Sociology with Dr. J.

Why Won’t Washington Take On Wall Street’s Biggest Crimes?

Yesterday, the judge in the SAC case accepted the firm’s plea deal with the Justice Department, in which the firm and its subsidiaries pled guilty to wire fraud and securities fraud and agreed to pay a $900 million penalty and $300 million in disgorged profits. The Southern District hailed the deal as the crowning victory in their multi-year campaign against insider trading, which notably has resulted in more than 70 convictions and exactly zero acquittals. Congratulations.

But what many of us want to know is: why, immediately after the most severe financial crisis in more than seventy years, which resulted in the loss of almost nine million jobs, did the Justice Department choose to train its heavy artillery on insider traders? Sure, insider trading is bad. It’s very rich people cheating to make themselves extravagantly rich. It should be illegal, and people should go to jail for it. But it’s far from the biggest thing wrong with our financial markets and institutions.

When people consider engaging with facts and information any number of factors come into play. How interested are they in the subject? How much do they trust the sources of information that relate to the subject? How eager are they to learn something more? What other aspects of their lives might be competing for their attention and their ability to pursue information? How much access do they have to the information in the first place?

 was admitted to Julliard at 8.  

was performing in top venues by 16.  

pioneered “swinging the classics” and made the equivalent of a million dollars a year doing it.  

was the first person of color to have their own national TV show.  

went to Hollywood but refused to be cast as a “singing maid.”  Demanded and got control over her casting, her wardrobe, and how footage featuring her was cut.  

refused to perform in segregated venues and led charges for integration in several northern cities, notably Spokane.