Seems that some prosecutions are coming down the pike:
The feds are drawing up insider trader charges that could shake the financial industry like never before, according to a published report.
Federal prosecutors in New York, the FBI and Securities and Exchange Commission have conducted a massive three-year criminal and civil investigation targeting consultants, investment bankers, traders from hedge funds and mutual funds as well as analysts across the nation, the Wall Street Journal reported today.
Investigators are looking into whether multiple insider trading rings pulled in tens of millions of dollars in illegal profits, according to the paper…
The only trouble is that, dollars to donuts, no politicians will be implicated in this. I hope there will be, but I doubt it – following the law, as has been seen by the Rangel case, is really only optional for politicians. I further bet that no one close to Ben Bernanke – let alone that Fraudster in Chief, himself – will be indicted.
While these prosecutions, if they come off, will be useful,until we attack the ultimate source of the problem – which means, the government end of it – we really wont’ get anywhere. Just as in financial scandals past, some crooks will go to jail, while the rest of the crooks learn to obey the new rules while still robbing everyone blind. We have to get them all, and all at once, in order to fix the problem.
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