JP Morgan loses $3b: You're darn right, Mr. President

Weekly Address: Congress Must Move Forward, Not Back On Wall Street Reform

The latest SEC and government scandal America needs to know

A story breaking this week but that, I think, is getting far too little press tells of the SEC doing some preliminary investigations of Wall Street firms, then shutting them down and--worst of all--destroying any evidence. And why would this happen, you might ask? Well, because those very same SEC employees then get cushy, high paying jobs with the very companies they're supposed to be overseeing and regulating. And it's been going on since 1993, at least, apparently, and repeatedly. Goldman Sachs, anyone? It reminds me, once again, of the quote by Tim McIlrath: "If you're not angry, you're not paying attention." Read about it here: http://www.npr.org/2011/08/18/139758303/sec-documents-destroyed-employee-tells-congress; http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817

This is WAY overdue

Finally, an SEC that is doing what it was created to do--protect the American public from thieves, charlatans and crooks.

Of course, it's way overdue but hey, we'll take it.

It seems the SEC is finally accusing Angelo Mozilo, the former head of the now-defunct Countrywide Financial, of securities fraud and insider trading.

We all know Countrywide and Mr. Mozilo as the scumbag organization and the scumbag, respectively, who brought so many billions of dollars of bad mortgages to the country. In the meantime, Mr. Mozilo lined his pockets with many billions of dollars.

In referring to Countrywide's products, Mr. Mozilo called the loans "toxic" and "poison". His own words.

It's been common knowledge from coast to coast, that Countrywide and Mr. Mozilo were dirty and had run an illegal, shameful operation but the SEC hadn't done anything yet.

The time has finally come.

Thank goodness.

Great news on an otherwise bad business news day.

In the meantime, there are stories out right now about the banks who have been in so much financial trouble and who brought the country to the current financial crisis and nightmare we're in, still being in control of their friends up in Washington (read: the Senate and House) and that Senator Max Baucus isn't letting single-payer lobbyists in the health care field into his negotiations over our health care system.

We're screwed.

Link to stories:
http://www.nytimes.com/2009/06/05/business/05insider.html?_r=1&th&emc=th#
http://www.propublica.org/ion/bailout/item/another-tale-of-successful-bank-lobbying/#10943
http://www.nytimes.com/2009/06/05/business/economy/05bankrupt.html?em
http://www.truthout.org/060509K