WASHINGTON — Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the aftermath of the financial crisis Tuesday, sending a letter to the heads of three federal agencies. Warren, a member of the Senate Committee on Banking, Housing & Urban Affairs asked Attorney General Eric Holder, current Securities and Exchange Commission Chairwoman Mary Jo White and Federal Reserve Chairman Ben Bernanke whether they had done any cost-benefit research into prosecuting a bank versus settling with one, which is equivalent to a slap on the wrist for a profitable financial institution.
The books authored recently by Jeff Connaughton, Neil Barofsky, and Sheila Bair have made clear that the dominant strategy of the Bush and Obama administrations has been providing aid and comfort to the banksters who drove the crisis rather than holding them accountable for their crimes.
By Prof. William K. Black, former regulator under Ronald Reagan
I can’t support either Presidential candidate for a lot of reasons, but this is at the top. Even the most staunchest conservative and capitalist cheerleader in the world would have to agree that you can’t have a stable capitalist system unless you punish fraud and criminality. This is why you can’t take either of candidate seriously when they talk about protecting the middle class, because neither man has lifted a finger (Obama), or has talked about lifting a finger (Romney), to punish the people who wrecked the economy.
So that people don’t get the wrong idea, I don’t reblog Robert Reich because I agree with his solutions, he is just an example of the “mainstream” or “establishment” Democrats who want to still appear like they stand for the working class so they talk about inequality and injustice, but like all establishment Democrats, he won’t rock the boat and say what actually needs to be said.
Just one example: Reich mentions that NOBODY has gone to jail from the Wall St elite who ruined the financial system, so why doesn’t he call out the President or Attorney General Eric Holder?
Reich is right about one thing in this upcoming election, it’s not about the size of government, it’s about what government’s for, and in this next election, we’ll have two parties who have failed to prosecute the financial criminals that wrecked the economy of the U.S. and the world, and got away with it.