Jim Sinclair’s Commentary
This is a very sad article as it speaks to the moral and ethical bankruptcy of government and finance.
Why Congress Won’t Investigate Wall Street
Republicans and Democrats would find themselves in the hot seat.
The famous Pecora Commission of 1933 and 1934 was one of the most successful congressional investigations of all time, an instance when oversight worked exactly as it should. The subject was the massively corrupt investment practices of the 1920s. In the course of its investigation, the Senate Banking Committee, which brought on as its counsel a former New York assistant district attorney named Ferdinand Pecora, heard testimony from the lords of finance that cemented public suspicion of Wall Street. Along the way, the investigations formed the rationale for the Glass-Steagall Act, the Securities Exchange Act, and other financial regulations of the Roosevelt era.
A new round of regulation is clearly in order these days, and a Pecora-style investigation seems like a good way to jolt the Obama administration into action. After all, the financial revelations of today bear a striking resemblance to those of 1933. In his own account of his investigation, Pecora described bond issues that were almost certainly worthless, but which 1920s bankers sold to uncomprehending investors anyway. He told of the bonuses which the bankers thereby won for themselves. He also told of the lucrative gifts banks gave to lawmakers from both political parties. And then he told of the banking industry’s indignation at being made to account for itself. It regarded the outraged public, in Pecora’s shorthand, as a "howling mob."
The idea of a new Pecora investigation is catching on, particularly, but not exclusively, on the left.
It’s probably not going to happen, though, in the comprehensive way that it should. The reason is that understanding our problems, this time around, would require our political leaders to examine themselves.
The crisis today is not solely one of bank misbehavior. This is also about the failure of the regulators — the Wall Street policemen who dozed peacefully as the crime of the century went off beneath the window.
Dear CIGAs,
The following is proof positive that Swine Flu has nothing to do with the present flu or swine.
Jim Sinclair’s Commentary
Today in Pakistan:
"In another development that sent a shudder through Pakistan, officials said a slew of gun attacks in the mega-city of Karachi killed at least 34 people and threatened to ignite ethnic tension.".
Pakistan army: Taliban holding town hostage
By MUNIR AHMAD – 5 hours ago
ISLAMABAD (AP) — Troops sent to repel a Taliban advance toward the Pakistani capital killed 14 suspected militants, the army said Thursday, and accused insurgents holding an entire town hostage.
In another development that sent a shudder through Pakistan, officials said a slew of gun attacks in the mega-city of Karachi killed at least 34 people and threatened to ignite ethnic tensions.
President Barack Obama expressed grave concern about the nuclear-armed country’s stability, while Pakistan’s president urged the public to support the army offensive so that the land would remain "a moderate, modern and democratic state."
Security forces backed by warplanes began pushing into Buner, a district some 60 miles (100 kilometers) from Islamabad, on Tuesday after Taliban militants poured into the area under cover of a much-criticized peace process.
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Obama: Pakistan threat ‘internal’ |
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Taliban Pressures NATO Supply Lines in Pakistan |
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US sees spike in Afghanistan, Pakistan attacks |
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Pakistan and Afghanistan: Gordon Brown in urgent need of a plan |
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House requests constraints on Pakistan bill |
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Obama warns US has ‘huge interests’ in Pakistan |
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Gun attacks in Pakistan’s south kill 26 | Home >> Other Sections … |