We have two recent cases showing how our two-tiered justice system works. First of all, JP Morgan admits to fraud in the mortgage backed securities market, which also helped bring on the financial crisis in 2008. It will cost the company $13 billion. The fraud was actually committed by Bear Stearns and Washington Mutual, both of which were purchased by JP Morgan knowing full well the baggage that went with them. What's important to note is that nobody is going to jail. The feds prosecuted two Bear Stearns managers but botched it. They were found not guilty. Nobody from Washington Mutual was charged.
Secondly, we have a member of the House of Representatives, Trey Radel (R-FL), who pled guilty to possession of cocaine in Washington, DC. He's getting one year of probation. (Interestingly, Speaker Boehner thinks the issue of resigning his office for committing a crime is between Radel and his constituents. And yet he thought Anthony Weiner should have resigned for sexting, which is embarrassing but not a crime.) Radel admits he has a drug and alcohol problem--now that he's been caught. On a side note, Radel has cosponsored legislation to change mandatory minimum sentences. Now that's planning ahead.
Tuesday In Provincetown, MA
1 day ago