On April 17, 2010 I wrote a commentary for "Politidose" about the Wall Street Banks that were described as "too big to fail" and which received federal assistance that was part of a $700 billion bailout plan called TARP. I pointed out that any bank that was "too big to fail" was a monopoly and should be broken up by the federal government for the good of the country, the people and the economy.
J.P. Morgan Chase, one of the banks who received federal bailout money has been in the news recently and the federal government announced they have been fined billions of dollars for their illegal actions in the mortgage industry and other banking operations and that they are still under a criminal investigation for their actions. J.P. Morgan was one of the banks described as "too big to fail."
Now would be a good time for the federal government to break up this monopoly called J.P. Morgan but there is still no clamor in Washington to do so. U.S. Senator Elizabeth Warren is the only elected official who has been consistent in her calls to have the justice department file criminal charges against the Wall Street Banks involved in the collapse and she has also been consistent in wanting them to be broken up.
President's Teddy Roosevelt, Franklin Roosevelt and Harry Truman would have broken them up long ago and would have had the support of congress and the justice department to do so. But we now live in the age of wealth that is used to paralyze our elected officials and the enforcement of federal regulations. The corruptive practices of Wall Street is well known and how they use their influence to manipulate the markets and the federal regulatory system. Those federal agencies that have the power to regulate the U.S.banking system and the Wall Street banks need to step up to the plate and carry out their responsibilities. The people, country and the national economy has been cheated by business monopolies for too long. It is a classic case of influence by wealth and those involved need to pay the price big time.
Hopefully President Obama, congress and the justice department will move to break up those Wall Street Banks that make up the monopoly and send any one in those orginazations to jail if indeed criminal activity was involved. There is no better time than now.
This commentary written by John Lucia.
