For every honest Congressman Henry Waxman and Senator Paul Sarbanes, there are scores of Congressional and White House politicians huddling with business lobbyists to stifle prosecutions, reforms and investigations.
The lead culprit is the retiring and shameless Senator Phil Gramm (Rep. Texas) whose wife just resigned from the Enron Board and its audit committee. On May 16th, he met with 30 corporate lobbyists to plan the surrender of Washington, D.C.'s national government against the crookery of Wall Street.
In American history, reforms usually followed scandals. Now over the past twenty years, scandals follow scandals because there are no reforms. Sometimes the Congressional reaction is to weaken the existing laws and safeguards against corporate crime, fraud and abuse à even after imposing massive taxpayer bailouts of the culpable industries.
Remember the S&L scandals that are costing taxpayers half a trillion dollars in principal and interest between 1990 and 2020. Conflicts of interest are at epidemic levels in Wall Street and trust is being destroyed à the key confidence that investors must have in information and advice directed their way.
The lead culprit is the retiring and shameless Senator Phil Gramm (Rep. Texas) whose wife just resigned from the Enron Board and its audit committee. On May 16th, he met with 30 corporate lobbyists to plan the surrender of Washington, D.C.'s national government against the crookery of Wall Street.
In American history, reforms usually followed scandals. Now over the past twenty years, scandals follow scandals because there are no reforms. Sometimes the Congressional reaction is to weaken the existing laws and safeguards against corporate crime, fraud and abuse à even after imposing massive taxpayer bailouts of the culpable industries.
Remember the S&L scandals that are costing taxpayers half a trillion dollars in principal and interest between 1990 and 2020. Conflicts of interest are at epidemic levels in Wall Street and trust is being destroyed à the key confidence that investors must have in information and advice directed their way.