Tuesday, May 26, 2015

Financial Crime Flashback Is Flashforward under Obama

President Obama wouldn't go after criminal behavior contributing to the financial crisis and that practice seems to apply to long term financial fraud by big banks.  NYT reported:

,,, nothing much has changed for the banks. And that means nothing much has changed for the public. There is no meaningful accountability in the plea deals and, by extension, no meaningful deterrence from future wrongdoing. 
Flashback to 2009 when the Obama team represented:

The task force of top federal officials will work with state and local authorities to pursue financial fraud cases stemming from the crash of the housing market and the Wall Street meltdown, administration officials said 

The Financial Fraud Enforcement Task Force will attack what Holder called "unscrupulous executives, Ponzi scheme operators and common criminals."
But Holder said the mandate of that task force wasn't broad enough to go after all the types of crimes involved with the financial crisis.
President Obama's sees no jailable crimes in a five year currency rigging scam, most of which occurred on his shift in office.  At least one SEC Commissioner protested the absurd decision as unconscionable. 

The Commission has granted:
  • Barclays its third WKSI waiver since 2007;
  • UBS its seventh WKSI waiver since 2008; 
  • JPMC its sixth WKSI waiver since 2008; and 
  • RBSG its third WKSI waiver since 2013.
 Allowing these institutions to continue business as usual, after multiple and serious regulatory and criminal violations, poses risks to investors and the American public that are being ignored.  It is not sufficient to look at each waiver request in a vacuum. 

Obama has a Government Corporate Monstrosity to protect and serve 

Update 11-18-18:  NYT Columnist Maureen Dowd wrote about President Obama's abdication from prosecuting financial fraud.