Saturday, November 20, 2010

Sweet. Throw the bankers in jail.

US to Lift Lid on 'Pervasive' Insider Trading: Report

From CNBC via Reuters

U.S. officials are preparing insider trading charges against a host of financial players, including investment bankers and hedge fund managers, The Wall Street Journal said, citing people familiar with the matter.

The charges could surpass any previous investigations on Wall Street, and examine whether certain players garnered tens of millions of dollars in illegal profits, the newspaper said in its Saturday edition.

The investigations could expose "a culture of pervasive insider trading in U.S. financial markets," especially in ways private information is transmitted to traders through connected insiders, the newspaper said, citing federal authorities. Wall Street has been abuzz for weeks about federal authorities filing another big insider trading case that might compare to last year's Galleon case.

This is great news. My basic take on the Big Banks, is: "let 'em fail," and my basic take on those who committed grand-scale fraud and theft i.e. Big Finance insiders and Hedge Fund Managers is: "let 'em rot in prison. And if someone wants to shank these old rich fucks . . . well . . . people get shanked in prison sometimes. Shit happens."

I can only hope there is something to this story. Exposing the Bangksters for what they are is going to be an absolutely critical element in moving this country forward and preventing the revved-up and rarin-to-go Right Wing machine from taking us full-speed ahead down the Hitler Highway. Fascism thrives on desperation and mis-placed anger. If people actually started to get wind of how truly, madly, and deeply the Big Bankgsters have gang-raped this nation and its people, perhaps they will finally be able to take some of that righteous-but-misplaced anger that is currently being leveled at our increasingly Carter-esque looking President and "the Gubmint," and focus it back where it belongs: on Big Banks and Big Corporations that have hijacked our so-called economy, aided and abetted by the Bushies, of course.

This is good news, folks.

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