Crime and (No) Punishment. Still.
“President Obama [chose to] save the banks rather than throw all the bankers in jail, which they deserved.”
–Thomas Friedman, “Hard Lines, Red Line, and Green Lines“; The NYT (9/23/2012).
As unsavory as Richard Nixon’s pardon by Gerald Ford was, you could at least argue two things: 1) it was legally valid, given that the Constitution grants Presidents the unconditional power to pardon; and 2) it served a greater public purpose, allowing the country to “move on” and begin healing from Watergate.
By contrast, declining to prosecute anyone on Wall Street for anything pertaining to The Crash of ’08 is neither legal, nor facilitates any kind of closure.
On the contrary, giving Wall Street a “pass” for a pattern of egregious criminal conduct delays the healing process the country very much needs.
With the Presidential campaign now in full swing, and everyone’s focus on jobs (and lack thereof), here’s a novel thought: first clean up the nation’s legal system.
Only once that is (again) running properly, enforcing the nation’s laws and holding wrongdoers accountable, is it appropriate to focus on fixing the economy.
See also “A Financial Gettsyburg Address“; “Bernie Madoff and the Path to Recovery.”
