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"Pete Rose, 'Shoeless' Joe Reinstated by MLB, Eligible for HOF" "'Major Breakthrough': Here Are the Details on the China Trade Deal" Freepers Still Love war Parody ... Jump / Trump --- van Halen jump "The Democrat Meltdown Continues" "Yes, We Need Deportations Without Due Process" "Trump's Tariff Play Smart, Strategic, Working" "Leftists Make Desperate Attempt to Discredit Photo of Abrego Garcia's MS-13 Tattoos. 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What Happens Inside Gaza’s Secret Tunnels? | Unpacked Hamas Torture Bodycam Footage: "These Monsters Filmed it All" | IDF Warfighter Doron Keidar, Ep. 225 EXPOSED: The Dark Truth About the Hostages in Gaza New Task Force Ready To Expose Dark Secrets Egypt Amasses Forces on Israel’s Southern Border | World War 3 About to Start? "Trump wants to dismantle the Education Department. Here’s how it would work" test "Federal Workers Concerned That Returning To Office Will Interfere With Them Not Working" "Yes, the Democrats Have a Governing Problem – They Blame America First, Then Govern Accordingly" "Trump and His New Frenemies, Abroad and at Home" "The Left’s Sin Is of Omission and Lost Opportunity" Status: Not Logged In; Sign In Corrupt Government See other Corrupt Government Articles Title: There's No Recovery Because the Government Made it Official Policy Not to Prosecute Fraud (Obama's other amnesty) Source: Washington's Blog URL Source: http://www.washingtonsblog.com/2011 ... covery-because-government.html Published: Jul 9, 2011 Author: Washington's Blog Post Date: 2011-07-09 11:45:12 by Hondo68 Ping List: *The Two Parties ARE the Same*     Subscribe to *The Two Parties ARE the Same* Keywords: "deferred prosecutions", lack of accountability, Wall Street crime enforcement Views: 2380 Comments: 4 Fraud caused the Great Depression and it has caused the current financial crisis. But fraud is not not being prosecuted, and so it will occur again and again, and prevent a sustainable economic recovery. Numerous economists have been saying this for years. As I pointed out in March: Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals - and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future. Indeed, William Black notes that we've known of this dynamic for "hundreds of years". Now mainstream journalists are starting to catch on. Market Watch senior columnist Brett Arends writes: No one has been punished. Executives like Dick Fuld at Lehman Brothers and Angelo Mozilo at Countrywide, along with many others, cashed out hundreds of millions of dollars before the ship crashed into the rocks. Predatory lenders and crooked mortgage lenders walked away with millions in ill-gotten gains. But they aren't in jail. They aren't even under criminal prosecution. They got away scot-free. As a general rule, the worse you behaved from 2000 to 2008, the better you've been treated. And so the next crowd will do it again. Guaranteed. Gretchen Morgenson and Louise Story point out in the New York Times that: As the financial storm brewed in the summer of 2008 ... Federal prosecutors officially adopted new guidelines about charging corporations with crimes -- a softer approach that, longtime white-collar lawyers and former federal prosecutors say, helps explain the dearth of criminal cases despite a raft of inquiries into the financial crisis. Though little noticed outside legal circles, the guidelines were welcomed by firms representing banks. The Justice Department's directive, involving a process known as deferred prosecutions, signaled "an important step away from the more aggressive prosecutorial practices seen in some cases under their predecessors," Sullivan & Cromwell, a prominent Wall Street law firm, told clients in a memo that September. *** "If you do not punish crimes, there's really no reason they won't happen again," said Mary Ramirez, a professor at Washburn University School of Law and a former assistant United States attorney. "I worry and so do a lot of economists that we have created no disincentives for committing fraud or white-collar crime, in particular in the financial space." (This appears to be true on both sides of the Atlantic.) And Frank Rich reports in a much-discussed piece in the New Yorker: What haunts the Obama administration is what still haunts the country: the stunning lack of accountability for the greed and misdeeds that brought America to its gravest financial crisis since the Great Depression. There has been no legal, moral, or financial reckoning for the most powerful wrongdoers. Nor have there been meaningful reforms that might prevent a repeat catastrophe. Time may heal most wounds, but not these. Chronic unemployment remains a constant, painful reminder of the havoc inflicted on the bust's innocent victims. As the ghost of Hamlet's father might have it, America will be stalked by its foul and unresolved crimes until they "are burnt and purged away." After the 1929 crash, and thanks in part to the legendary Ferdinand Pecora's fierce thirties Senate hearings, America gained a Securities and Exchange Commission, the Public Utility Holding Company Act, and the Glass-Steagall Act to forestall a rerun. After the savings-and-loan debacle of the eighties, some 800 miscreants went to jail. But those who ran the central financial institutions of our fiasco escaped culpability (as did most of the institutions). As the indefatigable Matt Taibbi has tabulated, law enforcement on Obama's watch rounded up 393,000 illegal immigrants last year and zero bankers. The Justice Department's bally­hooed Operation Broken Trust has broken still more trust by chasing mainly low-echelon, one-off Madoff wannabes. *** Those in executive suites at the top of that chain have long since fled the scene with the proceeds, while bleeding shareholders, investors, homeowners, and ­cashiered employees were left with the bills. The weak Dodd-Frank financial-reform law that rose from the ruins remains largely inoperative .... Obama arrives at his reelection campaign not merely with a weak performance on Wall Street crime enforcement and reform but also with a scattershot record (at best) of focusing on the main concern of Main Street: joblessness. One is a consequence of the other. His failure to push back against the financial sector, sparing it any responsibility for the economy it tanked, empowered it to roll over his agenda with its own. *** Unless and until there's a purging of the crimes that brought our president to his unlikely Inauguration Day, much more in America than the second term of his administration will be at stake. Poster Comment: Obama is a lawless gangsta thug, just like his predecessor. Subscribe to *The Two Parties ARE the Same* Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 1. #1. To: hondo68 (#0) (Edited) There's no recovery because Obama is the most anti-business President in recent U.S. history. Businesses are not about to take big risks while the threat of new Obama mandates is hanging over their heads. We won't see any significant improvement in the economy until Obama and his no- nothing academics leave office. jwpegler  posted on  2011-07-09   15:10:54 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 1. #2. To: jwpegler (#1) (Edited) There's no recovery because Obama is the most anti-business President in recent U.S. history. Businesses are not about to take big risks while the threat of new Obama mandates is hanging over their heads. Actually it's the Pubbies and their refusal to expand the debt ceiling that is causing the current problem. And prosecuting and jailing white collar criminals for their wholesale thievery would go a long way towards solving the rest. mininggold  posted on  2011-07-09 15:44:47 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 1. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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