Late Night: The Clever Supervillians Get Bailouts
Given that the continuing deadness of Osama bin Laden has so dominated the news of late, one might wonder if other evildoers who have in their own specific fields of villainy likewise done grave damage to The American Homeland might get the Justice they so richly deserve.
Those fiendish fellows who did their damndest to blow up the the US & the world economy in ’08, for instance. Should be an easy job. We know who they are and where they are; heck, the SEALs could get to their offices by subway and thus save the taxpayer millions in costly wrecked helicopter bills.
Ha! That is a joke.
“Justice” in this brave new millennium is a fascinating concept, in that if you’re rich and in the financial services industry, and you lack a great big bushy beard, you can thumb your nose at American Justice, if you like, because basically, you run it.
The one time prosecutors brought a criminal case involving the financial crisis — against two Bear Stearns hedge fund managers whose fund collapsed in the summer of 2007 — they lost. But so long as prosecutors resist bringing criminal cases against financial executives, they are sending a message.
Of course, the joke gets funnier. Are you ready to laugh? Because it’s not just “crime pays.” It is more “God bless the supervillains.”
Banks who have engaged in widespread looting and reckless behavior have nevertheless managed to persuade the public that acceding to their demands is virtuous. In a narrow sense, that isn’t wrong, in that healthy communities depend on most people honoring their commitments . But how long will this widespread use of what amount to one sided agreements, where the financiers can break them with little in the way of consequences while ordinary citizens required to adhere to them, continue before the collateral damage engulfs the bankers?
The answer to that last question is, you’ve seen The Road Warrior, right? Well, here’s the Senate GOP in their leather chaps, going to the mattresses against anything that might remotely prevent another 10/08:
the Senators call for… specific, common sense reforms to the Bureau’s structure…
Establish a safety-and-soundness check for the prudential financial regulators, who oversee the safety and soundness of financial institutions. This would help ensure that excessive regulations do not needlessly cause bank failures.
What a funny punchline!