I know all of you are hysterically excited as I am that the government has found a way to crack insider trading abuses by a big fat obnoxious hedge fund fat cat. I am also sure you are with me when I say that I am not going to join the parade celebrating the demise of this evil hedge fund witch.
Yesterday's conviction will be touted as evidence that the government is really serious about fighting fraud on Wall Street.
We all know that Madoff, Rajaratnum and Lee Farkas the mortgage spinning psychopath can hardly be casted as the terminal financial virus that afflicts the central nervous system our economy.
As slimy and detestable as those three microbes are, they are peripheral. They not the killer beasts.
What was true the day before yesterday, remains trues today, not a single one of the perpetrators responsible for causing Greenspan's "great tsunami" of subprime fraud has been indicted, let alone convicted.
I thought about this last night, and prepared this illustration using Thomas Nast's famous Fat Cats.
I kept it very simple. You can see the basic message. See the FED in the background. Obscenely cheap fiat money led to voracious yield chasing free-for-all. Yes, Madoff swindled his gullible yield chasing clients. Yes Rajanutjob pushed his insider trading envelope in his desperate thirst to deliver some kind of Alpha to his sophisticated moron clients.
But fatso in the middle took systemic fraud to a whole new exponentially high extreme. Until he gets nailed, nothing gets fixed. It only gets worse.
I could go on, but I won't.
I hope you will show this illustration to your family and friends as they are all subjected to today's expected dose of Wall Street/MSM propaganda spin.
"The two great lessons to draw from this epidemic of fraud is that if you don't look for it, you don't find it and that wherever you look, you do find it."
William K. Black