Over the past decade, The Justice Department has gone soft on corporate crime.
Given the abundance of massive fraud that was perpetrated by Bankers and Wall Street, yet NOT a single financial executive has gone to jail! Why?
If federal investigators could not establish criminal intent for any top flight executives, didn't they have enough evidence to prosecute banks or financial houses as law breaking corporations?
Except for the occasional civil complaints by the Securities Exchange Commission, our nation is left to face a disturbing spectacle: crime without punishment. Massive injuries were done to millions of people by reckless bankers, vast wealth was destroyed by elaborate deceptions. Yet there are no culprits, and they're still going on!
Such as fraudulent foreclosures. By forged paperwork, inaccurate numbers
The government's lack of response to enormous wrong doing reflects a deeper conflict of values.
Our own President stated "nothing will be gained by spending our time and energy laying blame for the past".
Even though he was referring to the Bush Administration with their crimes of torture and unlawful detention. This reflects that Obama is more concerned with looking good "politically" than doing what is right for our country and morally.
Even Treasury Secretary Timothy Geithner, bluntly dismissed "the public desire for Old Testament justice.
"It might be morally satisfying but would be dramatically damaging to economic recovery"...
Apparently society's sense of right and wrong will not prevail. What "does" prevail in America is: corporate capitalism's amoral need to maximize profit. Per the Treasury's inspector general called the financial industry is "a target rich environment" for finacial fraud. But the government expended a vast fortune in public funds to rescue and restore the biggest banks and brokerage houses. "Criminal indictments would not be good for investor confidence". During the past decade the government demonstated a similar reluctance to act aggressively against corporations. If we do not treat a Wall Street firm that defrauded investors of millions the same way as we treat someone who stole $500.00 from a cash register, then how in God's name can we have faith in the rule of law?
You failed President Obama and Eric Holder! You had an opportunity to practice the rule of law, instead The Justice Dept. adopted a softer or "forgiving" approach, at least for corporations, called deferred prosecution agreements. With the intention to limit economic damage that could result from vigorous prosecution. "Because" of this misguided thinking our economy "will" collapse again! When it does the blame will lie firmly with you both, President Obama and our lax Attorney General, Eric Holder!
Important Corporations who've settled without public trial are: Boeing, Halliburten, AIG, BP, Health South,AOL,Wachovia,Daimler Chrysler, Merrill Lynch, Pfizer, UBS, Barclays Bank. crimes ranged from healthcare fraud cheating the government on military contracts (ol' Cheney's company Halliburten) money laundering tax evasion & violating trade sanctions. If any of us citizens did one of these crimes you'd lock us up and throw away the key!!!! Why should we obey the law? It's clear your Dept. of Justice has double standards...
With the greatest help from our Republican andTea Party members of Congress salivating to deregulate the industry again. If our country is to remain financially solvent, and abide by the rules of law, then you as our leader Mr. President "must" prove you and your administration are more than an empty politicians, by sending corporate crooks to jail! You have to do more than just "create checks and balances", you have to "prosecute those that break the law!
No matter how influencial and powerful they are. It is evident Wall Street "needs" to learn crime does NOT pay!...
Thank you for upholding the rule of law in America.