US voters are clamoring for bipartisanship and for the Democrats and Republicans to work together to deliver much better governance. There are too many polls that tell Washington so. But leaders from both parties cite the stridence and shrill lack of civility that undoes all efforts at good bipartisan governance. Even the one arena, foreign affairs. supposedly immune to partisan politics has seen some deadly sniper shots as politicians posture prior to the 2012 Presidential elections.
But one topic has managed to garner continued bipasrtisan support – there will be no unnecessary Rule of Law on Wall Street, particularly if its is associated with the Financial Meltdown. Rolling Stone’s Matt Taibbi, NYTimes Paul Krugman again today and this blog have more than enough proofs and detail of rule of law spurned for Wall Street bankrollers of both parties. The simple conclusion is that Washington has been bought on no rule of law prosecutions associated the Financial meltdown and subsequent housing crisis of 2008-2011. Read the links above and this compendium – and weep.
Now Wall Street will harrumph and say look at the current big insider trading prosecutions against Rajaratnam and gang[just touches upon widespread Meltdown core malfeasances]. Or consider the record $1/2 billion fines against Goldman Sachs for derivatives advice and manipulations [with no admission of guilt , over $20 billions of accumulated gains from such activities before, and a fine covered over by at least 3 times through taxpayer restored earnings]. Or the judgement brought down against Anthony Mozilo, CEO of the worst mortgage offender, Country Wide Financial[again no admission of guilt and others paying his “record” fine – literally a Kabuki Theater of Law].
After citing these, Wall Street Soothsayers become testy saying that prosecutions are needless, they hinder the recovery, and it is a Micheal Moore pointless diatribe and vendetta. Dont waste our time as we work to foster our own recoveries and getting the country moving again. Jamie Dimon CEO of JPMorgan Chase at Davos had this to say on behalf of Wall Streeters – “too much is too much” don’t fence me in. Thus the message from Wall Street is clear – “So John Q Public stay out of Wall Streets business. We work to perfect financial markets. So stay away until we need to call upon you again for some bailout backstopping work.” And both Democratic and Republican politicians reaching for now unlimited campaign donations couldn’t agree with more bipartisan solidarity for Wall Street. This, America, is the bipartisan elephant in every Washington backroom. Both Democrats and Republicans are willing, able and have done so many times in bipartisan fashion – sell you down the Bailout for Wall Street river [aka Moral Hazard Swamp and Stream] and then up Immunity from Prosecutions creek. Better wake up America – the next time Wall Street does the Bailout Bubble there is not enough cash to contain and forestall the resulting Depression Mayhem.