The following is an excellent article from the Campaign for America’s Future website written by Richard Eskow on April 1, 2014 titled “Ted Kaufman is Angry About Wall Street Injustice. Are You?” and I quote:
“Ted Kaufman is Angry About Wall Street Injustice. Are You?”
April 1, 2014
Sen. Ted Kaufman was one of the great heroes in the fight for financial reform. He was a brilliant, articulate, and stalwart fighter for the rights of the American people to be free of Wall Street fraud, criminality and abuse. He attempted to restore the old Glass-Steagall restrictions on bank trading through an amendment he cosponsored to the Dodd-Frank financial reform bill. He cosponsored the Fraud Enforcement and Recovery Act of 2009 (FERA), which helps prosecutors nail financial crooks.
Now that he’s out of the United States Senate, Ted Kaufman teaches and writes a biweekly column. His latest column doesn’t pull any punches.
Kaufman reviewed a recent report by the Justice Department Inspector General that concludes that there was, shall we say, a lack of zeal in prosecuting Wall Street foreclosure fraud. Here’s a sample from Kaufman’s column:
“Angry? You bet I am. Even more angry than I was back in 2009 when, as a U.S. senator, I saw shocking paper trails that I believed would have convinced juries to convict some crooked CEOs if there were aggressive efforts to prosecute them.”
But the Justice Department chose not to prosecute, despite the preponderance of evidence against bank CEOs. Some of those bank CEOs are now quoted prominently in the papers, opining on how Social Security should be cut in order to make up for the shortfall caused by (although they don’t mention this) the financial crisis brought on by their own fraud and greed.
Here’s some more of what Kaufman had to say:
“In the years since I left the Senate in 2010, fines, which are paid by shareholders not managers, have been levied against Wall Street banks, but not one employee of a bank been indicted … The audit confirmed that the Justice Department had never made investigating mortgage fraud cases a top priority or, for that matter, any priority at all.”
That would be Eric Holder’s Justice Department. President Barack Obama’s Justice Department. Your Justice Department, at least in theory.
As Sen. Kaufman notes, “The statute of limitations on fraud committed before the financial crisis is running out. It is safe to assume that no one who committed mortgage fraud will be prosecuted.” He concludes that “the lack of action on mortgage fraud takes us a perilous step closer to a two-tiered system of criminal justice – one for the poor and one for the rich.” His column is worth reading in full.
Meanwhile, in related news, an heir to the DuPont fortune was not sentenced to jail time after admitting to raping his infant son. The judge gave the 6-foot-4-inch convicted child rapist probation and treatment instead, stating his belief that the privileged defendant “will not fare well” in prison.
Very few people do. But that fact is rarely considered when sentencing less wealthy defendants.
That two-tiered system of criminal justice is already upon us. So is the free pass for Wall Street fraud and criminality. There’s no need to wonder why Ted Kaufman is angry. The only question worth asking is, why isn’t everybody?
Think of it as the story of two antagonists. One of them was an honest Senator who came to Washington to fight corruption. The other is an arrogant banker who’s…” rel=”nofollow”‘>Sen. Kaufman On JPMorgan Chase: Private Lawsuit Found Evidence the Feds Didn’tIn “Blog”
Despite strong rhetoric against aggressive Wall Street lobbying and deceptive Republican attacks, President Barack Obama appears ready to declare victory on a tepid and ineffective financial reform bill. The aims…” rel=”nofollow””>How To Fix The Dodd BillIn “Blog”
Now that the ideological defense of Wall Street behavior has collapsed, brought down by the wreckage of deregulation, bankers and lobbyists are pursuing a new strategy: fighting the democratic process…” rel=”nofollow””>The Senate Should Debate “Too Big to Fail” On Live TelevisionIn “Financial Reform”
Posted by Richard Eskow”
(THIS IS WHY THE GLASS-STEAGALL ACT SHOULD HAVE NEVER BEEN ELIMINATED. YOU TURNED THE BIG INVESTMENT BANKS AND THE HEDGE FUNDS, PROMOTING ALL THOSE GROWING, TOXIC DERIVATIVES THAT THEY ARE PASSING OFF AS SO-CALLED CURRENCY AND NOW WE HAVE THE BITCOINS THAT ALSO HAS NO VALUE AND RUINING OUR REAL CURRENCY WHICH WILL CAUSE INFLATION, JUST FOR THE BENEFIT OF THE OVERPAID CEOs THAT KEEP LOBBYING OUR LEGISLATORS FOR MORE AND MORE BAILOUTS OF THE BIG INVESTMENT BANKS, JUST LIKE THOM HARTMAN STATED IN HIS BOOK “THE CRASH OF 2016: THE PLOT TO DESTROY AMERICA–AND WHAT WE CAN DO TO STOP IT.” WITH NO REGULATIONS, THE BIG INVESTMENT BANKS WENT WILD. IT’S GOING TO CREATE A BIGGER BUBBLE THAN IN 2008, WHICH WILL BURST AND CONGRESS WILL FINALLY HAVE TO PUT ON SOME REAL REGULATIONS AND BREAK UP THE BIG BANKS AND GO BACK TO PUBLIC BANKING LIKE ELLEN BROWN STATES IN HER BOOK “THE PUBLIC BANK SOLUTION: FROM AUSTERITY TO PROSPERITY.” SHE ALSO FAVORS SAVINGS BANKS OR CREDIT UNIONS.
LaVern Isely, Overtaxed Independent Middle Class Taxpayer and Public Citizen and AARP Members