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Author Topic: Wall Street Goes Free? DOJ drops case? Obama Factor?  (Read 1337 times)
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WhiskeyGirl
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« on: June 02, 2010, 07:47:10 AM »

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Cohan: Will Wall Street Go Free?

Let me try to get this straight. The Justice Department announced last weekend that it has dropped its criminal investigation into wrongdoing by the former executives of American International Group Financial Products, or A.I.G.-F.P. — the group inside A.I.G. that foolishly decided to insure billions of dollars of risk in the mortgage market, and got paid millions of dollars for doing so. So the Obama administration, which has repeatedly pilloried banking executives in an effort to build support for its financial reform package, has in one step reduced exponentially the chances of actually holding people on Wall Street accountable for the financial crisis, which was an utterly preventable self-inflicted wound.

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The S.E.C.’s civil lawsuit against Goldman Sachs, filed on April 16, as well as the all-day spectacle 11 days later before Senator Carl Levin’s Permanent Committee on Investigation, shaved some $20 billion off Goldman’s market value. The timing of these two public floggings of Goldman remains curious, of course, coming as they did on the eve of crucial procedural votes in the soon-to-be concluded financial reform legislation.

It’s not surprising that the S.E.C.’s inspector general has started an investigation, at the urging of Rep. Darrell Issa, Republican of California, into the timing of the S.E.C.’s lawsuit against Goldman.

Now that the politicians in Washington have used Goldman Sachs as a bogeyman to help push through new legislation to re-regulate Wall Street — which is badly in need of it — the American people should now get the justice we deserve, in the form of prosecuting the people on Wall Street who had major roles in causing the financial crisis in the first place. Unless, of course, we would prefer to pretend that no one was responsible and it was just another one of those once-in-a-lifetime tsunamis we’ve been hearing so much about lately.

http://opinionator.blogs.nytimes.com/2010/05/27/will-wall-street-go-free/?dbk
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WhiskeyGirl
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« Reply #1 on: June 02, 2010, 07:50:33 AM »

from the comments -


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1. rmarc
albany ny
May 28th, 2010
6:10 am

The only people who seem to be punished for anything in America are the one who are committing no crimes, are actively engaged in helping the downtrodden and are just hapless victims: taxpayers, homeowners, nuns, children and workers working at the lower end of the pay scale.

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2. mmmlk
italy
May 28th, 2010
6:10 am

We will all pay for what AIG did-not only US citizens but the rest of the western world and many other countries, too. I don't know how the administration could drop it's case agains AIG. The govrernment hauled Goldman Sachs into a senate hearing, why don't they do the same with the other guilty insurance and brokerage companies and banks. Are they afraid of losing rich peoples' votes or out votes?

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jim19511
Kent, OH
May 28th, 2010
6:10 am

It is becoming increasingly obvious that the average citizen means little to those who govern. The influence of big money and the lobbying efforts that such money buys, apparently also provide immunity to those reckless barons of greed who have nearly destroyed this country. There is no longer any fear or pretense of fear that these bandits will be held accountable. They are able to laugh at the government because, de facto, they own the government. Hence, they own the citizenry.
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WhiskeyGirl
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« Reply #2 on: June 02, 2010, 07:55:43 AM »

Contrast this with BP and coal mine disasters - the Obama administration only seems to be prepared to send lawyers with carpet bags.

When banks and Wall Street lose trillions...nothing but an atta-boy.

jmho
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WhiskeyGirl
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« Reply #3 on: June 02, 2010, 07:59:40 AM »

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The Wall Street Journal reports that the inquiry presents thorny legal and political issues for the Obama administration.

“A decision not to prosecute – or to settle out of court – could expose the White House to more criticism from the Gulf region and others calling for a hard line on BP,” the Journal reports.

“Any criminal fraud case could also be complicated by the notion that it appears the government signed off on many of the moves that may have led to the spill, said Noah Hall, a law professor at Wayne State University Law School in Detroit who has worked on behalf of environmental groups in the past.”

“Legal experts said bringing a civil case against BP for violating the federal Clean Water Act could be relatively straight-forward. But to bring a successful criminal case, the government must generally show the defendant knowingly flouted the law or that the pollution was the result of negligence.”

more here - http://thehill.com/blogs/e2-wire/677-e2-wire/100977-e2-round-up-the-murky-waters-of-the-oil-spill-criminal-probe-hurricanes-loom-over-spill-response-effort-inside-the-dredge-baby-dredge-battle-and-a-closer-look-at-spill-response-chief-thad-allen

Not enough lawyers on the payroll?  Need to divert some of them from the problems on Wall Street?  All the conflicting interests and job rotations?

Send more lawyers to the uneeda media party?
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It doesn't do any good to hate anyone,
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Edward
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« Reply #4 on: June 02, 2010, 12:22:16 PM »

It is becoming increasingly obvious that the average citizen means little to those who govern.


Our forefathers gave us a constitution and certain rights "such as impeachment" and even the right to overthrow replace a government that does not abide by the Constitution.
Lots of government officials from local governments such as cities and counties as well as the federal government as well as the highest court system are working for pocket $$$$$$$$$$$$
The American public has lost the ability to stand up..
It must be in the water because Common Sense is evading most of the population.
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