Wall St. Bailed out but as bad as ever. Thieves and robbers.

The robbing and thieving has got so bad on Wall Street that the capitalists own institution the Securities and Exchange Commission is now charging the world's biggest financial institution, Goldman Sachs with fraud. What have these crooks been up to this time? They selected and bought mountains of debt obligations that they knew would go bad. They bundled these together in securities which they then sold to investors. At the same time they took out insurance against these securities so if they did fail they would be covered. Essentially what they were doing was buying bad debt, selling bad debt and betting that this bad debt would fail and collecting the insurance. Of course they did not tell those who bought this bad debt that they thought it was likely to fail, nor did they did not tell them that it was they themselves who were selecting the debt and deliberately selecting the worst debt. They swindled their investors.

The arrogant dishonesty of the swindlers at the top of these big banks and financial institutions is unbelievable. Goldman's Sach' chief executive Loyd Blankfein just last year said in an interview with London's Sunday Times that he "was doing the Lord's work." Paulson the company which gathered together all the bad debt and sold it and gambled that it would fail made $1billion out of this swindling. They knew what they were doing. Their main man in this racket, Fabrice Tourre, said a short time before these fraudulent bonds were put on the market: "the whole building is about to collapse anytime now." These people should be locked up and the key thrown away. A kid on the street who steals a car can go away for years but these people continue to get mega bonuses and fly their private jets and eat in thousand dollar a meal restaurants. Goldman Sachs which would not even exist if it was not for the tax payers money that bailed out all of Wall Street paid $20 billion in bonuses to employees in 2009. And they say there is no money for schools or health care. They are liars and swindlers.

The Financial Times has many articles on this crime. They are in favor of the SEC's action against Goldman Sachs. They explain why: "No wonder that the average voter in Europe or America feels so angry; to most the sub prime saga (of which this is part) seems like a giant crime without any punishment or justice." In other words they are worried unless something is done to go after the worst of the crooks then the anger will reach such heights as to threaten the entire capitalist system of which they are a central part. And then they themselves will be ruined and be discredited. They are worried in case too many people begin to correctly conclude that capitalism has forfeited the right to exist.

The only scandal that is close to being as bad as this one on Wall Street is the silence and refusal to fight of the union leaders. They sit in the leadership of millions of working people yet they refuse to take on capitalism, to organize against the corruption and exploitation. They refuse to organize the unorganized around a program to improve their lives or to organize a working peoples party. Terrified by the bosses offensive, seeing no alternative to capitalism and having perks from this system, having no belief that the working class can build an alternative society they cower in their fox holes and make the odd bleat to the Democratic Party, the other party of capitalism, to help them. They have forfeited the right to run the workers organizations, the unions.

While continuing to point the finger at the union leaders and demanding they act all activists have to seek to build opposition caucuses in the unions, the workplaces, the communities to provide an alternative to the union leaders and their refusal to act. Hands off our Homes Committees in the neighborhoods, Hands of our Public Education System in the schools and colleges, Hands of our Jobs, Wages and Benefits in the workplaces. Let us build these. The union leaders have forfeited the right to rule. They have to be replaced. We have to build the alternative.

Sean