Posted October 12, 2013
by Jerry Alatalo
Academy Award winning director of “Inside Job” Charles Ferguson is one of the go-to people on the planet when it comes to Wall Street and government corruption. His film won the award in 2011 and told the story of what really happened in 2008 and the economic meltdown. Many of you remember the film and probably re-view it now and then because it is a powerful indictment of Wall Street fraud and government inaction.
Mr. Ferguson appears in this video about a year ago on Democracy Now with Amy Goodman. This was four years after the crash caused by massive fraud in the largest financial corporations on Earth. No banking executive has faced prosecution.
His book “Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America” has much more damning information than the documentary. In this interview Mr. Ferguson notes that major actors contributed to the still ongoing worldwide crisis, with the financial services industry still running without regulation. The corruption has continued unabated, with many people unaware of how influential has been academia, those who live in ivory towers-the “economists”.
The emphasis on money is also felt and practiced in the actions of academia with professors of economics who sell their expertise for large sums to giant companies. The élite academics sit on the boards of directors, on presidents’ economic councils directing policy for the nation, lecture on the speaking circuit, and work as consultants for billion dollar hedge funds-all for multi-million dollar fees.
There is a clip of an economist who is questioned by Ferguson “if there is a conflict of interest” when men work for the government and consult with financial firms, and the answer is “I doubt it”.
I doubt that.
He points to Larry Summers, who recently walked away from consideration for Federal Reserve Chairman, as “Exhibit A” in the open-and-shut case of revolving doors from academics to politics, to major industries, to financial services consultant, etc. Summers argued for deregulation which brought the massive frauds into existence-many are aware of the investigative journalist Greg Palast’s article describing Summers and Tim Geithner actions to allow derivative frauds around the world.
When Summers was Secretary of the Treasury he publicly dressed down a colleague at a convention when the colleague spoke about the risks of a catastrophic meltdown if action wasn’t taken to prevent it. Ferguson notes that there were massive amounts of securities frauds, accounting frauds, and breaking of Sarbanes-Oxley laws.
In the video we hear Barack Obama speaking to reporters and saying “biggest problem is that a lot of that stuff was immoral, unethical or reckless… not illegal… frustrations”. Mr. Ferguson then points out that the president is wrong, that there is evidence of extensive and highly illegal conduct, including the securities and accounting frauds, and Sarbanes-Oxley crimes. He mentions “publicly available evidence of massive criminal behavior”.
Money has taken over economic policy, academia, and the political system.
Ever since the deregulation of the Ronald Reagan administration money has become ever more influential in the billions of dollars’ election campaigns. The financial sector has outspent the public sector by 50 to 1, becoming seriously dangerous to both democracy and the economy of America and the world.
From Amazon.com on Charles Ferguson’s book “Predator Nation”
Out of 66 reviews 46 gave Predator Nation 5-stars, 14 rated the book 4-stars, 3 rated 3-stars, 2 @ 2-stars and 1 @ 1-star.
“Bad news, right down the line. An economic élite, lawless and arrogant… Bought and paid for government and a growing underclass. (quotes Ferguson) ‘There are now tens of millions of Americans whose condition is little better than many people in third world nations’ / Americans are getting angry, and even when they’re misguided or poorly informed, they have a deep visceral feeling that they are getting screwed…”
“Captures a non-discussable. Not afraid to bring into focus that most of our institutions have been taken over by the criminal class… Be prepared for some shocking findings and have the antacids ready…”
“important political book… Deserves a wide audience and serious scrutiny.”
“Rage against the machine. If you were being raped as we are by the machine, would you insist on gradual withdrawal?”
“The gangsters of Wall Street. Ferguson, I am sure is on Wall Street’s black list. You will not be able to come up with enough “dirty” words to describe your outrage.”
“No matter how many financial crisis books you’ve read, you need to read this one. Yet the author has hope that a day will come that the American people won’t take it any more.”
“If you care about America’s future, read this book. It’s time to end the Wall Street stranglehold.”
“This book exposes a multitude of details that do not fit in a movie and should be known by every American. Actually by every human.”
“Read. This. Book.”
“In this book, Charles uses his own words to describe what happened. And it’s still happening, get this book. AWESOME.”
“The best book on the subject ever.”
“A must read.”
“The best analysis of economic and political corruption in USA.”
- Predator Nation: How Wall Street Crashed the Economy & Got Off Scott Free (ritholtz.com)
- Wall Street Predators Wage Secret War on American Retirements (alternet.org)
- Bernie Madoff, Steve Jobs, and Wall Street Greed (american.com)
- 5 Years Later, Wall Street Still Sucking Life Out of America Like Vampires at Blood Drive (alternet.org)
- Matt Taibbi: Wall Street hedge funds are stealing public workers’ pensions (rawstory.com)
- Matt Taibbi: How Wall Street Hedge Funds Are Stealing from Teachers, Cops and Firemen (alternet.org)