Payday loans

Feds Go After Baseball But Not Bankers?

07/08/2011 12:31 pm 1 comment

Roger Clemens and Barry Bonds were long considered first ballot Hall of Famers, but the steroids scandal, which has dominated baseball since the ’90s, has destroyed their reputations and could very well keep them out of Cooperstown.

Right now, Clemens is spending his days in a federal court in Washington, D.C., accused of lying to Congress about his own steroid use. Bonds is appealing an April conviction of obstruction of justice for giving an evasive answer to a grand jury, but he was acquitted on the more serious charges.

What’s amazing is that federal prosecutors have spent years going after Bonds and Clemens. And at best, they are going after them for supposedly lying to a grand jury or Congress. Don’t get me wrong, we are supposed to tell the truth and nothing but the truth, but looking at the amount of time and dollars spent by the feds on these two baseball players, you would think that they were drug kingpins.

Yet while this is going on, the biggest crooks in the world — almost single-handedly took down the United States economy with their shady banking practices — are kicking it in their private suites at the baseball park, enjoying the huge bonuses that continue to flow on Wall Street.

Lady Justice is not supposed to be blind. You screw millions of Americans out of billions of dollars and force the federal government to bail your firm out with billions of dollars, but then prosecutors won’t even bother to knock on your door. But lie to a grand jury about injecting yourself with steroids? Your world will be turned upside down!

This really shouldn’t be an either/or scenario. But with the nation’s unemployment rate at 9.2 percent, and the country still trying to dig itself out of a cataclysmic situation that culminated in the worst financial crisis since the Great Depression, surely the American people should get some satisfaction out of seeing Wall Street fat cats walk the perp walk and answer to their activities in court.

But we don’t see any of that.

Instead, all we see today are federal prosecutors talking about baseball and syringes, and Casey Anthony’s attorneys gloating about getting their girl off.

It is unfathomable to think that Wall Street executives are getting off scot-free and continue to receive million-dollar bonuses. It’s shameful to listen to them whine about the clamps being put on them by federal regulations; it was lax oversight and the total relaxation of rules that allowed them to go haywire, all in a search for quarterly profits to boost their personal wealth and sink ours.

It’s degrading to watch Wall Street’s protectors in Washington, D.C. — Democrats and Republicans — cry mightily about onerous regulations and suggest that anything meant to protect consumers from these dastardly devils is a “jobs crusher.”

Sorry, folks, I really don’t care about Roger Clemens and Barry Bonds and steroids. Spend all day if you like arguing about the integrity of the game. What’s more important is the integrity of the legal system where there is supposed to be fairness in going after wrongdoing.

The feds have fulfilled their obligations with baseball. And they have struck out when it comes to holding Wall Street accountable.

Roland S. Martin is an award-winning CNN analyst and the author of the book “The First: President Barack Obama’s Road to the White House as originally reported by Roland S. Martin.” Please visit his website at www.RolandSMartin.com. To find out more about Roland S. Martin and read his past columns, visit the Creators Syndicate Web page at www.creators.com.

