15,
March 2012 Our fading
democracy
Oligarchs
seem to be getting a free pass in our criminal justice system. For example,
former head of MF Global, Jon Corzine, and his senior executives stole money
from their customer accounts just days before it declared bankruptcy. The
amount is staggering - $6.2 billion of which $1.6 billion is still missing. The
executives of MF Global offer the absurd claim that it was “all a big mistake”
and inexplicably federal prosecutors appear to be willing to accept this
fiction. This is despite a barrage of damaging MF Global emails urging bosses
“to raid customer accounts” to save the company. This follows a number of other
high profile cases of egregious fiscal mismanagement, impropriety and outright
fraud in which former CEO’s have remained unscathed and escaped long prison
terms. Angelo Mozilo, the former
chairman and CEO of Countrywide and Richard Fuld former chairman of Lehman
Brothers have escaped indictment and are free men. The sub-prime mortgage fraud
which resulted in millions of people losing their homes has not resulted in a
single prison term of bank officials.
Many
now believe a 2-tier system of justice exists. Those living in super-zip
communities – the politically well-connected – often get a free pass. Remember,
Corzine, a former governor of New Jersey was big fund raiser for President
Obama.
It
is not surprising that the prevailing lack of accountability will only deepen
the cynicism people feel about their government. Our democracy is eroding while
the oligarchs are rejoicing.
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