It is axiomatically true that anyone who steals money or property should not be allowed to keep it. It is equally true that anyone who obtained money or property under false pretenses should not be allowed to keep it.
We have laws that enable individuals and government agencies to claw back such monies. This is the way an orderly society deals with thieves and liars.
Those of you who have followed this blog for any length of time know that I have taken the position that federal agencies like the FTC and the SEC have failed to exercise their power to control and clawback the money generated by investment securities brokers who commonly refer to themselves as “investment banks.”
I have also been sharply critical of the FTC in particular for attacking attorneys on the fringe of schemes invented by dishonest “foreclosure rescue” players who were also dishonest with the attorneys whom they lured into their orbit.
But let’s not throw the baby out with the bathwater. Both agencies currently have the power to claw back ill-gotten monies on behalf of the public. The right to do so is now under review in Congress. The supreme court, in its less than infinite wisdom, has restricted that remedy.
The proposed legislation would enable the agencies to pursue those remedies more easily but there are those in Congress who oppose the legislation. Those who oppose appear to be backed directly and indirectly by investment banks who are concerned that their securitization scheme could result in trillion-dollar liabilities.
You need to get in the game. Create the pressure to enable the agencies to claw back any money at any time that was obtained by theft, lies or both. After that we can zero in on the agencies and pressure them to take a closer look at the investment banks.
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