Posts filed under “Legal”

AG Holder Paid No Attention to Bank Fraud

“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

The Hidden History of Mass Surveillance

What Americans Need to Know About the History of Spying   Americans are told that we live in a “post-9/11 reality” that requires mass surveillance. But the NSA was already conducting mass surveillance prior to 9/11 … including surveillance on the 9/11 hijackers. And top security experts – including the highest-level government officials and the…Read More

Category: Legal, Think Tank, War/Defense

Fines: SEC vs. Finra

Quelle surprise!  Fines: SEC vs. Finra Source: WSJ   Continues here

Category: Corporate Management, Legal, Regulation

Businessweek on GM Whistleblowers

boingboing observes it looks like BusinessWeek is channeling Viet Nam Era Esquire   GM Recalls: How General Motors Silenced a Whistle-Blower Source: Businessweek

Category: Corporate Management, Financial Press, Legal

Why Cheney & Rumsfeld Are War Crime Suspects

War Crimes and 9/11: Why Dick and Don Are Suspects

Richard Clarke, the former counterterrorism official, has recently come out suggesting that George W. Bush, Dick Cheney, and Donald Rumsfeld should be charged with war crimes. Unfortunately, media outlets reporting this story have failed to examine Clarke’s long relationship to Cheney and Rumsfeld and his record of having prevented the capture of Osama bin Laden. These omissions highlight that, although Cheney and Rumsfeld undoubtedly are guilty of post-9/11 war crimes, suspicions that they helped create the pretext for those crimes go unreported.

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Category: Legal, Think Tank, War/Defense

Black: Understanding Financial “Risk” in Legal Contexts

The Criminology of the “Sure Thing” Portrayed as “Risk” John Coates, a former derivatives trader at Goldman Sachs is now a researcher. He wrote a column in the New York Times entitled “The Biology of Risk” that I hope will be widely read. In this column I explain why his most important conclusions cannot follow…Read More

Category: Corporate Management, Derivatives, Legal, Think Tank

Why Occupy Movement Was Treated As Terrorism

Government Treated Peaceful Boycott As Terrorism Anyone Who Questions the Powers-That-Be May Be Labelled a “Terrorist” The Partnership for Civil Justice (a public interest legal organization which the Washington Post called “the constitutional sheriffs for a new protest generation”) reported this week that the Obama administration treated a peaceful boycott as a terrorist threat: 4,000…Read More

Category: Legal, Really, really bad calls, Think Tank, War/Defense

Bill Black: Wall Street Crime and Misdeeds

Wall Street Crime and Misdeeds from CSRL on Vimeo. Source: New Economic Perspectives

Category: Bailouts, Legal

Contextualizing Bank Fines

click for larger version Source: BV, FT   This morning we discussed the danger that arises from merely fining banks instead of prosecuting them for violating laws. Since the news cycle is focusing on the potential multibillion-dollar fines for BNP Paribas SA and Bank of America Corp., let’s have a look at the amount of…Read More

Category: Bailouts, Credit, Crony Capitalists, Legal

Bank Fines + Prosecutions = Enforcement

Since 2008, the U.S. authorities have meted out $87.53 billion in fines to global banks. That number comes from data complied by the Financial Times. Some people believe that bankers are finally getting their due, being hit with billion-dollar penalties for their recklessness. I don’t see it that way; rather, it looks like little more…Read More

Category: Bailouts, Legal, Really, really bad calls