Washington’s Blog
November 17, 2011
Ronald Reagan, George W. Bush, George H.W. Bush, and Clinton Each Prosecuted Financial Crime More Aggressively than Obama
Top economists and financial experts agree that our economy will never recover unless Wall Street fraud is prosecuted. See this and this.
But the government has more or less made it official policy not to prosecute fraud, and instead to do everything necessary to cover up for Wall Street.
Indeed, Business Insider writes today:
A new study out from Syracuse University shows that the number of federal prosecutions for fraud at financial institutions has been steadily decreasing since 1999. [via ThinkProgress]
This is particularly interesting given that in the wake of the 2008 financial crisis, public sentiment towards banks and other financial firms have been generally negative and prone to suspicion.
Alexander Eichler at the Huffington Post points out:
The falling number of fraud prosecutions is striking given what many claim is a strong pattern of financial-sector misconduct in recent years, culminating in a housing crisis characterized by alleged rampant mortgage fraud and improper foreclosure, as well as the weakening of the national and global economy.
Barry Ritholtz notes:
In such a target rich environment,. how on earth is it possible that Bank Fraud prosecutions are dropping? It is an outrage!
I bitched about this when George W. Bush was President, and I will continue until we get someone in the White House who understands what the RULE OF LAW actually means . . .
There were also many times more financial prosecutions under President Reagan than there are currently.
No wonder Occupy Wall Street is demanding:
Enforce the Laws for the 99%
No wonder top financial crime expert Bill Black says that we have to fire Eric “Place” Holder and all other government officials who are blocking prosecution of the criminals who caused the economic crisis.
Link:
http://www.washingtonsblog.com/2011/11/obama-prosecuting-fewer-financial-crimes-than-under-either-bush-presidency.html
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