COPYRIGHT 2011 CREATORS.COM

Related Posts Plugin for WordPress, Blogger... Sphere: Related Content

Related Posts
“Washington Watch” w/Roland Martin, Show 01.08.10 [Transcript]
MR. ROLAND MARTIN: At the top of our agenda this week: the Christmas terror plot that should have been ...
READ MORE
ROLAND S. MARTIN: Props To NCAA For Banning Connecticut From March Madness
 By Roland S. MartinEditor-in-ChiefRolandMartinReports.comMarch Madness is usually a wild and crazy time on the campuses of the nation's big-time college ...
READ MORE
By Roland S. MartinEditor-in-ChiefRolandMartinReports.comIn the 1,257 GOP debates we've had to sit through, poverty and the poor has rarely come ...
READ MORE
By Roland S. MartinEditor-in-ChiefRolandMartinReports.comYou would think that a black man born and raised in Georgia, who was a teenager during ...
READ MORE
ROLAND S. MARTIN: Texas A&M would be nuts to leave Big 12 for SEC
When talking to a friend who wanted to cheat on his wife, the Malik Yoba character in the movie “Why ...
READ MORE
Roland Martin To Congress: Get Your Butts Back To Work; Too Many Americans Are Out Of Work
Roland Martin appears in The Situation Room with Rich Galen and host Wolf Blitzer to debate if Congress and President ...
READ MORE
Divided Government Means Compromise Is a Must
When congressional Republicans, egged on by the boisterous voices of the tea party, vigorously objected to President Barack Obama's signing ...
READ MORE
Time To Shut Down Ideological Purists In Debt Ceiling Fight
Watching Republicans and Democrats squabble over their ideological battle lines with regard to the debt ceiling is the same as ...
READ MORE
Roland, TJMS, 06.30.11: Roland S. Martin/Tom Joyner Morning Show, New HBO Documentary Details St. Louis Cardinals Curt Flood’s Life And Battle With MLB
Roland Martin talks with Judy Pace, wife Curt Flood, about the HBO documentary, The Curious Case of Kurt Flood. The ...
READ MORE
Obama, Dems: This is Your Economy; Deal With It
President Barack Obama was hailed as the best communicator since President Ronald Reagan when he came into office in 2009, ...
READ MORE
“Washington Watch” w/Roland Martin, Show 01.08.10 [Transcript]
ROLAND S. MARTIN: Props To NCAA For Banning
ROLAND S. MARTIN: Romney’s Campaign GPS Ignores The
ROLAND S. MARTIN: Herman Cain Denies GOP’s Horrible
ROLAND S. MARTIN: Texas A&M would be nuts
Roland Martin To Congress: Get Your Butts Back
Divided Government Means Compromise Is a Must
Time To Shut Down Ideological Purists In Debt
Roland, TJMS, 06.30.11: Roland S. Martin/Tom Joyner Morning
Obama, Dems: This is Your Economy; Deal With
  • Edwardo

    Very good points, but there is a major problem for Congress if they were to do that; what most of the Bankers did was not only legal but done under full regulatory oversight.  It was stupid to say the least, but it was not illegal for the most part.  If Congress were to investigate this mess with any honesty they would have to admit that they are a big part of the problem.

    One example: The ‘prudent investor’ rules require that fund managers can invest only in securities with ‘prudent’ ratings.  At the same time the rating agencies are allowed to be setup as media companies, so they cannot be sued when they give high ratings to junk. So a fund manager has to by what they say is good, but they have no responsibility to be right.  Contrast this with accounting firms, which are not allowed to have such protections, even though they can only fail to discover trouble, not cause it, and only at one company at a time.  Why are the rules made so the accountants are liable but the raters are not?  Why are the rules made so that a fund manager has to buy based on something that no one is responsible for?

    Another example:  Fund mangers must report to the SEC what they hold in the fund at the end of each quarter.  Bernie Madoff was able to tell the SEC that he sold everything before the end of each quarter, and so held no securities on the day they had to be reported, so he didn’t have to report anything.  He did not try to claim that he was not covered by the regulations.  This was enough to make the SEC stop asking.  They were not required to investigate to see if he really did sell any securities, although they had all the data necessary, so they didn’t.  This is not because the SEC was stupid, but because that is what the law required.

    One more example: If lying to Congress was such a bad thing why aren’t all heads of tobacco companies who testified to Congress locked up?  Their lies helped kill people!  All Clemens and Bonds did was lie about why there were so good at a game. 

More from the Roland S. Martin Blog

  • Politics Washington Watch Rep. Clyburn Pushes The Clyburn Amendment To Help The Poorest Of The Poor (VIDEO)

    Rep. Clyburn Pushes The Clyburn Amendment To Help The Poorest Of The Poor (VIDEO)

    Rep. James Clyburn joined Roland Martin on the set of Washington Watch to discuss the Clyburn Amendment. This amendment was created to help the poorest of the poor across the United States. MR. MARTIN:  Is there anything specific the President and Congress can do to target African-Americans when it comes to this high unemployment number? REP. CLYBURN:  Yes, there is, and we – you’ll find it in the rule development part of the so-called “stimulus bill.”  I- — was – [...]

    Read more →
  • News

    WASHINGTON WATCH: Rep. James Clyburn On Feb. Job Numbers, African-American Unemployment, Bipartisan Jobs Bill (VIDEO)

    New employment numbers came out Friday showing the economy continues to recover and continues to add jobs at a pretty healthy pace. There were 233,000 private-sector jobs created in February. That’s two, solid years of private-sector job growth. The unemployment rate was steady at 8.3 percent. Black unemployment was 14.1 percent, up half a percentage point from last month. Big job gains came in healthcare, business and professional services, as well as restaurants. The jobs problem and the upcoming election [...]

