Rush’s Morning Update: Lesson Learned
April 20, 2010
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On Sunday’s Meet the Press,David Gregory asked treasury secretary Tim Geithner if it’s “time to start teaching some people lessons on Wall Street.” Yep:That question was put to a man who evaded his taxes for years –and yet was elevated by Obama to the highest financial position in government.
The Senate democrat in charge of financial reform is Connecticut’s Chris Dodd. His career in the Senate will be ending soon due largely to voter discontent over his financial dealings, which included special treatment for his personal mortgages. Along with fellow Democrat “Banking Queen” Barney Frank in the House, Dodd is a key architect of the subprime mortgage collapse that torpedoed our economy.
So what lessons are Wall Street executives supposed to learn here? In the private sector, financial fraud is punishable by prison, fines, or both. We’ve seen executives like Jeff Skilling of Enron tossed in jail. Minnesota businessman Tom Petters recently got 50 years for a $3.7 billion ponzi scheme. Bernie Madoff’s $18 billlion scam got him 150 years. Sholam Weiss stole $125 million from his failed insurance company; hegot 845 years.
But after plunging the world into an economic morass costing multi-trillions, Dodd, Frank, and Geithner are teaching Wall Street a lesson, which is: If you want to commit truly massive fraud,become a Democrat and get elected or appointed to the government sector to do it — where real white-collar crooks can operate with impunity.In the private sector, you’re dead, and we’re the ones who are going to come get you!
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