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Related: About this forumRobert Reich To Obama: 'You Wouldn't Let Someone Rob Your Home, Then Hand You $10 To Walk Away'
So why should Americans settle for that?
alfredo
(60,075 posts)russspeakeasy
(6,539 posts)truedelphi
(32,324 posts)Left Coast2020
(2,397 posts)This is something that should have taken place a longggggggg time ago--and he hasen't done it yet.
As I've said before, Eric Holder is inept. No incentative or motovation to prosecute whatsoever.
RBInMaine
(13,570 posts)midnight
(26,624 posts)banking practices....
"Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry." http://en.wikipedia.org/wiki/Predatory_lending
just1voice
(1,362 posts)Go ahead, we're all waiting for an expert such as yourself to share the truth.
stockholmer
(3,751 posts)stuck in the weeds. Typical sophistry.
buh-bye
AnotherMcIntosh
(11,064 posts)Kellerfeller
(397 posts)the law(s) that was broken. Instead, all they can seem to find is insults toward you for pointing that out.
sulphurdunn
(6,891 posts)of criminal lawyers to investigate whether or not laws have been broken and of courts to determine whether or not they actually have been. If there isn't ample reason to investigate possible criminal behavior on Wall Street over what has happened to the American economy it is more likely the result of corruption than any lack of evidence, motive, opportunity or dearth of appropriate criminal statutes. However, a great deal of what was once criminal behavior has been legalized for the benefit of financial institutions by Congress and ignored by the White House, but I'm sure they will rectify that oversight anytime now.
Kellerfeller
(397 posts)not in "the system" have bothered to see if any laws were broken. That defies belief. The actions people are complaining about are well-known and out in the open. If they have to dig into a lot more detail to try to find something illegal, then it probably isn't as big of a deal as some are making it.
sulphurdunn
(6,891 posts)attorney look into Wall Street corruption if not representing clients who were plaintiffs in a civil suit against Wall Street?
Kellerfeller
(397 posts)Occupy if not getting paid?
sulphurdunn
(6,891 posts)working pro bono for OWS, including many from the ACLU. There are none who would do that for Wall Street.
Kellerfeller
(397 posts)But they WOULD do it against Wall Street.
ihavenobias
(13,532 posts)Kellerfeller
(397 posts)Thanks. I'll shut up now.
xocet
(3,871 posts)William K. Black, Assoc. Professor, Univ. of Missouri, Kansas City; Sr. regulator during S&L debacle
Posted February 23, 2009 | 03:22 PM (EST)
Whatever happened to the law (Title 12, Sec. 1831o) mandating that banking regulators take "prompt corrective action" to resolve any troubled bank? The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them). The law does not provide that the taxpayers are to bail out troubled banks. Treasury Secretary Paulson and other senior Bush financial regulators flouted the law. (The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) are both bureaus within Treasury.) The Bush administration wanted to cover up the depth of the financial crisis that its policies had caused.
Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth. He was supposed to regulate many of the largest bank holding companies in the United States. Far too many of these institutions are now deeply insolvent because the banks they own are deeply insolvent. The law mandated that Geithner and his colleagues place troubled banks in receivership long before they became insolvent. Why are the banking regulators, particularly Treasury Secretary Geithner, continuing to disobey the law?
...
http://www.huffingtonpost.com/william-k-black/why-is-geithner-continuin_b_169234.html
Given that this law is not being upheld, one would think that there would be a way forward from here to further investigation and then to prosecution.
Here is an interview from Bill Moyers Journal with the author of the excerpted article:
Response to RBInMaine (Reply #5)
Post removed
sabrina 1
(62,325 posts)the causes of the Financial Meltdown issued their report a few months ago. They referred it to the DOJ stating that there was evidence of 'criminal activities' that led to the collapse.
Do you know what happened to that report? I read it, it is long and detailed, a lot of work went into it. But since it was released, we have heard no more about it.
PA Democrat
(13,225 posts)Section 11 and Section 12(a)(2) of the Securities Exchange Act of 1933, and the Employmee Retirement Income Security Act (ERISA) to name a few.
http://taft.law.uc.edu/CCL/34ActRls/rule10b-5.html
http://www.sec.gov/about/laws/sa33.pdf
yurbud
(39,405 posts)is IN office.
I don't like it when clearly competent and intelligent people are called "incompetent" or "inept" just because a presumed objective is not met. It leads to a resigned shrug of the shoulders, like "they're all a bunch of idiots", "too bad they're not as smart as most of us, they would surely do the right thing if they were", or thinking along those lines.
The truth is usually worse than incompetence. It's usually a matter of not understanding the person's situation or intent. In this case, Holder is quite capable of sniffing out criminal behavior in the financial system, he just doesn't want to do it, for whatever reason.
And let me head off the inevitable "it was all made legal before the crimes were committed" argument before it is offered as an excuse. William Black has pretty thoroughly debunked that argument, and he should know.
tclambert
(11,087 posts)War crimes, multi-billion dollar financial crimes, and prisoners held without trial for many years . . . those will just have to wait until he finishes his higher priority missions.
msongs
(67,421 posts)Lionessa
(3,894 posts)Maybe it's the browser, I'll try a diff one, but so far it says it cannot be found.
AnotherMcIntosh
(11,064 posts)Lionessa
(3,894 posts)nonoxy9
(236 posts)rawbean
(15 posts)esau
(56 posts)max kaiser for president