“Wall Street Wasn’t Even On His Radar”

Holder: A Stooge for Wall Street

Attorney General Eric Holder’s statements that prosecuting Wall Street fraud would hurt the economy is exactly backwards: the experts say that failing to prosecute fraud is dooming our economy.

But prosecuting fraud was never on Holder’s radar.

Politico notes:

Ted Kaufman, a former Democratic Delaware senator who chaired Judiciary Committee hearings examining the dearth of prosecutions, says the lack of action on Wall Street corruption is likely to be “the single biggest thing” historians remember about Holder’s tenure. “The attorney general has done a lot of good things, don’t get me wrong. But this is certainly not his finest hour, not by a long shot,” Kaufman told me. “It just doesn’t pass the sniff test.”

In a scathing report released in March, the Justice Department’s own inspector general found that the criminal division’s efforts to hold Wall Street executives accountable were a low priority—in some cases, the lowest priority—despite Holder’s claim that it was at the top of his to-do list. “It was never his priority,” a former top Holder deputy told me. “He cared about national security and civil rights. … Wall Street wasn’t even on his radar.”

This is too charitable …

In reality, Holder laid the groundwork for the “too big to jail” approach in 1999.

And Holder and his head of the Department of Justice’s Criminal Division were partners at a law firm which used to represent the big banks, Fannie and Freddie, and which wrote the legal opinion which allowed the creation of the cancerous MERS scam … which was at the heart of the foreclosure crisis.

Indeed,  Wall Street was Holder’s priority … specifically, protecting Wall Street criminals and prosecuting whistleblowers.

Category: Legal, Think Tank

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10 Responses to “AG Holder Paid No Attention to Bank Fraud”

  1. illyia says:

    Poor Holder. All he was trying to do was keep the country together. What would have happened if the banks has been forced to change their ways because of the threat of prosecution of actual humans? We wouldn’t have the glorious recovery we have now! It’s like Paulson and Rubin said on that show yesterday with Fareed Zacharia (on CNN): Who coulda knowed?

    I mean – really ! Can’t let a little thing like the law get between you and good governance!

    Thanks for the reads as usual, Barry.

  2. Mbuna says:

    “Indeed, Wall Street was Holder’s priority … specifically, protecting Wall Street criminals and prosecuting whistleblowers.”

    Absolutely true, and along with the Supreme Court via today’s ruling- corporations are the true citizens of the present day U.S. Humanity’s only possible virtue is enhancing shareholder value. Welcome to the United States of Corporate Slavery- USCS for those with their head in the sand…all 3 branches of government now espouse the same essential view.

    And while some are now saying http://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014.html?ml=po_r#.U7It9fldV8E , I have my doubts about this. They just might have enough power and control to make slaves of us all.
    Stay tuned…

  3. stapley says:

    Eric Holder has probably damaged the country more than anyone else in Obama’s entire administration.

  4. MikeR44 says:

    By not prosecuting the financial crooks Holder and Obama have left the door wide open for a much larger fraud in the future. The Consumer protection Agency was very important but not significant in preventing a future financial collapse. The President missed a big opportunity to enhance our standing in the financial markets.

  5. Derektheunder says:

    How that man has avoided impeachment to this point is truly a mystery. I suppose it has mostly to do with the press’ rabid support and protection of this administration in general.

  6. rj chicago says:

    Just one in a long list of abuses by this AG!

  7. Christopher says:

    Nothing changes until K Street burns.

  8. peacock says:

    Eric Holder reasoning,

    Let’s not enforce safety laws for automobile makers, it’s BAD for business, no one wants to hear about unsafe autos. People may get frightened and never drive again!

    Let’s not prosecute murderers because other countries will loose confidence in traveling around America.
    Prosecution makes our country look bad.

  9. bear_in_mind says:

    I just had an intuitive insight to this report on Holder that I hadn’t dawned on me before. In my life and professional experience, I’ve seen so many parties in law enforcement positions who’re representative of Holder’s generational cohort and they routinely decline to act on their appointed prosecutorial duties. They seem to embrace a gross over-reliance of “prosecutorial discretion” to avoid pursuing cases unless they ABSOLUTELY have to proceed or risk be perceived as abdicating their post. It’s as if there’s been a sea change in the mentality of this cohort that smacks of cowardice and/or corruption. Whatever forces are at-play, it’s sickening to witness a once-robust pursuit of enforcement wither into near-obsolescence.

  10. Onemoretime says:

    One has to assume that Holder has done exactly what his boss has wanted him to do. The legacy of this administration will be with us for quite some time. Hopefully the next crisis will not be wasted.