Every week seems to bring a new major banking scandal, with the biggest Wall Street firms like JP Morgan, Bank of America or Wells Fargo getting caught defrauding customers, homeowners and investors. But the Justice Department has been asleep at the wheel: they just don’t act serious about putting Wall Street criminals in jail.
Attorney General Holder and the Justice Department have put more resources into going after retired athletes and cheating husbands than the bank executives who drove the economy over a cliff. Despite plenty of evidence implicating them in massive fraud, these crooks have gotten off by paying miniscule fines that were just a fraction of what they stole, and none have faced criminal prosecution.
Either DOJ is obstructing justice or they are just plain incompetent.
It’s time to tell Attorney General Holder that we can’t have two systems of justice in this country: one for the rich and powerful, another for the rest of us; one where Wall Street criminals are actually rewarded with bailouts and huge bonuses, while petty criminals end up in prison. Even though a new financial crimes task force was announced to great fanfare back in January, it has not received anything close to the level of resources it needs to make a serious investigation.
And time is running out. Statutes of limitations are on the verge of expiring – so unless the Justice Department acts much more forcefully and quickly, those responsible for the worst economic crash since the Great Depression will walk away, with fatter wallets and bigger bank accounts. The investigations need more resources, and they need them now!
We call on you to give the financial fraud working group the staff it needs to get this job done, not the inadequate resources it’s been given to date.