Chuck Grassley Quotes
Selling drug secrets violates a trust that is fundamental to the integrity of both scientific research and our financial markets.
United States, Congress, Senate. "Grassley comments on FDA insider trading." Office of Senator Chuck Grassley, 13 Nov. 2012.
The then attorney general had begun a series of investigation which discovered that most of the major Wall Street brokerage houses were engaged in systematic frauds to cheat small investors. One dramatic fraud he uncovered was that the research expert analysts of major firms would recommend the stock of businesses that their firm was doing investment banking for even when they knew that the companies were not doing well or were even in deep financial trouble. See {627544}.
At the time of this interview there had been a decade of business fraud at many different levels. The regulatory agencies supposedly responsible for the regulation had neither the staff or the political will to even enforce the laws and regulations then in existence and there were many loopholes in those. Many business interests opposed all regulation and strict enforcement as a diminution of the health of the economy. Others, like Greenspan, saw fraud as corrupting the markets themselves and therefore the usual capitalistic economic competitive forces that would control business do not operate with extensive fraud.
Barry Bonds was a star professional baseball player whose accomplishments were aided by taking illegal drugs. He lied about his use of drugs, and the Department made a very large effort over years to finally prosecute him. However during that time there were almost no prosecutions of the thousands of bankers and financiers who had lied, cheated, forged legal documents and in the process almost permanently ruined the American economy—the Great Recession of 2008. The Justice Department claimed that white collar cases are very complex and take longer to prepare prosecutions. Critics claimed that there are so many law breakers, that the government does not want to prosecute all the felons, but just go after a few, and this is easier if time has gone by and public anger has receded or been forgotten.
Between the politicians and the financial industry lobbyists the laws are written so that there is sufficient room for enough self dealing so that members of Congress can get rich using methods that are questionable but have been legislated as legal and the Congressional rules have been written so that they are “not unethical”. Many members of Congress leave the institution much wealthier than when they entered but have received salaries that are insufficient to build that kind of wealth. Many then accept lobbying or other jobs at very high pay representing the people and corporations who have been the subjects of their legislative efforts. Other members do not avail themselves of the “legal” self dealing as the practice is not universal.
Charles Ernest Grassley is an American politician serving as the president pro tempore emeritus of the United States Senate, and the senior United States senator from Iowa. He is in his seventh term in the Senate, having first been elected in 1980.
