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Why Obama Lacks Political Will to Crackdown on Wall Street


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Showing 1-13 of 13 posts in this discussion
Initial post: May 8, 2012 10:29:37 AM PDT
The following is the middle of the article.
=====================

http://finance.yahoo.com/blogs/daily-ticker/obama-lacks-political-crackdown-against-wall-street-says-131623945.html

Financial-Fraud Prosecutions at 20-Year Lows

"We are right now in the wake of the large financial crisis....and I think what is interesting is that the Justice Department, by and large, has very much laid off Wall Street as it relates to anything related to the 2008 financial crisis," says Schweizer.

In their article, Boyer and Schweizer highlight findings from the Transactional Records Access Clearinghouse, which show financial-fraud prosecutions are at 20-year lows and down 39% since the Enron and Worldcom scandals of 2003.

That's a stark contrast to the aftermath of the S&L crisis where thousands of prosecutions were brought with a conviction rate of 90 percent.

"During the S&L crisis in the early 1990s there was basically a commitment at the top that said 'look, we have go to go after some of these guys to send a message," Schweizer says. "The largest issue [today], I think, is you have to have the political will at the top" which is why he believes Obama could have issues defending himself against his record with the banks come November.

Schweizer is also "very very doubtful" criminal justice will be served against any large institution for two key reasons:
1.The statute of limitations is running out for bringing cases against wrongful-doing.
2.The revolving door at the Justice Department is alive and well-oiled. U.S. Attorney General Eric Holder, as well as many Justice employees, came from law firms that represented some of the biggest banks on Wall Street. Holder and these employees will presumably one day want to return to these types of high-paying private sector jobs, but it would be much more difficult to do so if they come out hard against firms they once represented and may one day represent again.

Posted on May 8, 2012 11:21:38 AM PDT
..........Obama did not lack the will to crack down on Wall Street.......however, the Senate and Congress did.......something about where their campaign money comes from...........

Posted on May 8, 2012 11:23:41 AM PDT
Bob says:
Presumptive Republican presidential nominee Mitt Romney has out-raised Obama among hedge funds and private equity firms by a four-to-one margin ($2.48 million vs. $625,000) and three-to-one among donors at securities and investment firms ($8.1 million vs. $2.8 million).

Obama's ability to raise money from Wall Street has certainly waned. Wall Street now favors Romney, but Schweizer believes the money will start flowing again soon for the president.

Posted on May 8, 2012 11:47:18 AM PDT
Last edited by the author on May 8, 2012 11:49:21 AM PDT
There's more information and an easy way to sign the petition at the link below.

http://act.credoaction.com/campaign/task_force_crimes/?r_by=39363-4801786-9Jn5B8x&rc=paste1

In reply to an earlier post on May 8, 2012 1:52:52 PM PDT
Last edited by the author on May 8, 2012 1:53:33 PM PDT
Arthur Dent says:
I agree that Obama gets wrongly blamed for a lot of congressional mis/malfeasance. But not in this case. If there was criminality (and it sure looks like there was), it is up to the executive branch to prosecute it.

Posted on May 8, 2012 2:00:30 PM PDT
Also in that widely distributed article upcoming in Newsweek, is this sentence. "Two months into his new administration in 2009, Obama called Big Finance to the White House and told them "This Administration is the only thing between you and the pitchforks."

Our Thug-in-Chief had clearly decided to use the Wall Street criminals as his personal bankers. And Wall Street did give more to Obama's re-election campaign by Fall of 2011 than to any of the Republican candidates. And to date, corrupt Holder and the DOJ have filed NO criminal charges or prosecuted anyone on Wall Street.

The question remains: Did Obama tap those bankers from 2009 thru 2010? If he wasn't actively campaigning for 2012 yet, wouldn't that be bribery or extortion?

Posted on May 8, 2012 2:12:55 PM PDT
Last edited by the author on May 8, 2012 2:13:29 PM PDT
http://brendabowers.wordpress.com/2010/01/02/ten-most-corrupt-government-officials-2009-judicial-watch/

TEN MOST CORRUPT GOVERNMENT OFFICIALS OF 2009
Secretary of Treasury Timothy Geithner was #4, Attorney General Eric Holder was #5, and President Barack Obama was #7.

