From “The Golden Age of White Collar Crime by Michael Hobbes:
Over the last two years, nearly every institution of American life has taken on the unmistakable stench of moral rot. Corporate behemoths like Boeing and Wells Fargo have traded blue-chip credibility for white-collar callousness. Elite universities are selling admission spots to the highest Hollywood bidder. Silicon Valley unicorns have revealed themselves as long cons (Theranos), venture-capital cremation devices (Uber, WeWork) or straightforward comic book supervillains (Facebook). Every week unearths a cabinet-level political scandal that would have defined any other presidency. From the blackouts in California to the bloated bonuses on Wall Street to the entire biography of Jeffrey Epstein, it is impossible to look around the country and not get the feeling that elites are slowly looting it.
And why wouldn’t they? The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Even within the dwindling number of prosecutions, most are cases against low-level con artists and small-fry financial schemes. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals who worked at firms with more than 50 employees.
But we had a presidential candidate focused on corruption.
From “Elizabeth Warren Was More of a Threat to the Money Power Than Bernie Sanders” by Charles Pierce:
… I’m not going to dwell on the sexism that so regularly cropped up during Elizabeth Warren’s now-suspended presidential campaign. Proud, accomplished women, writing about what happened to this proud and accomplished woman, already have done so thoroughly enough that what little I could add would have to walk a tightrope between repetition and presumption that I am not able to navigate. This one hurts them in ways I can’t even imagine….
Instead, and accepting that sexism and misogyny were marbled throughout everything about the campaign, I think what did her in was her ideas. She committed herself to a campaign specifically to fight political corruption, both the legal and illegal kind. As an adjunct to that, she marshaled her long fight against the power of money in our politics and monopoly in our economy. And, opposed to Bernie Sanders, whose answer to how to wage the fight is always the power of his “movement,” which so far hasn’t been able to break through against Joe Biden, she put out detailed plans on how to do it. That made her much more of a threat to the money power than Sanders, who is easily dismissed as a fringe socialist by the people who buy elections and own the country.
If I were Jeff Bezos, and I heard Elizabeth Warren talk about how monopoly can distort an economy, I’d have been worried. If I were Mark Zuckerberg, and I heard Elizabeth Warren talk about how the concentration of social media perverts our public ideals, I’d have been worried. If I were the folks at Comcast, and I heard Elizabeth Warren talk about how media concentration damages the national dialogue, I’d have been worried. I’d have been worried not simply because a presidential candidate was saying this, but because she was able to make people understand it, and because she was able to show people how she would do it. That would keep me up nights.
There always has been a touch of Cassandra to her career. As she said on Thursday, “Ten years ago, I was teaching a few blocks from here, and talking about what was broken in America and how to fix it, and pretty much nobody wanted to hear it.” Along with several other proud and accomplished women, whose advice was ignored by the likes of Larry Summers and Robert Rubin, Warren sounded the alarm on the mortgage crisis years before it crashed the economy. She was then brought in to help clean up the damage. There’s an obvious life lesson in there that I hope I need not explain. However, if she says something is breaking in the economy, listen to her next time, OK? This was most obvious in the campaign’s most curious episode—how she was “disappeared” from news coverage after finishing third in Iowa. This was the period in which an NBC poll refused to even include her because, basically, the pollster didn’t want to. Amy Klobuchar was included, but Amy Klobuchar wasn’t going around explaining how media monopolies gouge their consumers and marginalize certain issues and the people fighting for them.
However, this is not a country that is ready for what she called … “big, structural change”. This is a country fearful of any kind of change at all, a country longing for a simpler time—which, these days, does not mean the flush 1950s or the pastoral 1850s, but 2015. The election of D— T—- has lodged in so many minds a longing for the status quo ante that there’s no room for intelligent experimentation….
The problem is that the damage done by this administration* is so deep and lasting that the last thing we need to follow this president* is a humble president with a humble agenda. For example, Joe Biden has no desire to break the monopoly power, and Bernie Sanders doesn’t have the first idea how to do it. But it’s still going to be there, distorting the economy and perverting the public discourse, no matter who gets elected in the fall. You might be frightened by the idea of Big, Structural Change but, without it, the deterioration of the republic will continue apace. We have been rendered such a timorous people that even someone as open and lively and welcoming as Elizabeth Warren was considered too much of a risk.
Oh, and she wasn’t “likable” either. Remember? God, what a load of bollocks that is.
As if to prove that Fate is the ultimate troll, this story broke in The New York Times on the morning that Elizabeth Warren suspended her campaign.
House Democrats say the bank found an ally in Eric Blankenstein, a political appointee high up in the Consumer Financial Protection Bureau, the agency created to guard against the abuse of mom-and-pop customers. Mr. Blankenstein, an enforcement official at the agency, privately offered reassurances to Wells Fargo’s chief executive at the time that there would be “political oversight” of its enforcement actions, according to a report issued Wednesday by the House Financial Services Committee. The report said the agency had promised that the unresolved regulatory matters, such as an inquiry into the bank’s aggressive practice of closing customers’ accounts, would be settled in private, without further fines.
For those of you who may be joining politics late, the CFPB is the agency created by Elizabeth Warren and Wells Fargo is her personal bete noire. (Here she is, telling its CEO that he ought to be clapped in irons.) My guess? She already knows about this bit of news and she’s gearing up—one might even say “planning”—to chew someone out over it. Stay buckled up, America. Senator Professor Warren is not through with you yet.