One of the best bits in the Oscars ceremony was the way Inside Job director Charles Fergsuon got stuck into Wall Street. It wasn't really picked up by that many media outlets. Funny that.
MarketWatch quotes Ferguson's most telling point when he said: "Forgive me, I must start by pointing out that three years after a horrific financial crisis caused by fraud, not a single financial executive has gone to jail – and that's wrong."
Backstage, Ferguson told Reuters that he had expected more from the Obama administration and that Americans, who lost homes and jobs in the millions because of shady mortgage lending and bank collapses, would be disappointed that "nothing has been done "The biggest surprise to me personally and biggest disappointment was that nobody in the Obama administration would speak with me even off the record — including people that I've known for many, many years,'' Ferguson said. "Unfortunately, I think that the reason is predominantly that the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement," said Ferguson.
Get that? The finance industry is now so powerful that it can get around the law. It's exactly the point I raised in a blog entry here.
Indeed, master fraudster and Ponzi king Bernie Madoff says as much in this recent interview with New York magazine. Madoff sees himself not as some evil mastermind but as part of a corrupt and rotten system. " 'The SEC,' he says, 'looks terrible in this thing.' And he doesn't see himself as the only guilty party on Wall Street. 'It's unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.' "
And that's coming from someone who knows about Ponzi schemes. The fix is in.
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