© Guy Herman All Rights Reserved
In United States of America v. Carollo, Goldberg and Grimm, a New York Court delivered a guilty verdict against much of Wall Street and many of the largest money center banks regarding their corrupt and illegal practices of bond trading and warehousing public, state, municipal and NGO funds.
In it’s simplest reconstruction, A New York Court found many of the Wall Street banks guilty for price fixing, and bid rigging, a monopolistic practice as illegal and contrary to the ‘rule of law’ as any of the old and still prevalent practices of mobs and the mafia in strong-arming business and labor into paying dirty money for protection, safety and the furtherance of their own contracts or ‘family’ winning bids.
With Wall Street and big banks, as Matt Taibbi reported, rather than labor or garbage contracts, and violence resulting for those who would not ‘pay to play’ the banks, utilizing residual and unconsumed funds from bonds whose related expenses had not yet matured, rigged the bids and accordingly the prices, less than competitively, costing the recipients an estimated $3.7 Trillion dollars in lost revenue from interest bearing balances left, presumably for their benefit, in the Wall Street Mafia’s banks.
In the US criminal system, restitution, short of jail time, has always been a reasonable and universally acceptable tool to allow wrong doers an opportunity to repay their societal mistake.
Apart from the efficacy of all the arguments of those who would jail the bankers and traders for such enormous malfeasance, in the least harsh resolution, all would agree that repatriation of the monies, repayment of the stolen funds would at least go a significant way to right the wrong and make those with losses, whole again.
In this construction, if one was to allocate the repayment to all of the 50 states, the math would allow a repayment of $740,000,000 to each, or with a more complex pro-ration by population or density, there is obviously an enormous pool of funds, owned and theoretically to be repatriated, by some formula, to the institutions and municipalities from where they originated and where they now belong.
|Sample the beginning of this book for free|
What impact might an army of National Civil Workers have who are now unemployed, whose skills match exactly the needs of our crumbling infrastructure including roads, hospitals, bridges, schools with such a cornucopia of funding, more fivefold, than all of the troubled asset relief program, (TARP) from 2008.
One of the primary complaints of the universal recognition of rebuilding our infrastructure and the ever pervasive and persistent unemployment is the question of deficit and payment.
At least half the country does not want government to pay any more, irrespective of need, for any of the essential needs, particularly if it benefits further the lower 80% of the socio-economic demographic as the upper 80% believes, correctly or not they are already paying their due.
There is no hesitance in paying for a bloated Military Industrial Complex budgets, however this is backed largely by those whose political fortunes and longevity are inextricably related to the institutionalized profit these large defense firms make.
And the success of government involvement in loans or funding of infrastructure development which would significantly impact the economic and social realm, would score points in Obama’s favor and regardless of the outcome and inherent benefit, is thereby disqualified as a source of, or an organizing principal for, its promulgation and deployment of a successful program.
With ill gotten gains seized or ordered by the court repaid, and with sufficient funds to pay for even the court ordered supervision and distribution, these monies owed to the very cities, towns and municipalities who are screaming for funds and withering from unemployment, will, in a fell swoop provide greater access to jobs and monies than contemplated in any of the republican or democratic plans or whitepapers for relief and rebuilding.
The only question for this windfall of funds and the staggering downstream effects for our unemployed, the schools, hospitals, water projects, electrical grid, highways, sustainable energy research and it’s factual implementation is, will the criminal behavior of the banks be repudiated by a population that customarily makes restitution a uniquely American way to get back to even, or; bullied by the system and the complexity and power of the lobbyists, will we again walk away from a solution which is available, a fact of law and one which, with no cost to the budget or further stress on the debt, solve a plethora of problems, in a single fell swoop.
If a common burglar steals $1000 from a home or snatches the purse of an old woman walking in the mall, caught, booked, tried and convicted the outcome in the most lenient of situations is repayment, restitution, and often some community service, a way for the malfeasant to relearn some social or moral aptitude.
For the banks, there is now no question of the felony and certainly a mechanism to account for which dollars came from which state, municipality or governmental organization, and, with the accounting properly done, it is an easy and in fact quite lenient punishment to simply allow the banks to pay back the monies, and certainly easier than prosecuting the ‘criminal’ aspect.
With such a outcome, an enormous pool of ill gotten gains are repatriated and the work force of some millions suddenly is funded, returned to work and the beginning of a solution with do downside is available, workable, executable and ready to be begun, tomorrow.
Try it free