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Monday, October 10, 2016

Obama prosecuted no one for 2008 debacle

From the Independent:
Iceland to sentence ninth banker found guilty of market manipulation that helped caused 2008 crash
The Democratic Party prosecuted not one CEO for the corruption that led to the 2008 financial collapse. In fact, it rewarded big banks with that $700 billion TARP engineered by Bush's Treasury secretary and Goldman Sachs employee, Hank Paulson.

Bush 43 prosecuted two dozen CEOs in his two-term presidency. Topping the list was Ken Lay, a friend of Bush (and Bill Clinton) who brought down Enron.

Under Reagan, the savings-and-loan collapse resulted in 1,000 convictions. Three years ago, William F. Black, one of the regulators compared Reagan's actions to Obama's inactions:
he savings and loan debacle was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history.
In the current crisis, that same agency, the Office of Thrift Supervision, which was supposed to regulate, among others, Countrywide, Washington Mutual and IndyMac — which collectively made hundreds of thousands of fraudulent mortgage loans — made zero criminal referrals. The Office of the Comptroller of the Currency, which is supposed to regulate the largest national banks, made zero criminal referrals. The Federal Reserve appears to have made zero criminal referrals; it made three about discrimination. And the FDIC was smart enough to refuse to answer the question, but nobody thinks they made any material number of criminal referrals [either].
And what people don’t understand about the criminal justice system is there are roughly a million people employed in it — and of course, millions incarcerated in it. But of the million employees, 2,300 do elite white-collar investigations. And of those 2,300, you have to contrast that to the number of industries in the United States, which is over 1,300. Notice I didn’t say ‘corporations,’ I said ‘industries.’
Democrats talk a big game, but they are owned by billionaire donors.

Last night, Trump told Hillary, "because you'd be in jail."

Every crooked, corrupt CEO took that personal.

They should.

***

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5 comments:

  1. Why should he?

    He helped set up the market crash.

    ReplyDelete
  2. A guy I know at a huge bank right in the middle of liars loan country told me his bank gave "their money" to only 10% of housing loan apps, the other 90% of loans they gave went to Wall Street within 24 hrs. They even thought it was funny, as in Ha ha, and I was shown a memo to that effect. The bank's shareholders, of which I was one, suffered badly, the CEO is still there. Obama wanted money from the big firms to spend both on his campaigns and for his special projects with out incarcerarting the golden geese. It was all a form of extortion or pay for play. They know HC will do the same

    ReplyDelete
  3. The Limeys took out the trash with their Brexit vote.

    Can America do any less?

    ReplyDelete
  4. Prosecuting would have meant going after Franklin Raines and Bahney Fwank's boy toy as well as Bahney himself in all probability. Wasn't going to happen.

    ReplyDelete