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Obama's Pretense of Justice for the Banks

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  • Obama's Pretense of Justice for the Banks

    It's so depressing. Just another scam. Holder is the worst AG I've ever seen.

    It goes without saying that nobody at Citigroup will see the inside of a jail cell as a result of this misconduct. Citi simply bought its way out of the legal problem, getting immunity for both its toxic mortgage securities deals and the collateralized debt obligation deals (CDOs) based off those securities. Ultimately, shareholders pay the penalty, not the executives themselves. Yes, your Justice Department reserved the right to bring criminal cases against individuals. I’m not sure how you suppressed your laughter when making that claim.

    The bottom line is that these settlements help nobody. They represent a corrupt transaction between a bank and a federal agency, enriching one with immunity and the other with cash. They’re not only embarrassing to the majority of Americans who believe in the reparative power of justice for society, but they’re actively harmful. The public narrative equating these settlements with a sufficient penalty for criminal fraud diminishes the expectation that we can ever see real accountability again. It sets a baseline for punishment absurdly below a tolerable level.

    So it’s time to pack it in. Send home the investigators, shut down the task forces and working groups. Stop hurting America with your pretensions to aggressiveness. I’d respect honesty about the situation instead of being lied to for public relations purposes over and over again. You’re letting the banks off anyway, so you might as well make it official.

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