This has nothing to do with a "lack of political will." Obama and his equally corrupt thugs had clearly set up an Administration with the sole purpose of looting the government and getting away with it - just like the massive Voter Fraud of 2008 put this charlatan in the White House.

In reply to an earlier post on May 8, 2012 2:21:02 PM PDT
Ryan S. Hupp says:
"just like the massive Voter Fraud of 2008 put this charlatan in the White House"

Indulge us, pray. What Massive Voter Fraud?

Posted on May 8, 2012 2:38:16 PM PDT
Last edited by the author on May 8, 2012 2:48:30 PM PDT
http://www.therightperspective.org/2012/04/23/dems-rigged-2008-election-wikileaks/

DEMS RIGGED 2008 ELECTION: WIKILEAKS
"Republican John McCain refused to raise the issue of voter fraud after learning Democrats stuffed ballot boxes in Ohio and Pennsylvania on the night of the 2008 U.S. Presidential election, according to internal Stratfor e-mails published by WikiLeaks."

http://www.rightsidenews.com/2012012115433/us/politics-and-economics/acorn-group-implicated-in-massive-voter-registration-fraud.html

(Jan. 2012) ACORN GROUP IMPLICATED IN MASSIVE VOTER REGISTRATION FRAUD
"With the 2012 elections just months away, the ACORN-connected group Project Vote (and Obama campaign ally) is redoubling its efforts to undermine the integrity of the 2012 elections - and they are evidently doing it with the participation of the (corrupt) Obama White House and the (equally corrupt) Department of Justice."

"Project Vote and ACORN have both been linked to massive voter registration fraud. A total of 70 ACORN employees in 12 states have been convicted of voter registration fraud."

In reply to an earlier post on May 8, 2012 2:51:13 PM PDT
VicAriel says:
Good article. There's also some good information from the Transactional Records Access Clearinghouse which is mentioned. The Clearinghouse indicates that federal government convictions in all departments are up 52.7 percent from five years ago. Immigration and terrorism convictions are up three fold from 5 years ago at the Department of Homeland Security. At the Treasury Department busts are up 40.2 percent from five years ago for crimes such as tax evasion, wire fraud and money laundering. Something is obviously wrong at the Justice Department when white collar convictions are falling off so dramatically during a time when criminal activity appears to be rampant on Wall Street. This looks like as good a reason as any.

"The revolving door at the Justice Department is alive and well-oiled. U.S. Attorney General Eric Holder, as well as many Justice employees, came from law firms that represented some of the biggest banks on Wall Street. Holder and these employees will presumably one day want to return to these types of high-paying private sector jobs, but it would be much more difficult to do so if they come out hard against firms they once represented and may one day represent again."

IMO the President needs to announce Eric Holder's resignation immediately. He's been one of his weakest hires. Replace him with DHS Secretary Janet Napolitano. I'm confident that if "Nappy" is given free reign with no political restraints, Wall Street convictions will increase dramatically.

In reply to an earlier post on May 8, 2012 3:18:55 PM PDT
I miss W says:
I thought the OP title read "Why Obama Lost Political Will to Crack Down on Wall Street"

Funny thing is, it made perfect sense.

Posted on May 8, 2012 3:35:40 PM PDT
I understand that Obama will put forth a comprehensive immigration bill during this 3rd term.

<s>

Posted on May 9, 2012 12:28:45 PM PDT
http://www.breitbart.com/Big-Government/2012/05/08/top-doj-officials-obama-bundlers-with-wall-street-ties

FOUR TOP DOJ OFFICIALS WERE OBAMA BUNDLERS IN 2008
"They were all Big Money fundraisers for Obama's 2008 campaign with strong ties to Wall Street - the very entity Team Obama has said must be criminally prosecuted for bringing about the biggest financial crisis in U.S. history."
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Discussion in:  Politics forum
Participants:  10
Total posts:  13
Initial post:  May 8, 2012
Latest post:  May 9, 2012

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