We’ve heard very little blowback since last week’s “Frontline” PBS broadcast (“The Warning”) in which they documented how Alan Greenspan, then-Federal Reserve chairman, told Commodities Futures Trading Commission Chair Brooksley Born in 1998 that he opposed regulatory enforcement against financial fraud. Trying to browbeat Ms. Born into conforming to his philosophy, according to “Frontline,” he insisted it was the role of the (so-called) free market, not government regulators, to control fraudulent financial activities.
Considering that Greenspan’s (and others’) “let’s look the other way” approach to corporate financial fraud led directly to the 2008 financial meltdown that nearly crammed us all into another Great Depression, it’d be nice to hear an explanation from someone in a position of authority – such as U.S. Attorney General Eric Holder – on why Greenspan hasn’t been indicted for felonies along the lines of aiding and abetting criminal activity, criminal negligence, conspiracy, etc.
Or perhaps Holder, in his infinite wisdom, has concluded that Greenspan is entitled to the same kind of pass on alleged criminal actions he recently bestowed on Bush, Cheney, federal Judge Jay Bybee and former Deputy Attorney General (current University of California law professor) John Yoo for their roles in authorizing terrorism suspects’ torture.
Robert A. Ethington