Since I began stating this theory in 2005 my argument has been widely misreported. Therefore I will state it here as nine straightforward claims that will be difficult to misunderstand or misconstrue. I have grouped them into sections describing the setting, the crime, and the cover-up. And yes, I know this reads like a bad Sandra Bullock movie.
Chapters 1-3: The Setting
Over the last twenty years Wall Street has become dominated by a group of players who first pushed the laws to their limits, then openly flouted them until they became blurred beyond the possibility of enforcement.
Over the last fifteen years the standards of financial journalism have been eroded by a group of reporters who have tried to appear as players, but have become pawns. A significant fraction of the journalists on the Wall Street beat have become shills of a handful of hedge funds.
The Securities & Exchange Commission, regulator of our nation’s capital markets, has been captured by financial elites to the point that it favors Wall Street over Main Street.
Chapters 4-7: The Crime
A crime is routinely occurring in our capital markets. Small loopholes created to provide “fault tolerance” in our nation’s stock settlement system are being exploited by Wall Street brokerages and their hedge fund clients to steal billions of dollars.
One side effect of this crime is that corporate governance in America has been shattered.
Another side effect of this crime is that many companies (often innovative tech and biotech companies) have been damaged or destroyed, while the Americans who invested in them were robbed, generally with no awareness on their part beyond the loss of their savings in the stockmarket.
A third side effect of this crime is that it has created in our country’s financial system a crack so deep it could trigger a systemic collapse.
Chapters 8 and 9: The Cover-Up
The financial media are incapable of bringing a critical mindset to this issue because of their too-cozy relationship with Wall Street (several financial journalists actually seem to be engaged in blue-smoke-and-mirror attempts to obfuscate issues on behalf of the financial elites who turn up wherever this crime is occurring). As a result, the crack in our financial system appears to be reaching catastrophic proportions.
Within “social media” (blogs, message boards, and wikis) evidence for the preceding points has been pieced together, but there is a campaign to hijack the social media discourse, organized by the same people who are profiting from the crime.
To many, the preceding will appear a bald and unconvincing tale, too fantastic for even the loopiest Hollywood thriller. When I first began discussing these claims, the New York Post ran a photo-shopped picture of me with a flying saucer coming out of my head. For three years the profession of financial journalism has demonstrated that in its view there are, in fact, two subjects beyond critical examination: Wall Street, and the profession of financial journalism.
In the chapters of Deep Capture that follow I will examine evidence that has emerged over the last two years and the degree to which it confirms or falsifies these claims.
I thank you for the courtesy of your visit and the gift of your attention.
Patrick M. Byrne, Ph.D.