it was excellent article, save for the timing. as BR points out, in the post, these problems have been known for over a decade. The MSM should get a little credit, as watchdog, for barking, now, after the household has been stripped bare. Actually, it’s ‘woofing’ at this late date should signal something else afoot–namely, in this case, the push for “Global Regulation, Regulatory Bodies”..
~~

“What’s there to steal now? I’m at a loss to figure it out.”–dh

see: SmartGrids, Solar Panels, Wind Farms, y mas..

LSS: namely those things that, w/o your subsidizing it, make no Financial sense, and, usually, little Economic sense..

http://news.yahoo.com/s/ap/20090316/ap_on_go_pr_wh/obama_economy

Speaking of Thain, Bernie needs a roomie at the MCC.

I hear you loud and clear. The problem is, lack of regulation is exactly why law enforcement can’t be used against AIG (not that we have law enforcement involvement where laws DO exist prohibiting chicanery – a crime in and of itself. It’s a shame this is a theoretical distinction). Like Portnoy’s comment in BR’s post, above, points out – there was no regulation under the new legislation.

As for libertarianism, I like the standard definition of ‘rights’ – namely, one’s rights end where they infringe on another’s. This goes for polluting industries, pharmeceuticals, banking, manufacturers of addictive products (for profit and/or trade), misleading marketing, and any other business activity that would toxify the environment (I use ‘enviornoment’ in the broadest sense). Hell, I’d be all for anarchy, if I thought people had the scruples to police themselves and the morals and ethics to control their lust to get more of anything they might want. Sadly, they don’t.

Let’s not forget the wonderful work on CNBC by Melissa and later by Sharon in the commodity pits, where they cheerfully regurgitated the day’s simple minded headline story as the The Big Reason Of The Day, adding credibility and urgency to the lies and the hype. Do they still do that?

Yeah, using Nigeria as an excuse was solid gold in getting a price rise. All it tool was the rumor of significant flatulence in a small room with no windows and Vavooom went the world price of crude. The oldies never go away. This one will still work.

Yes and no… We should separate out the topics of regulation and enforcement. Having a generally libertarian philosophy, I believe in very limited regulation, but VERY STRICT enforcement of the rules. The problem under Greenspan, et al was the appalling lack of enforcement of existing securities laws. You can’t have a law on the books and have the regulator say, “I don’t really believe in that rule anyways…” It’s like the situation in China: China has among the strictest copyright laws in the world, but zero enforcement. We know how that’s working out…

HCF

A second preferential way was to steal as an insider if you happened to work at the top executive levels. Enron explored the basics of derivatives fraud and fake commodity shortages. SarbOx closed much of this way of life off and forced the thieves to find a new way to earn a living. They discovered mortgage fraud, expanded on the ways to commit commodities fraud using derivatives, and invented swaps fraud.

Thieves are clever.

Now, where will they migrate to. The investment world is in a lull. Not much cash is flowing, but you can be sure they will find the next big things and fleece the same people again.

Commodities fraud will reappear unless the CFTC figures out how to limit direct and indirect speculation in commodities. Investors love their bubbles, and large amounts of spare cash will once again create the appearance of peak oil to the gullible, not peak oil fraud. For other schemes, crooks will probably have to move their schemes overseas where there is less regulation.

What’s there to steal now? I’m at a loss to figure it out.