Obama's DOJ And Wall Street: Too Big For Jail?

MugenOne · #1 May 7, '12, 3:32 pm

Over the past three years, the Department of Justice has filed criminal charges against hundreds of ordinary Americans for financial fraud. But no one from the largest banks and firms on Wall Street have been similarly charged for events leading up to the financial crisis. Could that be because those banks are clients of the firms from which top DOJ officials hail?

In November 2009, President Obama established the Financial Fraud Enforcement Task Force to deal with financial crimes related to the 2008 financial crisis. As Attorney General Eric Holder, chairman of the Task Force, explained at the time: “This Task Force’s mission is not just to hold accountable those who helped bring about the last financial meltdown, but to prevent another meltdown from happening. We will be relentless in our investigation of corporate and financial wrongdoing, and will not hesitate to bring charges, where appropriate, for criminal misconduct on the part of businesses and business executives.”

None of that happened. The Task Force is still humming along almost three years later, but its highlighted successes are less “business executives” than ordinary Americans who have had the book thrown at them.

http://www.forbes.com/sites/realspin...rtner=yahootix

The Ivy League inbreeding is really killing the United States.

SamH · #2 May 7, '12, 3:36 pm

Quote:

Originally Posted by MugenOne

Over the past three years, the Department of Justice has filed criminal charges against hundreds of ordinary Americans for financial fraud. But no one from the largest banks and firms on Wall Street have been similarly charged for events leading up to the financial crisis. Could that be because those banks are clients of the firms from which top DOJ officials hail?

In November 2009, President Obama established the Financial Fraud Enforcement Task Force to deal with financial crimes related to the 2008 financial crisis. As Attorney General Eric Holder, chairman of the Task Force, explained at the time: “This Task Force’s mission is not just to hold accountable those who helped bring about the last financial meltdown, but to prevent another meltdown from happening. We will be relentless in our investigation of corporate and financial wrongdoing, and will not hesitate to bring charges, where appropriate, for criminal misconduct on the part of businesses and business executives.”

None of that happened. The Task Force is still humming along almost three years later, but its highlighted successes are less “business executives” than ordinary Americans who have had the book thrown at them.

http://www.forbes.com/sites/realspin...rtner=yahootix

The Ivy League inbreeding is really killing the United States.

Considering that several government officials and a few sitting senators and congressmen would also face charges one doesn't need to wonder why they have accomplished so little.

JackVk · #3 May 7, '12, 5:00 pm

I'm soon to be a business major. My econ professor said that good and bad economies are not solely the doing of the One Percent or of That Man in the White House. It's the consumers, who make up 70% of the market.

**po18guy** · #4 May 7, '12, 5:19 pm

They could have begun with tax-cheat Geithner, but those who sit in judgment probably owe even more.

Nimzovik · #5 May 7, '12, 5:21 pm

It can not be denied that there is a chill (to say the least) on the economy knowing that Taxes are going to soar or that the USA has sooooooo much debt. exacerbated by Obamanomics. The continued implementation on such a voracious scale of entitlements and socialistic programs like the 'Obamacare' is staggering. People see what is happening in Greece, Spain and now of course in a flagrant manner - France.

So yes.... 'That Man in the White House' can indeed be culpable.