![]() ![]() Abacus was just a scapegoat and a cover for the Justice Department’s failure to prosecute the truly egregious crimes committed by larger banks and financial institutions. However, the minor violations that Abacus committed amounted to nothing compared to what had happened on Wall Street. This prosecution was intended to be an example to the nation of the government’s pursuit of justice. ![]() ![]() ![]() Justice Department pursued litigation against employees of only one bank – Abacus Federal in Chinatown, New York. However, not one individual in charge of these banks or hedge funds has been held accountable for their actions. It has subsequently been demonstrated that many of the activities and transactions that were taking place on Wall Street were corrupt, unscrupulous and criminal. Therefore, with its repeal, banks were fundamentally able to do whatever they wanted in order to make a profit. Glass-Steagall basically required banks to stay in the business of keeping money and making small loans, and not get into the investment and insurance markets. The 2008 financial crisis that destabilized the economy of the entire world, Taibbi asserts, was brought about by the lax regulatory overseers including the SEC and the repeal of the Glass-Steagall Act that had been established after the Great Depression. “The Divide – American Justice in the Age of the Wealth Gap” by Matt Taibbi is an examination of the great and ever-expanding divide between the very wealthy and everyone else. ![]()
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