Friday, February 20, 2009

Biggest fraud perps stay out of jail

Are you amazed that the perpetrators of Americas largest financial frauds remain free and out of jail? Me too.

Get caught stealing a few hundred dollars worth of goods from a retailer and assuming you get caught, you got straight to jail. Not these guys. Madoff and Stanford and many others yet to be identified are still enjoying the comforts of their multi million dollar homes and the privileges that go with it.

In the Madoff case, it was disclosed today that Maddoff didn't register a single purchase of securities for his long list of client investors in over 13 years. He was able to do this despite having certified accountants review his books annually. Where were the regulators that were warned many times over the past 10 years!!!!!!!!!! that Madoff's business was a fraud?????

How was Madoff able to administer this fraud by himself? He wasn't. Yet despite the obvious involvement of dozens if not hundreds of co conspirators, not a single one has been identified publicly so far. WHERE ARE THE REGULATORS even today???? Where's the FBI???? Where was the NY state attorney general????

What a bunch of incompetent civil servants. Shouldn't they be charged as negligent co-conspirators??? Shouldn't the auditors be charged with a crime???? Don't hold your breath. Even Arthur Anderson's guilty verdict was eventually overturned. That's the firm that audited Enron's books for years before that company imploded.

Our entire regulatory system is in shambles and has never really worked as it should have to start with. Oh, I forgot, the SEC did nail Martha Stewart for selling a couple of hundred thousands of dollars worth of stocks on an insider tip and lying to the regulators. I say bring back Spitzer and I'll pay for him to sleep with prostitutes. At least he was doing something about the corruption on Wall Street.

Our government is no longer on our side and hasn't been for years. Obama may have the best of intentions but the Congress still maintains their right to cozy up to big business at the expense of the taxpayers.

We need to start waking up and publicly objecting to what's going on. Wake up America, your future is being wiped out by your representatives in Washington. What do you think?

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