They finally nailed somebody for the Wall Street rip off (post Bernie Madoff). Remember that? Remember all those criminal bottom feeders in expensive suits making bad loans based upon bogus ratings and then forcing the rest of us to bail them out because they were “too big to fail?” Remember all of that? How it left us all waiting and wondering when somebody would go to jail for ripping off the entire country and wrecking the economy? Remember? Apparently CBS and ABC don’t and Al Jazeera does. Al Jazeera, led with the story about the “hedge fund billionaire at the center of the biggest insider-trading case in history” being sent to prison for eleven years. In addition to the prison sentence, 54 year-old Raj Rajaratnam, was fined $10 million and forced to forfeit $53.8 million in what are alleged to be illicit profits. The AP reports that the investigation, called “Perfect Hedge,” resulted in the arrests of more than two dozen people.
A titan of Wall Street, a man with a net worth of $1.3 billion, has come crashing down. He’s headed for the pokey and millions upon millions of Americans will be thinking it’s about time and hopefully there will be more to follow.
Big news, right? So where was it? When I didn’t see it at the top of ABC’s show with Diane Sawyer, I switched over to CBS. Nothing there either. In disbelief I went to their websites and still found nothing.
I then turned to Al Jazeera, and as I said, they led with it. Al Jazeera, which still does news, then went to the other monster story the American media seems to be avoiding, the credibility gap regarding U.S. charges that the Iranian Government is tied to a plot to kill the Saudi Ambassador in D.C., by blowing up a restaurant. Much of the world, apparently, doesn’t think the Administration’s story makes sense. That’s because it doesn’t. It sounds like fiction. Moreover, even if it’s true, why would the Obama Administration sound the alarm about preventing this one terror-related attack, when they have remained silent on so many others? (see previous post)
It’s possible that CBS and ABC simply missed both these stories, or that one or another of the American networks ran something and I missed it. Or that American television is in collusion with the U.S. Government to do all the can to ensure the American public remains blissfully ignorant. But that would be…delusional. It’s also possible the story about Rajaratnam came in too late to be included in the east coast taping of the CBS and ABC shows, so they just forgot about it. It’s also possible they lack adequate staffing to cut in with breaking news updates (like they used to, before firing hundreds of veteran staffers). For the record, the AP ran the story around 4PM Pacific, two and one-half hours before the network newscasts aired on the west coast.
Kinda begs the question, doesn’t it? Why bother watching ABC or CBS, when Al Jazeera is doing such a superior job?
Or maybe I’ve got this all wrong? Please, somebody, tell me that I do, because I’d prefer dealing with an alternate reality.
(Al Jazeera English News, airs on KCET-TV in Los Angeles – Ch. 28.1)