William Black continues his detailed examination of the ongoing financial fraud and criminality in the big banks, which is ignored by the Obama Administration, whose record of prosecutions is now worse than Bush’s.
Neither administration has prosecuted any elite CEO for the epidemic of mortgage fraud that drove the ongoing crisis. This contrasts with over 1,000 elite felony convictions arising from the S&L debacle. Bank CEOs leading “accounting control frauds” now do so with impunity from the criminal laws. They become wealthy through fraud and even if they are sued civilly they almost invariably walk away wealthy with the proceeds of their frauds.
If this was happening in a banana republic we’d all just shake our heads about how corrupt it is, right?
They only thing the 1% genuinely fears is an engaged and enraged populace. That’s why Obama and the rest are pretending to be populists, trying to defuse the anger. Even Newt pretended to be outraged at Romney’s loot-and-pillage hedge fund strategies. But their faux outrage is transparently opportunistic. Obama, Romney, and Gingrich are wholly owned subsidiaries of The 1% Corp.
By the time the political conventions come, the growing anger in this country will be pouring into the streets, big time too. A chief reason for the anger is lack of prosecution against financial fraud in this country. And Obama is worse than Bush.