Wall Street, A Billion Dollar Fraud & The Mortgage Meltdown

I have long been a defender of Wall St. against charges that it was the primary cause of our current economic troubles. Obama's demonization of "greedy" Wall St. is designed both to stoke populist anger and to hide the heavy hand of Democrat's race based social engineering - in which Obama took part - that is the real proximate cause of our current fiscal crisis. Moreover, I believe Obama's proposed changes to the financial regulations are not only unnecessary, but on at least several levels, deeply counterproductive (see here and here).

That said, one thing that I do support is much stronger penalties for white collar crime. For example, if the accusations in this SEC Complaint of a billion dollar fraud are true, than Goldman Sachs should be severly punished and its employee, Mr. Fabrice Tourre, locked up and the key thrown away. Do read the SEC Compalint, as it is a window into the derivatives market, a snapshot of the relationship between Wall St. and the mortgage meltdown, and a road map to a billion dollar fraud.