Barack and Mitt: America's Unfinished Business

Do the crowds on both sides of the political aisle think Americans are this naive? Well, actually, on that note, the pols from both sides are right. Many Americans remain exceptionally naive regarding far too many issues, financial and otherwise.

The media is clearly of little help in exposing the ugly underside of the Wall Street – Washington conspiracy. That said, many Americans are now far savvier than they were a few short years ago when it comes to appreciating the rackets being run by BOTH political parties, their cronies on Wall Street, and the puppets ensconced within too many of our regulators.

While the sideshows being run in Tampa and Charlotte make for interesting political theatre, the simple fact is the waste and corruption of far too many financial frauds remain outstanding and unanswered. To hear any politicians claiming that they have cleaned up our financial system is a JOKE. Our pols and their cronies clearly have NO interest in addressing outstanding frauds. I have every interest in reminding them and America that the following financial fiascoes have been outstanding for a protracted period BUT have never been properly addressed and fully adjudicated:

1. Auction-rate securities

2. Freddie and Fannie Accounting Frauds

3. Bernie Madoff

4. Allen Stanford

5. SIPC (Securities Investor Protection Corporation)

6. MF Global/Jon Corzine

7. Flash Crash

8. Mortgage scams

9. FINRA executives lying in a proxy statement used for the merger of the NASD and NYSE Regulation

10. Libor manipulation

11. Money laundering with rogue nations

Knowing that “you never find just one mouse”, this list is just a start. I am sure I have overlooked more than a handful of other frauds. Perhaps readers may want to help complete the list.

What have we gotten for justice? Token fines and convictions for a bunch of ne'er do well hedge fund nitwits (Raj Rajaratnam et al).

Little wonder why Americans have little confidence in Washington and Wall Street. Would Barack and/or Mitt have the backbone to reference any of these frauds over the next two months?

Man up, gentlemen!!

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.