I have been saying for years that there is no law in the USA, merely the pretense of law. Now the absence of justice in the so-called justice system is becoming readily apparent to everyone who is paying even casual attention:
Sarbanes-Oxley requires [John Corzine] as the CEO of a company to (1) guarantee that effective risk controls and rules are in place and (2) monitor their compliance. It renders failure to do so — that is, the old-fashioned “I didn’t know” defense that was routinely used after 2000-era failures in the Internet space — a felony.
Now of course Mr. Corzine is entitled to the presumption of innocence and he is entitled to a trial before being pronounced guilty, but the law on this point is clear: Executives, the CEO and CFO in particular, are required under Sarbanes-Oxley to factually know about matters such as this and they are required to attest to that knowledge — and the presence of appropriate and sufficient risk controls under penalty of felony indictment.
It appears that Mr. Corzine has admitted in front of a Congressional Committee that he does not know, and therefore this appears to be a prima-facie admission that he is in direct violation of this law.
If this is not dealt with on an expeditious fashion and the law is not enforced you have just seen proof on national television that there is no longer a rule of law in this nation of any substance.
The incredible thing is that the federal government is prosecuting and jailing hundreds of thousands of people for all sorts of drug “crimes”, but has no interest whatsoever in even arresting a man who admitted to stealing somewhere between $600 million and $1.2 billion dollars.
The USA may not be the most corrupt nation on Earth, but it is certainly among the most structurally corrupted. This is actually a more insidious form of corruption, because the law itself stands in open violation of Natural Law. We rightly condemn National Socialist Germany and Soviet Russia because their governments legalized murder, and while events haven’t yet reached that level of extremis, it should now be clear that the USA has legalized fraud and theft.