Filed under: Bureaucracy, Capitalism, Crime, Democrat Corruption, Free Markets, Politics, Regulation | Tags: Crime, Prosecutors, Atty. General Lynch
Have you seen, or clicked on, those images at the bottom of pages on the internet that urge you to look at some celebrity’s mansion? There’s an estate on Long Island for sale for $100,000,000. and it looks as if it’s quite a hike to get from the enormous house, across the garden, the tennis courts and the other amenities to get to the swimming pool. Do you seethe with envy about inequality? Me neither, but the Leftists among us apparently do.
They are enthusiastic about government, when they are in charge, and the potential of using its power to regulate and control; and they find our mistrust of government and criticism of crony capitalism and other crooked activities hard to understand. The goal is equality—everybody being equal, except for themselves of course—well, somebody has to run things.
They don’t understand business. They hate corporations, filled with fat cats, who are always shipping business overseas and laying off nice people, and the evil, rapacious CEOs who run those corporations are making millions. It isn’t fair.
So just when you thought Obama’s attempts to demonize Wall Street were pretty much over, his new Attorney General Loretta Lynch has issued a memo to prosecutors nationwide to set their sights on Wall Street Bank executives. No corporate liability, no settlements, she wants prosecutors to leverage all their resources to compel corporations under investigation to identify “high-level executives” for criminal misconduct. If they don’t name names, settlement deals will be taken off the table.
In fact, says Investors, “the settlement agreement should include a provision that requires the company to provide information about all culpable individuals and that is explicit enough so that a failure to provide the information results in specific consequences, such as stipulated penalties and/or material breach,” says the seven page memo written by Deputy Attorney General Sally Yates. “We mean it when we say,’You have got to cough up the individuals.”
No longer will the government let bankers off the hook for the kind of “financial fraud” witnessed during the financial crisis. “We seek greater accountability from those who use corporations to lie, cheat and steal.”
Great, she can start with Jon Corzine, former Democratic governor of New Jersey, who oversaw the collapse of commodity brokerage firm MF Global, then got caught up in the ensuing scandal over improper money transfers from customers’ accounts.
Once he’s behind bars, she can move on to Democratic New York Gov. Andrew Cuomo, who as HUD chief shook down Fannie Mae and Freddie Mac for billions in subprime loans, forcing the mortgage giants to invest their portfolios in high-risk mortgages that sped their collapse and helped crash the entire real estate market.
Prosecutors can also target William Apgar, the HUD official behind the disastrous decision allowing Fannie and Freddie to count subprime securities as credit against the agency’s “affordable housing” targets.
Apgar now admits “it was a mistake.” Only he’s never been held accountable for his subprime crimes, either.
Apparently Attorney General Lynch has already decided that Wall Street Bank executives are guilty, and she just needs some corporate squealers to rat out their bosses. She has seen too many Hollywood movies, or possibly she has just gotten her marching orders from her boss, who wants some CEO scalps for his billion dollar presidential library. For his legacy.
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