Since early 2009 I have written at length about the regulatory capture that has dominated the financial industry. I have defined this concept in layman’s terms as the Wall Street-Washington incest. Today a close friend and regular reader of Sense on Cents shares a story which blows the cover off this incest.
This story is written by Rolling Stone’s Matt Taibbi, perhaps Wall Street’s greatest nemesis. I commend him and those from whom he has sourced this information to have the courage of their conviction and the embodiment of the true American spirit to bring this story to light.
I ardently believe this expose should lead to public Congressional hearings and ultimately a federal judicial inquiry. Might it be the beginning of the end for Mary Schapiro?
If this story does not lead to the aforementioned hearings and inquiry, then I am compelled to believe that our financial system will NEVER be repaired and properly regulated. Moreover and perhaps more importantly, why would any investor care to participate in Wall Street’s racket? As I have often maintained, when principal is not protected, it will move elsewhere. Do you hear the hiss and the whir of those dollars moving offshore?
To those within the SEC who have any involvement whatsoever in the activities exposed by Attorney Flynn, you are obviously entitled to a fair and full hearing. I hope you get it. This case DEMANDS a full and thorough pursuit of the truth with complete transparency. If it does not get it, I would recommend that Americans march on Washington and Wall Street to demand the truth and the necessary transparency. This story is that important.
America knows all too well that the Wall Street-Washington incest has crippled our economy and also our nation.
Let’s pull back the covers and expose just how deeply in bed and enmeshed these lovebirds are. While these birds have been making sweet love to each other, is there any doubt as to who is really getting screwed?
That’s right, none other than the citizens of the United States of America.
On that note, here is the overwhelming stench of the incest written by Mr. Taibbi, Is the SEC Covering Up Wall Street’s Crimes?