Christmas for Bankers, the questions about 21st century theft via digital mortgages

[Joseph Tracy]

Two years ago Jed Rakoff, senior judge for the Southern District of New York, embarrassed both the Securities and Exchange Commission and Citigroup by rejecting a deal to relieve the bank of guilt for cheating its customers out of more than $700 million by selling them bad mortgages. This month, in the pages of the Jan. 9 issue of The New York Review of Books, he stepped forward from the bench once again to criticize the mindset that both led to that deal and produced the financial crisis. 

       so opens an article for truthdigger by Alexander Reed Kelly   here is the link to the  NYRB Rakoff article titled 

 The Financial Crisis: Why Have No High Level Executives Been Prosecuted?

http://www.nybooks.com/articles/archives/2014/jan/09/financial-crisis-why-no-executive-prosecutions/?pagination=false

The gist is that, contrary to Holder and Obama BS, the cases are very prosecutable and that the arguments put out against prosecution are without merit. He further argues that this failure encourages further fraud. He asks whether the Executive involvement in easing regulation of investment made prosecutors all too willing to forgive these large and harmful crimes. He continues:
   "Please do not misunderstand me. I am not suggesting that the government knowingly participated in any of the fraudulent practices alleged by the Financial Inquiry Crisis Commission and others. But what I am suggesting is that the government was deeply involved, from beginning to end, in helping create the conditions that could lead to such fraud, and that this would give a prudent prosecutor pause in deciding whether to indict a CEO who might, with some justice, claim that he was only doing what he fairly believed the government wanted him to do."

WHAT IS THE PYNCHON CONNECTION? Only that real estate and corporate and government "investments"always show up in Pynchon Novels. This article reminds me particularly of IV and BE:  Large quantities of  government/corporate? cash, phony money,  authorities  fixing things, digital information becomes power transfer, and somewhere off in the periphery  the dispossessed or dead.  


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