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Thursday, May 3

Catching Up With “Piercing” Disapprobation

Just this morning, the Wall Street Journal ran a feature about how the Securities and Exchange Commission is looking into the activities of the lawyers who worked for the assorted shark tanks that ran the world economy into the ditch. The SEC isn't looking into lawyers who were complicit in the fraud. It is looking into lawyers who helped build the stonewalls that went up when the true breadth and depth of the scandal started to come to light. This is a huge and messy legal fight – looked at in a certain way, the SEC may well be going after those lawyers for what they did on behalf of their clients, a tactic usually used against mob lawyers, and one that has been the occasion for a lengthy and brutal battle of the motions — but what it does is illustrate, again, what an utterly corrupt nation the United States of America was in the first decade of the 21st century. The governing elites, all of them, were complicit in massive fraud against the rest of us. Either they participated in it, which would be the bankers and (it appears) their lawyers, or they condoned and celebrated it, which would be the financial press and the elite media, or they shirked their duty to protect the political commonwealth from being hijacked, which would be the members of both parties in the government, and us, for letting so much of the country run on automatic pilot for so long.

This was a banana republic. It was a failed state in everything except the fact that no tanks rolled in the streets. The terrorists were not hiding in Waziristan. They were having lunch at Cipriani's and sitting in luxury boxes at the Meadowlands. The government existed only to increase their profits and to provide a quasi-legal context for organized piracy. There was an extraordinary contempt for the law, for the institutions of government, and for the people the law and those institutions were supposed to serve. The country was cored out. It was a shell of a country and a shell corporation, and it has not recovered yet.

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