Government aims at wrong target again
It's outrageous the government doesn't target those who almost brought down our financial system.
By Jim Cramer, TheStreet
What the government cares about and what it doesn't care about is driving me crazy. We are now being told that the government is looking into notes taken and actions stemming from hedge fund idea meetings because of a raid on the euro. I don't want to believe these stories. I don't want to believe them because the investigations would imply that someone thinks you could rig the biggest currency market in the world.
Meanwhile, we have credible evidence that stock after stock was rigged in 2008 -- rigged on the way down -- by concentrated illegal bear raids, evidence that was available through the trading desk and instant messages of traders on stocks like Lehman and Bear and Goldman Sachs (GS) and Morgan Stanley (MS) and we don't investigate that? We don't look into the bear raids that we know are banned by the 1934 Securities Act?
Our reluctance to look into that period, a period where it was child's play to take out insurance on a company then raid it by pulling money out and telling reporters who speak to ratings agencies -- if not telling them yourself -- is just completely mystifying. The inability of the government to bring before it the people who truly destroyed the budget, those behind the hundreds of billions of losses in AIG (AIG), Fannie Mae (FNM) and Freddie Mac (FRE), the companies that truly almost brought down America's financial system and were not laid low by shorts, while hedge fund managers are investigated for shorting a currency that by all accounts is under stress of its own doing is just nuts, loony, beyond belief.
Think about who isn't a target -- the people who caused AIG, Fannie Mae and Freddie Mac to collapse.
How can this be?
Does anyone have an answer?
Of course, we can chalk it all up to politics: FNM and FRE did what they did because of pressure from the Democrats and AIG is a criminal matter so they all get a free pass.
That's what the truth is.
But can we just for a moment marvel at who the public thinks are the villains because the public's not smart enough to reach these conclusions on its own.
Outrageous, just outrageous.
At the time of publication, Cramer was long Goldman Sachs and JPMorgan.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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