US Financial Crisis: Crime & Punishment
Some excellent articles have appeared in the recent weeks to help people understand the magnitude, gravity and the implications of the current financial crisis. I recommend a recent post by William K. Black on this subject in the Huffington Post. See here.
Black makes an interesting analysis of the biggest white collar crime the world has witnessed, and which has pushed the financial markets to become profoundly dysfunctional. He is the author of “The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry”.
I can imagine the hurt and humiliation of an average US citizen, first when their country was violated (9/11) from outside; and, now, the horrible realization that the fence inside was itself eating the crop.
In this great financial crime it seems many powerful people made hay. Could it be that this bonhomie of the criminals cut across party lines?
The strength of the American system was in investigation, accountability and punishment. At the moment the blame is being put on the dysfunctional system…I have yet to hear any individual being held accountable except for the old whipping horse…GWB.
I refuse to believe that in front of the macho GWB the entire American edifice to protect its citizens became impotent. Could it be that the “protectors” all stood to benefit from the present mess?
Barack Obama is not a magician to set everything right. Howsoever good his intentions, he is a part of the system. And the system is presently sick…very, very sick.
Americans need not just bask in the glory of the victory of Obama, and hope that their woes would be over by just waving flags in his honour.
Americans need to put a lot of pressure on the Obama administration to identify and punish the guilty. (The diversionary tactics of the Bush era should no longer be allowed to continue to save the big-time criminals within the country).
Until the emphasis is put on proper investigation of this mind-boggling financial fraud, the powerful criminals identified and punished, it would be extremely difficult to put the American system back on rails.
Mr Obama has no option but to get tough like some Sherrifs of yore, or his reputation as a well-meaning person would soon evaporate. And, yes. his election slogan for “CHANGE” would appear meaningless and opportunistic.
