Too bad those who cause **trillions** of dollars in taxpayer losses are being paid huge sums to help “fix” our problems, while no time was wasted in taking these criminal civil servants down. Weird, no?[/quote]
You’d think Munger had been living under a rock. Yet, he hasn’t been, and I believe he knows better. Buffett knows better, too. Unfortunately, instead of using their positions to tell the truth, they are using their positions to propagate what Elizabeth Warren calls “the myth of the amoral debtor.”
Investment banks knew the cash flows from these loans wouldn’t be there, but they went ahead anyway. Thus, they are responsible for widespread securities fraud. To keep it going, they created more complex securitizations and got more people involved to cover up the mounting losses that were coming down the pike. This was all known and knowable in advance.
I didn’t “forsee” anything. I have no psychic ability. I’m not prescient. I am, however, an analyst, and I know my stuff. So did they. It was fraud.
So, just what sort of “civilization” is Munger trying to preserve?
Warren Buffett has made statements that he doesn’t see the purpose of going after people. That’s ridiculous.
I am in complete agreement with William K. Black that thorough investigations are long overdue. The crimes aren’t in doubt, but one has to go through the arduous task of collecting evidence even though delays have made the trail cold. That was deliberate.
The big criminals will never get investigated because they happen to be the most powerful and politically influential people in the country. Politicians don’t investigate who gets them elected.
I would assume by this point most of the evidence has been covered up.
