Crime marches on…

A floor statement made on March 15, 2010, by Senator Ted Kaufman of Delaware is worth your time to read. It’s a bit over 3,300 words, but it outlines what may become a huge criminal case against Wall Street and its banks for causing the biggest collapse in the American financial system since 1929. Some excerpts:

“Only six U.S. banks control assets equal to 63 percent of the nation’s gross domestic product…”

Regarding wall Street, “fraud and lawlessness were key ingredients in the collapse as well.”

What we need now are competent and honest regulators to put things right. Senator Kaufman warned: “As the Wall Street Journal’s ‘Heard on the Street’ noted last week, ‘Give Wall Street a rule and it will find a loophole’.”

Personally we are moving our accounts from one of the world’s biggest banks, one we’ve used for 30 years, to a small community bank that’s based locally and is fiscally prudent. I encourage everyone to do the same.

Now if we can only get rid of the money-value-rotting Federal Reserve…

Thanks to David in Sweden for the heads-up!