The narrative of Preet Bharara as a crusading crime fighter has gotten a big boost from the Editorial Board of the New York Times in a glowing editorial in today’s print edition. Bharara was, until this past weekend, the U. S. Attorney for the Southern District of New York, Wall Street’s stomping ground. Bharara Tweeted on Saturday that he had been ‘fired’ by the Trump administration.
The Times’ editorial headline in its digital edition has to be bringing howls this morning from Wall Street veterans and corporate crime watchers. The Times is asking its readers to believe that Bharara was a ‘Prosecutor Who Knew How to Drain a Swamp.’ That’s fake news at its finest. Despite Jamie Dimon, CEO of JPMorgan Chase, Lloyd Blankfein, CEO of Goldman Sachs, and Michael Corbat, CEO of Citigroup, presiding over an unprecedented series of frauds upon the investing public at their banks, these men remain firmly entrenched as overpaid titans in the impenetrable toxic muck of the Wall Street Swamp.
We’ll get back shortly to Bharara’s tenure in the financial crime capitol of the world, but first some necessary background on the New York Times itself.
The Times has a new advertising slogan. It goes like this: ‘Truth. It’s hard to find. But easier with 1000 journalists looking. Subscribe to The Times.’ Unfortunately, when it comes to New York’s biggest and richest hometown industry known as Wall Street, those 1,000 journalists regularly have dull pencils and fogged lenses. (See related articles below.) Even worse, the Editorial Board at the Times has repeatedly served as a propagandist for the serial Wall Street ruses to fleece the public.
This post was published at Wall Street On Parade on March 14, 2017.