The news is likely to raise the ire of the political left and right, both of which have highlighted one of the most inconvenient facts of Attorney General Eric Holder’s Justice Department: despite the Obama administration’s promises to clean up Wall Street in the wake of America’s worst financial crisis, there hasnot been a single criminal charge filed by the federal government against any top executive of the elite financial institutions.
Why is that? In a word: cronyism.
Take Goldman Sachs, for example. Thursday’s announcement that there will be no prosecutions should hardly come as a surprise. In 2008, Goldman Sachs employees were among Barack Obama’s top campaign contributors, giving a combined $1,013,091. Eric Holder’s former law firm, Covington & Burling, also counts Goldman Sachs as one of its clients. Furthermore, in April 2011, when the Senate Permanent Subcommittee on Investigations issued a scathing report detailing Goldman’s suspicious Abacus deal, several Goldman executives and their families began flooding Obama campaign coffers with donations, some giving the maximum $35,800.
That’s not to say Holder’s Justice Department hasn’t gone after any financial fraudsters. But the individuals the DOJ’s “Financial Fraud Enforcement Task Force” has placed in its prosecutorial crosshairs seem shockingly small compared with the Wall Street titansthe Obama administration promised to bring to justice.
Will bipartisan outrage boost the decibels in D.C. loud enough for Holder to hear and heed?
Protesters hold signs during a demonstration outside the Goldman Sachs San Francisco headquarters in San Francisco, July 31, 2012. (Justin Sullivan / Getty Images)
Consider the following small-time operators as listed on the Financial Fraud Enforcement Task Force website:
Click Here to continue reading.