Only a few days have passed since its release, and already the Mainstream Media has forgotten all about the Lehman Examiner Report, with barely an occasional mention. As the CJR points out, this unquestionably massive story of corruption and vice, is being covered up by powered interests controlling all the major news outlets, because just like in the Galleon case, the stench goes not only to the top, (in this case the New York Fed and the SEC), but very likely to various corporations that have vested interests in the conglomerates controlling America’s key media organizations. One person, however, who refuses to let it go, is Senator Ted Kaufman (D-DE), whose determined support for an overhaul of market structure we have followed over the past year.
Part of Kaufmans to-be-delivered speech. Emphasis added.
“Mr. President, last week’s revelations about Lehman Brothers reinforce what I’ve been saying for some time. The folly of radical deregulation has given us financial institutions that are too big to fail, too big to manage, and too big to regulate. If we have any hope of returning the rule of law to Wall Street, we need regulatory reform that the addresses this central reality. As I said more than a year ago: ‘At the end of the day, this is a test of whether we have one justice system in this country or two. If we don’t treat a Wall Street firm that defrauded investors of millions of dollars the same way we treat someone who stole 500 dollars from a cash register, then how can we expect our citizens to have faith in the rule of law? For our economy to work for all Americans, investors must have confidence in the honest and open functioning of our financial markets. Our markets can only flourish when Americans again trust that they are fair, transparent, and accountable to the laws.’ The American people deserve no less.”
Full speech
3-15-10 the Rule of Law and Wall Street
Senator Kaufman: Fraud Still At The Heart Of Wall Street
Who is Senator Kaufman and what power does he have in this situation? He is not a member of the Senate Banking Committee – and if you think this is a regulatory issue, that reduces the weight of his voice.
But he is a member of the Senate Judiciary Committee and we are discussing here potential crimes – or what should be crimes if the legal system still functioned. He was also a cosponsor of the Fraud Enforcement and Recovery Act (FERA) – which was right on topic – and is an experienced Capitol Hill insider who has studied these issues long and hard. He has also worked closely, over many years, with Vice President Biden.
The tide is turning, but not primarily through the actions of Senator Dodd and his Banking colleagues. Rather the biggest and most unruly players in our financial system have behaved in such an egregious manner that they will be brought down by the law – either that, or they will further bring down the law.
Yes, absolutely, the pendulum is moving our way. But we must keep the pressure on. It’s not hopeless. Things are finally moving our way. Everyone needs to do whatever they can now to insure the rule of law finally returns to the country.
Really. It’s time. Now. The moment won’t come again.