Financial Corruption

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The SEC is the only agency with the people qualified to spot the fraud and insider trading that goes on in Wall Street. They build cases and send them off to get prosecuted, although the cases get set aside or dropped to a fine when in fact someone should be in jail. Goldman hires top lawyers to represent them in their cases who also go back and forth between working at a firm that represents Goldman to working in the SEC or U.S. Attorney’s office. Mary Jo White is a former U.S. Attorney of Southern District of New York who went to work at Debevoise & Plimpton, the firm that represents Goldman Sachs. President Obama has now appointed White to become the next SEC director of enforcement. Paul Berger, an associate director of enforcement for the SEC also now works for Debevoise & Plimpton. Linda Thompson was also a former director of enforcement for the SEC, but then went on to represent Wall Street for the firm Davis Polk & Wardwell. Forget about insider trading, these people have the game rigged from the start with both sides playing for the same team.

Goldman Sachs has been the major financial backing for all the recent political campaigns. They helped fund Bill Clinton, George Bush, and they even backed Hillary Clinton while raising funds for President Obama. It is understandable that the leaders of our nation need to keep a close relationship with the top banks that are our economy, but the relationship has grown too chummy with Goldman so close to the President’s ear. Favors get done, money is made, and government turns its head when major fraud is committed. After all, no one wants to get cut out of any upcoming deals or high level positions that need filled. It is a game that is played at the highest level: ‘Who gets to run the company while it’s someone else’s turn to slum it in top level government and watch the company’s back.’ And that’s how it is played.

America deserves liberty and justice. Our economy is collapsing for the sake of a few greedy people. Thanks to some brave reporting, Americans have become familiar with the greed that is our economy; still, we are at its mercy. So when will it end? The people who are stealing millions from taxpayers already have millions. Their greed is seemingly insatiable, and if left unchecked and un-imprisoned it will continue. A fine, no matter the size, is not a deterrent. America needs to cry out and let our voice be heard; we will not stand for this deceit any longer. Send them to real prison, and watch the effect the convictions will have. For now, the message is simple: know the right people, make them enough money, and you can steal endlessly. This message needs to change to: no matter who you are or whom you know, if you commit a crime, you will be held accountable. It is not too much to ask for an honest government. Anyone qualified enough to stop this corruption is hired up by top banks and law firms that represent them. This is unfair and immoral. Congress needs to step up and make an example, or our economy will collapse. Americans need to raise our awareness of this corruption and put pressure on congress to act. For now, America is home of the brave, and land of financial corruption.

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Bibliography:

The People vs. Goldman Sachs by Matt Taibbi

National Affairs (Rolling Stone) by Matt Taibbi

Meltdown (Newsweek) by Michael Daly

The Economy by William D. Cohan

Report information from ProQuest/HedgeWorld USA 2010

Report information from ProQuest/HedgeWorld USA 2012