As I said when the task force was announced, I’ll just sit here and hold my breath waiting for a banker to go to jail:
A last-ditch effort by federal and state law enforcement authorities to hold Wall Street accountable for nearly bringing down the U.S. economy is unlikely to lead to any criminal charges against big bank executives, according to a source close to the investigation.
Barring a “hail mary pass,” said the source, who spoke on the condition of anonymity because the investigation is still ongoing, the members of a task force President Barack Obama formed in January to investigate fraud in the residential mortgage bond industry will instead most likely bring civil lawsuits against some of the banks involved, though it isn’t clear when these cases might come.
That means any penalties for those accused of fraud or other misconduct would be measured in dollars, not jail terms.
A spokesman for New York Attorney General Eric Schneiderman, a co-head of the task force and the driving force behind its formation, declined to comment.
Adora Andy, a Department of Justice spokeswoman, said in a statement that “all appropriate remedies, civil and criminal, are on the table.”
“As always, if working group members uncover evidence of fraud or other illegal conduct, we will pursue such conduct aggressively,” Andy said.
Grrrrrrrrr….
In any crimanl prosecution it’s not what you know. It’s what you can prove. The kings of Wall Street like their counterparts in the Mafia hire people to “put in the work.” They keep their hands clean. The battery of lawyers on retainer make certain that the work that is done may be suspect but it can’t be proven to be illegal. Their hired assassins in the Congress will either get rid of laws or make new laws that will cover their actions. Get rid of every Republican holding public office and you’ll bring the whole rotten system crashing down. That can’t be done unless you vote a straight Democratic ticket.
Let’s see. The grafted hedge fund tax bracket can’t get out from under Sen. Schumer. ATT got a pass from civil liability for flagrantly granting access to private e-mails and the immunity cleared the Democratic House and Senate and was signed by Obama. Holder has already proven he’s in Dimon’s pocket. Just get rid of the Republicans and all will be purity and light…YEAH RIGHT!
I don’t believe Holder is in anyones pocket. I believe he has a great sence of history as he looks back on what happened to the last Attorney General and President who attempted to overthrow the Mafia and all their cronies. Wall Street and the thugs—the new republican party—are just as dangerous. Look what happened when the former Governor of New York (Spitzer) tried to investigate the Street.
Seems as though Holder wanted to resign early on, but was talked out it by one of Obama’s top advisors, can’t remember who. If Obama get’s another term Holder is out anyway.