Predator Nation: Obama and Corporate Crime
By RUSSELL MOKHIBER | CounterPunch | June 12, 2012
When Charles Ferguson accepted the Academy Award in 2010 for his documentary film Inside Job, he told 30 million people viewing the award ceremony that “three years after a horrific financial crisis caused by massive fraud, not a single senior financial executive has been prosecuted and that’s wrong.”
Two years later, still no prosecution.
So, now Ferguson is out with a book – Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America (Random House, 2012.)
It reads like an indictment.
Check that.
It reads like a number of indictments.
And Ferguson is hoping that federal prosecutors will pick up the book and get some ideas.
And why exactly have there been no prosecutions of high level Wall Street investment bank executives?
Politics?
“Not exactly,” Ferguson says.
“It’s important to bear in mind the direct personal incentive structures of many of the people involved,” Ferguson told Corporate Crime Reporter last week. “The revolving door phenomenon now effects the Justice Department and federal prosecutors to a very substantial extent.”
“The previous federal prosecutor for the southern district of New York, Mary Jo White, now does white collar criminal defense and makes a great deal more money than she did as a federal prosecutor. I think that phenomenon is very well entrenched, very thoroughly entrenched.”
“Indeed Lanny Breuer, the Assistant Attorney General for the Criminal Division was head of the white collar criminal defense practice at Covington & Burling. They represent most of the major banks and investment banks in the United States.”
And his boss, Eric Holder, the Attorney General, came from the same firm.
“Exactly,” Ferguson said. “So, when you say politics, you sort of think of Republicans, Democrats, ideology, large scale political and policy debates. I don’t think that’s the only thing going on here. I think you have to consider incentives – individual, personal, financial and professional.”
When Rudy Giuliani was U.S. Attorney, he had no qualms about prosecuting Michael Milken. What has changed?
“One thing that has changed is that the amount of wealth and political power held by the financial sector has gone up by at least an order of magnitude,” Ferguson said.
“Another thing that’s changed is the amount of money that the financial sector spends on politics and acquiring political power and influence has also gone up by at least an order of magnitude.”
“And thirdly, the divergence, the difference between public sector salaries and incomes and private sector salaries and incomes has widened enormously.”
“So again, for those at the level of large scale political behavior and at the level of individual incentive, things have changed dramatically since the 1980s.”
As an undergrad, Ferguson studied mathematics at the University of California Berkeley and went on to study political science at MIT.
He then went on to organize an early software company – Vermeer Technologies – which was sold in 1996 to Microsoft for a reported $133 million.
He was an early fan of President Obama.
“I donated my legal maximum to his campaign in 2008,” Ferguson says.
But at a press conference in October 2011, Obama addressed the question of why no high level Wall Street executive has been prosecuted.
“So, you know, without commenting on particular prosecutions– obviously, that’s not my job, that’s the attorney general’s job – you know, I think part of people’s frustrations, part of my frustration, was a lot of practices that should not have been allowed weren’t necessarily against the law, but they had a huge destructive impact,” Obama said. […]
What was Ferguson’s reaction when he heard Obama say – the actions “weren’t necessarily against the law”?
“My reaction was very negative,” Ferguson said. “First of all the statement is thoroughly inaccurate and incorrect, but secondly it’s very difficult for me to believe that he doesn’t know that.”
“Given what we now know, it’s very difficult for me to believe that President Obama actually believes that there was no significant criminality in the housing bubble and the financial crisis.”
Russell Mokhiber edits the Corporate Crime Reporter.
Related articles
- Exposing Countrywide (alethonews.wordpress.com)
- Predator Nation: How Wall Street Crashed the Economy & Got Off Scott Free (ritholtz.com)
- Corporate criminals gone wild (salon.com)
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From the Archives
The Real Story of How Israel Was Created [Stolen]
By ALISON WEIR | October 11, 2011
To better understand the Palestinian bid for membership in the United Nations, it is important to understand the original 1947 UN action on Israel-Palestine.
The common representation of Israel’s birth is that the UN created Israel, that the world was in favor of this move, and that the US governmental establishment supported it. All these assumptions are demonstrably incorrect.
In reality, while the UN General Assembly recommended the creation of a Jewish state in part of Palestine, that recommendation was non-binding and never implemented by the Security Council.
Second, the General Assembly passed that recommendation only after Israel proponents threatened and bribed numerous countries in order to gain a required two-thirds of votes.
Third, the US administration supported the recommendation out of domestic electoral considerations, and took this position over the strenuous objections of the State Department, the CIA, and the Pentagon.
The passage of the General Assembly recommendation sparked increased violence in the region. Over the following months the armed wing of the pro-Israel movement, which had long been preparing for war, perpetrated a series of massacres and expulsions throughout Palestine, implementing a plan to clear the way for a majority-Jewish state.
It was this armed aggression, and the ethnic cleansing of at least three-quarters of a million indigenous Palestinians, that created the Jewish state on land that had been 95 per cent non-Jewish prior to Zionist immigration and that even after years of immigration remained 70 per cent non-Jewish. And despite the shallow patina of legality its partisans extracted from the General Assembly, Israel was born over the opposition of American experts and of governments around the world, who opposed it on both pragmatic and moral grounds.
Let us look at the specifics. … continue
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