Alayne Fleischmann Exposes JP Morgan's "massive criminal securities fraud"

By Luke Brinker from Salon

Investigative journalist Matt Taibbi returned to Rolling Stone last week with an extensive report on the case of Alayne Fleischmann, a former JPMorgan Chase diligence manager whose warnings about high-risk mortgage securities went unheeded in the run-up to the financial crisis. In the piece, Fleischmann revealed that prior to being laid off in 2008, she witnessed “massive criminal securities fraud” at the bank, but the Justice Department ultimately opted for a $13 billion civil settlement with the bank instead of pursuing criminal charges. On last night’s “All In with Chris Hayes,” Fleischmann and Taibbi discussed JPMorgan’s conduct, the Justice Department’s failure to prosecute Wall Street crime, and why the culture of Wall Street still hasn’t changed.

Smart ALEC

Kenneth M. O’Brien

America’s (genuine) cowboy humorist, Will Rogers, famously remarked,” I am not a member of any organized party — I am a Democrat.”

That observation is as true today as it was when it was made over seventy years ago. Herding cats is easier than getting Democrats to fall in line.

On the other hand, Republicans are notorious for conformity. I am not going to debate this. It is common knowledge and those who wish to dispute it overlook the various mechanisms that the Republican cult has created to excommunicate the unfaithful. As things stand today, even Ronald (on your knees, may his name be praised) Reagan would be declared anathema (after all he raised taxes 11 times and the debt ceiling 17 times during his eight years in office).