Report claims cronyism and politics stopped Eric Holder from prosecuting Wall Street executives
When Barack Obama was running for president in 2008 he railed against Wall Street for causing the economy to crash and promised to crack down on the greedy bankers and Wall Street investors who only cared about themselves and unscrupulously made millions on the backs of others. He promised to represent Main Street America, not Wall Street America. I paraphrase there but here is some of what he and Eric Holder said after Barack Obama gained the office he currently holds:
in 2009, Obama blamed the 2008 financial collapse on “reckless speculation of bankers” while Holder charged that “unscrupulous executives, Ponzi scheme operators and common criminals alike have targeted the pocketbooks and retirement accounts of middle class Americans
With Barack Obama once again ratcheting up the bourgeoisie/proletariat class warfare rhetoric for the 2012 election campaign it leads us to ask the following question: If Barack Obama was so opposed to Wall Street in 2008, and if Barack Obama is still opposed to the rich in America why didn’t he do anything about Wall Street during his first term as he promised he would?
This article might just provide us with the answer:
A new report from the conservative Government Accountability Institute (GAI) finds that President Barack Obama’s and Attorney General Eric Holder’s failure to criminally charge any top Wall Street bankers is likely a result of cronyism inside the Department of Justice and political donations made to Obama’s campaign.
GAI argues that the Obama administration’s decision to not go after Big Finance is due to senior DOJ leadership — Holder, Associate Attorney General Tom Perrelli, Associate Attorney General Tony West, Assistant Attorney General Lanny Breuer, Deputy Attorney General James Cole and Deputy Associate Attorney General Karol Mason — who “all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate.”
GAI said that President Obama’s decision to choose Holder, “a white-collar defense attorney from Covington,” as his attorney general, over a “more fiery prosecutor,” appears to have sent “a subtle signal to the financial community” that this administration isn’t going to actually do anything, despite the harsh words
Despite Barack Obama’s rhetoric Wall Street knew where the bread was buttered and donated to his election campaign, Barack Obama returned the favor by nominating a white collar defender to the highest law enforcement position in the land, and the fix was in from the beginning. This is not surprising because this is how politics in America works these days, but considering the fact that Barack Obama ran as the non-Washington candidate who would crack down on the power and influence of the special interest groups and the lobbyists he should be considered a major disappointment with all of those on the left who bought into his message of hope and change.
You voted for hope and change, but all you got was this lousy president.