In Harbinger Of Things To Come, Indonesian Parliament Begins Criminal Investigation Into Bank Bailouts
So far the commingling between financial and political forces has passed without many glitches both domestically and globally. This is starting to change. We read in Newser that the "Indonesian's parliament called for a criminal investigation into a $715 million government bank bailout." In addition to Indonesia president Suslio Bambang Yudhoyono, others implicated include Vice President Boediono, a former central bank governor who goes by a single name, and Finance Minister Sri Mulayani Indrawati. Something tells us that the miraculous market recovery in Indonesia has not proceeded quite as effortlessly as the one in the US. Which also explains why the Fed and its cohorts are so set on reflating the market as they are well aware of the opportunity cost. Once the market takes the inevitable leg lower, we expect that the general public hatred against the multi trillion bailout of the US financial system may finally yield comparable criminal prosecution in America as well.
More from Newser:
Following a parliamentary committee investigation of corruption allegations arising from the transaction, 325 legislators in the 560-seat House of Representatives voted for a criminal probe. Another 212, mostly from Yudhoyono's Democratic Party, argued the bailout had necessarily prevented a systemic meltdown of the country's financial system amid the global economic crisis.
The parliamentary motion that passed said the bailout was "against the law or an abuse of power by monetary authority officials ... which could be classified as corruption crime."
National police spokesman Maj. Gen. Edward Aritonang said police would follow the recommendations and launch an investigation.
Yudhoyono's "fierce lobbying" had achieved an important point because neither Boediono nor Indrawati was named in the motion, the Jakarta Globe newspaper said Thursday.
Boediono declined to answer questions about the vote, but told reporters, "In every age, God has always sided with the truth."
On the other hand, one of the key findings of this crisis is that the American people are some of the laziest, most apathetic individuals known in history. There is the distinct possibility that even a market crash to 0 will not result in any pro/retroactive changes, so long as the prime time TV line up remains unchanged.
- advertisements -