Oh, how true this is:
But we are a civilized society for those of the top 1% who defraud customers, the nation, and engage in risk taking for profit that undermines the world economy. Perish the thought of capital punishment, we don’t even put those who oversee Wall Street financial malfeasance in jail; heck, we don’t even charge them.
Yes, a few underlings, “guppies,” are arrested now and then, but that is because their fraud was not large enough and was strictly personal (such as embezzlement). But if it is illegal activity on a massive firm-wide scale, then no one is held accountable. The financial giants just get a fine (if that even happens) that is less than the amount that they profited from their violation of regulations and the law, so they end up with a net revenue gain as a reward for their felonious behavior.
Zweig concludes, “Wall Street offers its risk-takers the potential to earn tens of millions, even hundreds of millions of dollars, when bets pay off, with no real penalties when bets go bad. Until – or unless – that culture changes, nothing fundamental will change.” But he remains skeptical that holding individuals responsible for “too big to fail” illegal behavior will work.
That’s his opinion.
In our book, it’s still worth a try. Enabling the current double standard of putting a person in jail for kiting a few checks, but not even charging anybody for pre-meditated actions that lead to billions of dollars in fraudulent activity, well that’s not only unfair; it results in a nation committing financial suicide.
Please read the rest here. I left out a lot.
Chart via Citizens for Tax Justice
My friend and radio host Nicole Sandler has made this point over and over again, and it’s worth repeating. Kudos to Think Progress for posting about how going back to the Clinton tax rates still allows the wealthiest two percent to get a tax cut:
The Obama plan still maintains a tax cut for every single income earner, regardless of how much he or she makes. Every earner still receives the tax cut on income up to $250,000 — only after it passes that threshold will it be subject to a higher tax rate. Someone who makes $250,001, for instance, will pay the higher rate on exactly $1.
See? The taxing starts AFTER $250,000, even for the 3% of small businesses that would be affected. And as TP points out, if a small business is noticing a higher rate, they’re probably not small.
In fact, many “small businesses” aren’t:
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Kuwaiti Citizen Detained at Guantanamo since 2002
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