The corruption is greater than the corruption we have see recently exposed of those 10 big brokerage firms. These are the biggest names on Wall Street, names that the public is supposed to trust especially because they are so big (so goes the logic that since they are so established and big, they are reputable plus they often tell us they are reputable).
Their role, in theory, was one of "gatekeeper" as SEC Chairman William Donaldson has called them. Those brokerage firms issued biased ratings and were in fact lying to the public.
The TV networks, in theory, are supposed to be the Òguardians of truthÓ, they are supposed to be Òa public watchdogÓ called is sometimes called Òthe forth estateÓ But thy are as corrupt as these big Wall Street firms.
The fact is it is not just big names like Citigroup, Merrill Lynch and J.P. Morgan Chase that are corrupt, it is also big names like ABC, NBC, CBS, CNN and FOX.
the problem is TV news networks are just as corrupt, they are not interested in the interests of the Òlittle guyÓ anymore that these corrupt brokerage houses were worried about the Òlittle guyÓ. Those that control the well known TV news companies are misleading the public just as those that controlled these well known Wall Street companies.
There are many network executives that share the same kind of deceit and arrogance of those Wall Street executives. An email found by prosecutors, a businessman from Lehman Brothers wrote " Yes, the "little guy" who isn't smart about the nuances may get misled, such is the nature of my business"
This is what is happening with the TV news, the Òlittle guyÓ (you and me) are manipulated by these people. The problem is, who is going to report it to the public when it is the news reporters that are corrupt and manipulating?
"Wall street banks were not looking out for investors, they were looking out for themselves and for the companies they represented." - Scott Cleland CEO Precursor Group
And media firms are not looking out for the viewers, they are looking out for themselves and for the companies they represent.
The facts were know about the reality of the stocks true poor value but no one told the public and investors lost their socks because they took Wall Street at its word. Too much damage has been done because many people fail to see what the TV News is operating in the interests of the public. Many take the News at its word about being honest reporters.
They withhold information of vital interest to the public. For example, the facts about the FCC review of media ownership rules were not reported to the public by mainstream media. They didn't want the public to know about these things that they have interests in and the hell with the public's right to know. Actually according to the PBS show called NOW, ABC's WORLD NEWS THIS MORNING is the only network show to acknowledge the FCC's announcement - at 4:40 in the morning.