David DeGraw: Big Wall Street bankers should be prosecuted under RICO

Yep. You read that right. (Didn't you always know this was what we're watching, a conspiracy-to-corrupt scandal?)

This Dylan Radigan segment is excellent. It starts with David DeGraw from Amped Status (and the originator of the slogan "We are the 99%" by the way). DeGraw makes the RICO comment in answer to Dylan's question at 6:24 in the clip.

Then Radigan turns to former prosecutor and UMKC professor William Black for comment. Because of burden-of-proof complications (only), Black would recommend prosecuting the bankers under "existing fraud laws, for very conventional fraud." A seasoned prosecutor, he does not say the RICO charges would be inappropriate, just more complicated to prosecute under.

Fascinating; watch (h/t Naked Capitalism):



I like that near the end, Black calls out Paul Krugman for not using the f-word ("fraud"). Black says it's a "silly tribal taboo" that economists don't say it.

I agree; it comes from the same confusion that makes him fail to see his co-professionalists as raw political operatives.

GP