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Why Have There Been No Wall Street Perp-Walks?

Attorney General Eric H. Holder Jr. announced in a speech last week that when it comes to fighting financial fraud, the Obama administration’s “record of success has been nothing less than historic.”

Horse Meadow-Pies!

Such a grandiose statement is not only self-promoting, and thus suspect on its face, it’s also just not true.

Granted, Republicans have been as large an obstruction to the Obama administration as would a tennis ball be to a bowel movement — but historic?

Come on Mr. Attorney General! No. Hell No!

Four years after the near collapse of their financial system, Americans have, correctly, a sinking suspicion that justice not only has not been served, it has been abjectly avoided. Financial fraud claims against companies like Citigroup and Bank of America have been settled for pennies on the dollar, with no admission of wrongdoing. Investment Bank CEOs who ran companies that made, packaged and sold trillions of dollars in toxic mortgages and mortgage-backed securities remain largely untouched if not financially improved.

Merely saying that most of the disappointment with the Obama administration is due to its failure to go after the offenders would be an understatement of gargantuan proportions.

Source: HgTransEcon


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