Bob Higgins

Send the Marines to Wall Street, Bring Back Our Money

Posted in Politics by Bob Higgins on January 29, 2009

economyby Bob Higgins

Banks, brokers, their insurers and accountants, hell, the whole corrupt financial industry now constitutes the “distinctly native American criminal class” designation that Mark Twain’s Pudd’nhead Wilson ascribed to the congress a century ago.

It seems that not a day passes without revelations that fraud, Ponzi schemes, insider trading, or other illegal or unethical practices are the rule rather than the exception in the world of high finance.

Today was no exception as the NYT reported that JP Morgan pulled a quarter of a billion dollars out of Bernie Madoff related investments before Madoff’s arrest and didn’t inform other investors, effectively leaving them holding an empty bag.

The other item, also from the Times offers further illustration of the orgy of excess going on in the canyons of Wall Street. Last year, they report, was the sixth largest in history for bonuses, with the gamblers, scalpers and other assorted players leaving the tables with an astounding 18.4 billion. This while the country tightens its collective belt, loses its collective job and reduces its collective expectations. President Obama (I admit to enjoyment when I type that) spoke to reporters before a morning meeting with VP Joe Biden and Treas. Sec. Tim Geithner: