Danny Schechter - ColdType

state, in the grip of the early-Reagan-era euphoria, who failed
to supervise the institutions – often run by dim provincials –
that they had just set free to enter businesses they’d never
been in before. Congress had long been in the industry’s
pocket …
But it’s wrong to blame only the government, despite the
American habit of doing so. Virtually every high-end profession
around was involved (a point made well by Martin
Mayer [1990]). Auditors repeatedly certified fictitious financial
statements, lawyers argued on behalf of con artists and
incompetents, investment banks bilked naïve S&L managers,
and consultants testified as character witnesses for felons.
One of these character witnesses was Alan Greenspan,
then an undistinguished economist from whom “you could
order the opinion you needed” (Mayer 1990)
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Now that a new collapse of the system has occurred, we
realize how much we didn’t know because the information
was kept from us. At the same time, we think about how a
criminal tribunal or special court might subpoena documents
and take testimony under oath.
But even in the absence of such an institution or process,
prosecutors can make a prima facie case, based on what we
already know to get indictments. I am not a lawyer, but I don’t
think it is that hard to consider what the charges might be.
And if the people behind the scams and swindles continue to
avoid detection, obscure the issues, and sidestep prosecution
in real courts, why not a People’s Court.
This is one that even a TV courtroom “reality show” like
Judge Judy could handle.
In the meantime, the business world and media were debating
how to treat accused white collar criminals in their midst.
Money magazine even offered advice about socializing with
colleagues accused of fraud:
Seriously, we’re as offended as you are by white collar crime