How can it be that when $1.6 billion of customer money goes missing from a commodities trading house -- and is only recovered years later, after farmers and businesses have been irreparably harmed -- no one is indicted? Mountains of evidence have been ignored.
The long arm of the law has been the slow arm of the law in dealing with the collapse of MF Global, among other Wall Street firms that critics and the Occupy movement blamed for the economic meltdown in 2008.
When individuals are not held accountable for misdeeds, problems created from those misdeeds are associated with the underlying structure. And in this case, the underlying structure -- the regulated futures market -- has proven itself over the years.
During former Citigroup executive Jack Lew's recent confirmation as Treasury Secretary, some people were troubled to learn that the big bank had promised him special financial awards if he left to take a job in the government. But a review by POGO shows that Lew's deal with Citi was no anomaly.
As a society, we rarely celebrate simple competence and the ability to deliver. Instead, we demand superstars. This non-stop need to do better and better is what unifies Lehrer with Wall Street miscreants.
Casper's airy little fist packed no wallop when it came to impeding high-risk betting on Wall Street, the LIBOR lending rate manipulation or the disappearance of client money at MFGlobal. There's a much better way than Casper to catch a bankster: pay them to turn each other in.