jamie-02How Is This Not Fraud?

The single most incontrovertible—and inexcusable—failure of the Obama Administration was its phantom response to the self-evident fact that the entire Wall Street business model that nearly vaporized the world economy was simple fraud. It wasn’t “bad judgment,” or “unfortunate lapses in oversight.” These people were crooks, plain and simple, the same way a kid who sticks up a bodega is a crook, or the way the guy who sells you aluminum siding made of Styrofoam is a crook. They were crooks the way Bernie Madoff was a crook, or Charles Ponzi, or Murph The Surf. These people were addicted to fraud the way Dylan Thomas was addicted to booze. They were crooks then and they’re crooks now, and the way we know that at the moment is that the invaluable David Dayen is still on the case.

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