    Read more →
  • Commentary Sports ROLAND S. MARTIN: Props To NCAA For Banning Connecticut From March Madness

    ROLAND S. MARTIN: Props To NCAA For Banning Connecticut From March Madness

      By Roland S. Martin Editor-in-Chief RolandMartinReports.com March Madness is usually a wild and crazy time on the campuses of the nation’s big-time college basketball programs as fans wait in line for days for tickets to see their favorite collegiate do battle in the NCAA postseason tournament. But if you’re a Connecticut Huskie fan, you’d better hope your team can have a magical run in the Big East tourney and qualify for an automatic bid because when it’s time for [...]

    Read more →
  • Media Politics Roland Martin On CNN Video Getting To The Polls: Is There An Enthusiasm Gap Amongst Republican And Democratic Voters?

    Getting To The Polls: Is There An Enthusiasm Gap Amongst Republican And Democratic Voters?

    Donna Brazile, Roland Martin, Ari Fleischer, Erick Erickson, Jessica Yellen and Anderson Cooper analyze voter turn out and if there is an enthusiasm gap amongst the GOP and Democrats. Sphere: Related Content

    Read more →
  • Media Politics Roland Martin On CNN Video Gingrich Has Problems With Women Voters, They Don’t Trust Him (VIDEO)

    Gingrich Has Problems With Women Voters, They Don’t Trust Him (VIDEO)

    Roland Martin, Erick Erickson, Donna Brazile, Ari Fleischer and Anderson Cooper discuss Mitt Romney, Newt Gingrich, their wives and Gingrich’s problems with women voters.

    Read more →
  • Commentary Sports ROLAND S. MARTIN: Football Power In Texas Has Shifted To Houston

    ROLAND S. MARTIN: Football Power In Texas Has Shifted To Houston

    By Roland S. Martin Editor-in-Chief RolandMartinReports.com I hate the Dallas Cowboys. No, I don’t dislike them. I flat out cannot stand anything about the Dallas Cowboys. The year they went 1-15, I was ticked they won that one game. When they played in those three Super Bowls in the ’90s, I rooted hard for the opposition. Hell, I hate them more than the Ku Klux Klan! That’s why I take great pleasure in seeing the transfer of power in the [...]

    Read more →
  • Politics Herman Cain Tops Mitt Romney In Latest CBS/NYT Poll

    Herman Cain Tops Mitt Romney In Latest CBS/NYT Poll

    Source: Corbett B. Daly / CBS News CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto. Businessman Herman Cain is now atop the field of Republican White House hopefuls, squeaking past former Massachusetts Gov. Mitt Romney in the latest CBS News/New York Times poll. Cain garnered 25 percent support of Republican primary voters in the poll released on Tuesday, compared to Romney’s 21 percent. To read this article in its entirety [...]

    Read more →
  • Politics Rick Perry: Obama Birth Certificate ‘A Good Issue To Keep Alive’

    Rick Perry: Obama Birth Certificate ‘A Good Issue To Keep Alive’

    Source: Luke Johnson / The Huffington Post Texas Gov. Rick Perry said the birther issue was worth “keeping alive” in a CNBC interview Tuesday morning. “It’s a good issue to keep alive. It’s fun to poke at him,” said Perry, according to host John Harwood. Perry also spoke evasively about President Barack Obama’s birth certificate in an interview with Parademagazine published over the weekend. When asked if he believed the president was born in the United States, he said, “I have no reason to think [...]

    Read more →
  • Video What Did You Think Of The GOP Debate? (VIDEO)

    What Did You Think Of The GOP Debate? (VIDEO)

    CNN’s T.J. Holmes caught up with some folks just after the Las Vegas GOP debate ended. WATCH: Sphere: Related Content

    Read more →
  • Video Poverty Rises For Blacks In Omaha (VIDEO)

    Poverty Rises For Blacks In Omaha (VIDEO)

    CNN’s Thelma Gutierrez reports on the disproportionate rate of poverty among African-Americans in Omaha, Nebraska. WATCH: Sphere: Related Content

    Read more →