.
When the Government stops its fraud, and the Banks Insurers and Corporate do the same, then and only then will Britain become what it once was (GB) Great Britain.
But things are changing quickly the Baby Boomers are Angry they have the numbers and have seen the Corruption and Fraud just like their sons and daughters have. Meaning the next elections will come sooner than this Corrupt Government and MPs would like, and if the newly elected don’t do the publics bidding they will be booted out as well until they do.
Also the younger generation will not tolerate the hype or bottom of the pile crap fed by a Government Controlled Media to placate them. ITSFRAUD and they know it.
The recent riots are a precursor of what may come next should the young be ignored. They have no prospects hope or future because this and previous Corrupt Governments took the Financial Markets Money, and didn’t invest in small businesses this destroyed manufacturing their only hope of a decent job. Yet they see the MPs commit fraud Ministers being paid by Corporate Insurers, Bankers being paid Millions, Police taking bribes, while they exist on the cost of a bankers shoe lace.
If they riot again, and they are angry, they will take control because they know there isn’t enough police or military. A Government spokesman recently broadcast that fact, (multiple attacks could not be dealt with especially while the Crooks in charge are on holiday.
Austerity, Taxes, Fines, Vat, Fuel, Food and other Commodity increases imposed by the IMF are seen to be unjust. Especially when a recent very wealthy IMF chief appears in News reports to be able to avoid alleged very serious criminal proceedings with a chequebook and expensive lawyer.
But no matter what happens now, the public are in unity; they will not allow the Banks to be bailed out again. No matter how long the inevitable is delayed, or QE or whatever other names it is called ITSFRAUD. 951 Cities residents in 80 Countries Protesting. Watch this public protest movement grow much larger. Corrupt Banks and Insurers are under scrutiny.
The occupation of Wall Street, the London Stock Exchange and others goes Global in 951 Cities in 80 Countries around the World. This is the beginning of the end for Governments who ignore the protesting public.
Ordinary law abiding citizens have seen corrupt Governments bail out banks with taxpayer money. Then devalue the £ pound to inflate away the Government and Corrupt Fraudsters debts. This has lead to Hyperinflation for all Taxpayers and the destruction of security of tenure for many homeowners who have been repossessed by the Banking Gangsters, with Government and Courts approval. For the Greedy Banks who make more money by repossessing homes. Than assisting homeowners.
If you have money you have power, and you are able to buy off most in Government, Banking, Finance, Insurance, and the Media, this is fact.
What Governments are attempting to do is hide the truth about the gigantic debt owed by the Banking Gangsters and Insurers who have stolen £ trillions from you and many future generations. The truth is the BANKS and INSURERS do not know just how much Money they have lost, or need to pay out. But the gambled away and lost money by UK BANKS and INSURERS is in £ trillions.
Just how much this equates to is:
You would have to pay back one million Pound a day (for 2000 years, just to pay off three quarters of a trillion Pound.
If we put this into time:
A million seconds is around 11.5 days. A billion seconds is around 32 years. And a trillion seconds is approximately 32,000 years. A Pound a second for 32,000 years
Banks and Government and its Agencies cannot be trusted they are Crooks Fraudsters and much worse. I would certainly advise any business to keep everything away from prying eyes. Most of the Banks have hundreds of subsidiaries that are Competitors to most businesses. They are Ruthless and Intent on getting hold of inside information for its Group Subsidiaries.
The same applies to all Government Departments and Agencies; it’s not unusual for your designs ideas plans or methods to be stolen by Government Departments and restrictive impossible terms (then used in competition against you.
What has been Normal Business for large Corporate Insurers, Banks, etc such as buying off Ministers and MPs has meant that in Britain SMEs small and medium enterprises have been starved of Funding, Help, Assistance, Relocation, Premises etc. And (had instead Planning Objections, Restrictions, Bureaucracy, Red tape, a Multitudes of Taxes and Destructive, Restrictive Policies from past and present Governments.
For years Government has only been interested in looking after those elite few who pay £millions in all manner of bribes to have their dirty work done for them.
