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In reply to the discussion: Please take 5 minutes to read an incredible Post [View all]ProSense
(116,464 posts)"The AG works for the President. Obama needs no outside authority to order the AG to enforce the law."
It was repealed. Many of the immoral activities were crimes before the repeal of Glass-Steagall. I simply can't understand how people can acknowledge that repealing a law caused the problem, but not understand the the law was what made the activities illegal.
I've discussed this many times before. http://www.democraticunderground.com/1002990749#post4
I'll repost the full comment here...
(This chart) shows that prosecutions started dropping after the repeal of Glass-Steagall, it also shows prosecutions, not convictions. It's also not conclusive because it doesn't state what specifically it includes and appears to be related to bank fraud. Here's the reference:
This category can refer to crimes committed both within and against banks. Defendants include bank executives who mislead regulators, mortgage brokers who falsify loan documents, and consumers who write bad checks. (Here are some recent cases of bank fraud prosecutions.)
Goldman Sachs is not a bank. Still, even if it is bank fraud, it does offer more evidence of Bush's "abysmal" record, as these prosecutions dropped significantly during his Presidency.
The following is from the Financial Institution Fraud and Failure Reports for each fiscal year.
http://www.fbi.gov/stats-services/publications/fiff_00-01
http://www.fbi.gov/stats-services/publications/fiff-2002
(b): Types of Subjects Convicted in FIF Cases During FY 2007*
SUBJECT TYPE NUMBER OF SUBJECTS
Legal Alien 8
Illegal Alien 20
All Other Subjects 1,038
Bank Officer 88
Bank Employee 179
International or National Union Officer 1
President 1
Business Manager 2
Office Manager 2
Financial Secretary 1
Federal Employee - GS 12 & Below 1
State - All Others 1
Local Law Enforcement Officer 1
City Councilman 1
Possible Terrorist Member or Sympathizer 1
Company or Corporation 7
Local - All Others 2
Total 1,354
http://www.fbi.gov/stats-services/publications/fiff_06-07/fiff_06-07
http://www.fbi.gov/stats-services/publications/fiff_06-07/fiff_06-07
Given yhe above charts and the break out for 2007, it appears that most of the convictions were not bank executives. In fact, the majority were bank "outsiders," likely meaning more bad-check writers and document falsifiers.
Also, bank fraud is separate from corporate fraud, mortgage fraud, and securities and commodities fraud.
The following is from the Financial Crimes Report to the Public for each fiscal year:
(Note: The 2005 report does not break out securities and commodities fraud. The 2010-2011 report is the only one that breaks out financial institution fraud. All reports show corporate fraud and mortgage fraud.)
http://www.fbi.gov/stats-services/publications/fcs_report2005/fcs_2005#CORPORATE
http://www.fbi.gov/stats-services/publications/fcs_report2005/fcs_2005#MORTGAGE
_________
http://www.fbi.gov/stats-services/publications/fcs_report2006
http://www.fbi.gov/stats-services/publications/fcs_report2006/financial-crimes-report-to-the-public-fiscal-year-2006#Securities
http://www.fbi.gov/stats-services/publications/fcs_report2006/financial-crimes-report-to-the-public-fiscal-year-2006#Mortgage
___________
http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#corporate
http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#securities
http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#mortgage
______________
http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#corporate
http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#securities
http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#mortgage
____________
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009#securities
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009#mortgage
_____________
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Corporate
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Securities
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Financial-ins
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Mortgage
Pending cases are important because they can still result in convictions.
The fact is that prosecutions that could go forward did.
President Obamas Financial Fraud Enforcement Task Force STRIKES AGAIN! $200 Million Fraud
http://www.democraticunderground.com/1002844790
Former BofA Exec Indicted For Fraud
http://www.democraticunderground.com/1002990749
Allen Stanford Convicted in Houston for Orchestrating $7 Billion Investment Fraud Scheme
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-293.html
Former Chief Investment Officer of Stanford Financial Group Pleads Guilty to Obstruction of Justice
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-785.html
Former Corporate Chairman of Consulting Firm and Board Director Rajat Gupta Found Guilty of Insider Trading in Manhattan Federal Court
http://www.stopfraud.gov/iso/opa/stopfraud/NYS-120615.html
Hedge Fund Founder Raj Rajaratnam Sentenced in Manhattan Federal Court to 11 Years in Prison for Insider Trading Crimes
http://www.stopfraud.gov/news/news-10132011.html
CEO and Head Trader of Bankrupt Sentinel Management Indicted in Chicago in Alleged $500 Million Fraud Scheme Prior to Firms 2007 Collapse
http://www.stopfraud.gov/iso/opa/stopfraud/ILN-120601.html
Yahoo! Executive and California Hedge Fund Portfolio Manager Plead Guilty in New York for Insider Trading
http://www.stopfraud.gov/iso/opa/stopfraud/NYS-120521.html
Three Former Financial Services Executives Convicted for Roles in Conspiracies Involving Investment Contracts for the Proceeds of Municipal Bonds
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-at-620.html
Former Chairman of Taylor, Bean & Whitaker Sentenced to 30 Years in Prison and Ordered to Forfeit $38.5 Million
http://www.stopfraud.gov/news/news-06302011-2.html
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-342.html
Former Chief Financial Officer of Taylor, Bean & Whitaker Pleads Guilty to Fraud Scheme
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-342.html
Seattle Investment Fund Founder Sentenced to 18 Years in Prison for Ponzi Scheme and Bankruptcy Fraud
http://www.stopfraud.gov/iso/opa/stopfraud/WAW-120210.html
Former Hedge Fund Managing Director Sentenced to 20 Years for Defrauding 900 Investors in $294 Million Scheme
http://www.stopfraud.gov/iso/opa/stopfraud/ILN-111117.html
Peter Madoff, Former Chief Compliance Officer and Senior Managing Director at Bernard L. Madoff Investment Securities LLC, Pleads Guilty in New York to Securities Fraud and Tax Fraud Conspiracy
http://www.stopfraud.gov/iso/opa/stopfraud/NYS-1206291.html
Peter Madoff Is Sentenced to 10 Years for His Role in Fraud
http://dealbook.nytimes.com/2012/12/20/peter-madoff-is-sentenced-to-10-years-for-his-role-in-fraud