Morgenson tries to rally a posse

Larry Ribstein —  15 April 2011

Tom Kirkendall rightly criticizes a Gretchen Morgenson “newsitorial” in the NYT on the absence of criminal prosecutions from the financial meltdown. Even pairing Morgenson with a real reporter can’t hide the true nature of this diatribe, which picks up where Inside Job’s Charles Ferguson left off on Oscar night.  Morgenson’s screed even trots out quotes from Inside Job’s star, cause lawyer Robert Gnaizda. 

The long article is replete with insinuations of coverup and conspiracy to squelch a true reckoning spanning several presidents and such supposed shady characters as Andrew Cuomo, Tim Geithner and the the members of the Financial Crisis Inquiry Commission.  Morgenson brushes aside commonsense recognition of the potential costs and uncertainty of criminal proceedings.  In place of evidence of criminal conduct is the accusation that costly and disruptive investigations might have uncovered some.

After reading this Morgenscreed, you might want to see my article on the dangers of pressuring prosecutors to scapegoat financial disaster, and be thankful they have so far been resisted.

Larry Ribstein

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Professor of Law, University of Illinois College of Law