When the Government stops its fraud, and the Banks Insurers and Corporate do the same, then and only then will Britain become what it once was (GB) Great Britain.
But things are changing quickly the Baby Boomers are Angry they have the numbers and have seen the Corruption and Fraud just like their sons and daughters have. Meaning the next elections will come sooner than this Corrupt Government and MPs would like, and if the newly elected don’t do the publics bidding they will be booted out as well until they do.
Also the younger generation will not tolerate the hype or bottom of the pile crap fed by a Government Controlled Media to placate them. ITSFRAUD and they know it.
The recent riots are a precursor of what may come next should the young be ignored. They have no prospects hope or future because this and previous Corrupt Governments took the Financial Markets Money, and didn’t invest in small businesses this destroyed manufacturing their only hope of a decent job. Yet they see the MPs commit fraud Ministers being paid by Corporate Insurers, Bankers being paid Millions, Police taking bribes, while they exist on the cost of a bankers shoe lace.
If they riot again, and they are angry, they will take control because they know there isn’t enough police or military. A Government spokesman recently broadcast that fact, (multiple attacks could not be dealt with especially while the Crooks in charge are on holiday.
Austerity, Taxes, Fines, Vat, Fuel, Food and other Commodity increases imposed by the IMF are seen to be unjust. Especially when a recent very wealthy IMF chief appears in News reports to be able to avoid alleged very serious criminal proceedings with a chequebook and expensive lawyer.
But no matter what happens now, the public are in unity; they will not allow the Banks to be bailed out again. No matter how long the inevitable is delayed, or QE or whatever other names it is called ITSFRAUD. 951 Cities residents in 80 Countries Protesting. Watch this public protest movement grow much larger. Corrupt Banks and Insurers are under scrutiny.
There are easy, simple ways to control this and turn it into an advantage for all concerned to the tune of two or three hu;ndred trillion dollars. Please, crooks, just get out of the way. You can still get your hundred million dollars a year, but get out of the way and let the Country get the funs it needs to build the economy.
The corruption of financial sector, wall street to some, started with Washington corruption. Clinton's "red lining" was the start, followed by Barney Franks' empowerment of Freddie & Fannie to use phoney accounting, etc., etc. Red lining and Freddie/Fannie are the root causes of the subprime fiasco, which wall street only too gladly joined in. The OWS mobs finally said one thing that I agree with. There should be investigation, trials, etc. But the investigations should start in Wahington. That is the very reason there have not been any. Washinton would have to investigate itself.
Read the book Atlas Shrugged…it is fictional….but it is exactly where we are today and where we are heading…Also search for the "Working Group on Financial Markets" to get more insites on how things operate…We have turned our country over to crony congress and senate people who receive support and support their crony banks…what a deal…and now unlimited corporate campaign financing…wow!…all is takes is an act of congress to resind the Federal Reserve and is the first move toward cleaning up this mess…Congress and the banks voted in the central bank known as the Federal Reserve, they can vote them out….then we clean up each politicain one at a time….no more special deals, they get what the rest of us are given…social security, medicare and no pensions….no more fee ride…done…
This country had a capital system; it does not now have one. The capitalist system in this coubtry for the first few hundred years proved to be the most favorable democratic system ever in existence and was responsible for building the greatest democracy in all history. However, this took love for Country, honor and sacrifice from on the part of all citizens, not only on the part of elected officials. but also on the part of all Americans, at least in the majority, to work with elected officials to maintain the wonderful effectiveness of the system. When the majorities of both groups have become conniving and self serving to the point that the economic system , the ways and means of fairness to all parties, becomes totally distorted, the system is capitalist in name only. It is more like the nobility economies of centuries ago, where all the resources ended up in a small group. Capitalism is freedom of action for every citizen and not freedom for a small group and slavery for all of the rest. If the American people can live with the kind of capitalism that we have now, then they should get used to it. If they don't and they want the kind of capitalist system that built this country, then they can't cry about it but must do something about it to bring that capitalism back. How? It's so simple; believe me. It can be so simple to get back on track.