As a former securities fraud lawyer, I can tell you this is 💯 true. Elon could have been stopped years ago if only we treated white collar crime like other crimes. - ThreadSky

ecmclaughlin.bsky.social • 7 days ago

As a former securities fraud lawyer, I can tell you this is 💯 true. Elon could have been stopped years ago if only we treated white collar crime like other crimes.

Reposted from Garrett M. Graff

Elon Musk has been a walking SEC violation for a decade and no one cared. The entire Trump era could have been avoided if the US took white collar crime anywhere near as seriously as it does low level drug crime.

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markdpratt.bsky.social•7 days ago

Both Obama and Biden’s administrations could have cut him off and prosecuted him but instead, upped his contracts. I don’t get it.

teflondub.bsky.social•7 days ago

I get it.

lardog.bsky.social•7 days ago

Both parties take money from the same people.

matlew1960lewis.bsky.social•6 days ago

The difference is, white collar criminals are rich and have good attorney's, it costs a fortune to go after them, most DAs can't afford it. If they have overwhelming evidence, they make a deal for a small fine and brush it under the carpet.

max.is.a.cutie.fyi•7 days ago

lawmakers should really go after him aggressively

fates-and-furies.bsky.social•7 days ago

Time travelers might call it the baby Elon problem

max.is.a.cutie.fyi•7 days ago

we can solve it now, that's more realistic and reasonable, it's going to be hard and ugly, but still reasonable than a time-machine

people just have to work together to take him down (and get new leaders who are willing to fight for people)

fates-and-furies.bsky.social•7 days ago

Right. Dr. Who isn't coming to save us.

slatta.bsky.social•7 days ago

Citizens United seems like it was built for exactly this outcome and relaxing those enforcements. Not that we ever were great at it, but Bernie Madoff did time and what he did looks like playground stuff these days

katie3210.bsky.social•7 days ago

White collar crime sounds like rich white men - sounds right. I’m sick of hearing “equal justice for all”.

hamiltonasseiro.bsky.social•6 days ago

Yes, indeed. But, hey! America loves capitalism. Even, if is unrestrained, creating the Super Rich. All that money in their hands comes in rather handy to buy politicians and even bribing voters. And - lately networks and legal firms to cave in.Honest people don't have a chance to fight...oh well...

marcfagel.bsky.social•7 days ago

Alas, as one myself, I look at the court's refusal to even help enforce the SEC's 2018 civil injunction against Musk, and it's clear a criminal case would have never flown. Absent a blood-on-the-floor case like Theranos (in a literal sense) or FTX, it's tough to get convictions for securities fraud.

realroffs.bsky.social•7 days ago

The SEC is complicit. They’re all in this 💵 shitshow together.

ecmclaughlin.bsky.social•7 days ago

Explain to me how the SEC is complicit. Because from where I sit this looks like a legislative issue. We need stronger laws.

realroffs.bsky.social•7 days ago

I mean they’re complicit in all the financial shenanigans that take place. Supposed to be to catch crazy illegal business shit and they look the other way. Look at the shit Musk gets away with. Look at 2008 and all the “mortgage back securities” ignored. Wall Street’s smoke and mirrors.

realroffs.bsky.social•7 days ago

These companies have to file with the SEC financials on the business. They’re suppose to be a 👀 🐕.

itsgotelectrolytes.bsky.social•6 days ago

The SEC backing off "given Musk's resources" was a giant part of the problem.

"The SEC also was uneasy about the risks of the most extreme step – scrapping the deal and starting litigation – given Musk's resources, four of the sources said."

https://www.reuters.com/markets/us/faceoff-with-elon-musk-sec-blinked-2022-05-24/

gregradwanski.bsky.social•7 days ago

Trump should've been stopped decades ago.

inpeace25.bsky.social•7 days ago

White privilege will haunt us all until society faces it.

ngmh.bsky.social•7 days ago

It might kill us all first.

bterrier71.bsky.social•7 days ago

Maybe someone around Biden could have suggested blocking the Twitter acquisition. Seems to have been the obvious opportunity

daileyink.bsky.social•7 days ago

Same for Trump, he could have been stopped years ago as well.

caveatruptur.bsky.social•7 days ago

another underrated aspect is the fed response since 2008. no interest and massive infusions during the down periods prevent the normal business cycle, which is historically good for shaking out frauds. instead they grow unencumbered.

there's no pressure on regulators when line go up for everyone.

pranya3922.bsky.social•6 days ago

This is very true. Know someone who bilked people out of millions. Civil case..ordered to pay restitution. Changed name to avoid paying and is doing it again. White man with a law degree. Oh and he steals from his clients. He keeps getting away with it.

whatwecan.do•7 days ago

Injustice anywhere is (clearly!) a threat to justice everywhere.

johnbrownbread.bsky.social•7 days ago

Seems like the courts are letting it happen again

titan245.bsky.social•7 days ago

Hopefully the People will stop him now #Boycott

photonblink.bsky.social•7 days ago

This!!

heikki-machine.bsky.social•7 days ago

The solarcity case was such a clear one. I can’t believe he slipped away from it.
(O/c $420 was crazy and all the clearly fraudulent predictions that went far beyond forward looking optimism)

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