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Matt Taibbi: Is the SEC Covering Up Wall Street Crimes?

By Matt Taibbi | August 17, 2011
Rolling Stone

Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after police stumble upon past intrigues in some old file – "Hey, chief, didja know this guy had two wives die falling down the stairs?" No more burglary sprees cracked when some sharp cop sees the same name pop up in one too many witness statements. This is a different world, one far friendlier to lawbreakers, where even the suspicion of wrongdoing gets wiped from the record.

That, it now appears, is exactly how the Securities and Exchange Commission has been treating the Wall Street criminals who cratered the global economy a few years back.

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Taibbi doesn't go far enough back in history

or get the full scope of the problem. This does:
That is an hour-long lecture, one of the most eye-opening lectures I ever heard.

In this article excerpt, Michael Ruppert tells part of the story:

...The National Security Act that created the CIA in '47 was written by a guy called Clark Clifford, who was a Wall Street banker and lawyer. He's the guy that brought us BCCI. The job of writing the outline for CIA, the design for the Agency, was given to Clark Clifford by John Foster Dulles and Allen Dulles--both law partners in the Wall Street law firm of Sullivan and Cromwell. In '69 after Nixon came in, the Chairman of SEC [Securities and Exchange Commission] was William Casey--the same guy who was Ronald Reagan's Director of Central Intelligence. And the current Vice President in charge of enforcement for the New York Stock Exchange, Dave Dougherty, is a retired CIA General Counsel. The CIA is Wall Street, and vice versa. When you understand that, and that money is the primary objective, everything else just falls into place.

reedr3v's picture

Isn't it interesting to see yet another

detailed, excellent piece of investigative journalism by Taibbi, clearly connecting dots of criminality. And yet he still doesn't see the big, obvious picture: it's simple, Matt -- power corrupts, absolutely.

You'd think that a guy so clearly intelligent as Taibbi would get it: once voters give controlling power to government and its metastasized bureaucracy,it runs away with that power, leaving the people to pay for every criminal swindle that benefits the political elite.

Yet over and over he's astounded and outraged by this perfectly predictable outcome.

yes exactly!

He has realized that writing about his "surprise" at these events keeps him employed.

We have allowed all levels of government to treat blue collar crime harshly and completely ignore white collar crime and crimes committed by "the elite".

So, it's ok if you crater whole economies and leave families poor and desparate who HAD saved and HAD done a little real estate investment, but OHHHH NO!! dont let that 17yr old get caught with ONE JOINT!!

Tell me again how this differs from england BEFORE the pilgrims left?
Also, realize that when you support the "get tough on drugs"!!! bull$shit you are part of the problem also!!

Jackson County Georgia

War is an instrument entirely inefficient toward redressing wrong; and multiplies, instead of indemnifying losses.
Thomas Jefferson

Great comments,

both of you.

I am flabber and gasted!

What a shock! Governmental cover up of economic wrongdoing? Who would have ever saw this coming? Answer: the working poor.

ofcourse they are.

ofcourse they are.

from thomas wood's website

a cartoon:

"the corporations own the government". "we need to regulate the corporations!" "who's going to regulate them?" "the government!"


+ 1

Thanks Bobby.

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Ron Paul Introduces SEC Transparency Act

Congressman Ron Paul yesterday introduced the SEC Transparency Act of 2010 (HR 5970), a bill designed to force greater transparency in the Securities and Exchange Commission. The bill is designed to repeal the amendments made by section 929I of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the confidentiality of materials submitted to the Securities and Exchange Commission.

“It is unfortunate, yet not unexpected, that legislation touted as fixing problems with the banking system actually makes them worse and provides more cover and power for organizations that failed us like the SEC and the Fed,” Paul said in introducing the bill. “I expect in the coming weeks and months that many more harmful provisions like this will come to light and it will take quite a bit of work to undo the damage from this massive and misguided legislation.”

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Matt is always quick to blame

Matt is always quick to blame the criminal corporations, but never has the balls to call out the criminal govt entities that allowed it to happen. Without the govt programs backing any mortgage and guaranteeing that the banks would never fail we would have never had a housing bubble.

Commerce with all nations, alliance with none, should be our motto. - T. Jefferson rЭVO˩ution

"Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” - BASTIAT

Takes two to tango.

Takes two to tango.