The U.S. economy lost an estimated $22 trillion dollars from the financial crisis that began in 2007, and that crisis was caused by the actions of big banks. They sold toxic trash in the form of bonds, and swaps and derivatives; they lied about their earnings; they sold mortgages that they knew would default while taking out insurance policies betting that they would default – so they make their money no matter what. These are criminal activities, and yet no one has been held accountable.
And if you think that accountability is coming, you’re dead wrong.
In fact, we’re beginning to see convictions and fines being overturned by right wing judges all over the country. Recently, a US Appeals Court overturned the conviction of 2 hedge fund managers that had been convicted for insider trading, so they get off free. Last month a judge said that JP Morgan wouldn’t have to pay an imposed fine for selling mortgage backed securities from one of their subsidiaries, so they got off free. And just last week a federal judge said that the GOVERNMENT broke the law when they bailed out insurance giant AIG and fired their management team.
We’re letting criminals go free and we’re punishing the group that actually tried to save the economy. I really don’t even know how to process this information because it is so backwards and absurd, and all I can say is that if Eric Holder had done his job when he was Attorney General, we wouldn’t still be talking about this today.
