Scapegoat*

by Michael O. Allen on June 20, 2008

Alright. Look that word up today and it’ll have a picture of a two-headed monster named Tannin and Cioffi.

Don’t get me wrong: Ralph Cioffi and Matthew Tannin are probably guilty of a lot more  than they’re being charged with here. But, are they the biggest crooks on Wall Street? Can anybody tell me what these two Bear Stearns executives did that thousands of Wall Streeters don’t do every single day and run merrily all the way the bank?

This arrest, with the requisite perp walk reminiscent of the stunts that old demagogue Rudy Giuliani used to pull, is simply to draw attention away from the crooked deal that U.S. Treasury Secretary Henry Paulson struck to get Bear Stearns into the hands of JP Morgan Chase.

The American people were left holding the bag in that deal.

The fact is we are surrounded by these thieves, including Mr. Paulson, formerly of Goldman Sachs, in government who preside over the wholesale looting of the American t\Treasury on behalf of the wealthy at the expense of poor and working class Americans.

People worry whether Barack Obama is an American and vote for people who then turn around and devastate the American way of life through crooked deals like the one Paulson cooked up here.

Who will tell the people? Will we hear? Better yet, what are we going to do about it?

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