Wall Street

Cronyism, political donations explain Obama and Holder's failure to charge top Wall Street bankers

Thursday, August 09, 2012 by: J. D. Heyes
Tags: cronyism, Wall Street, criminal prosecution

eTrust Pro Certified

Delicious Pin It
(NaturalNews) Chicagoland politics are alive and well in the Windy City under the "leadership" of former Obama chief of staff-turned-mayor Rahm Emmanuel, but that political style is being emulated by a former native son and seasoned practitioner and his cronies in the nation's capital.

That would explain the conclusion of a new report from the conservative Government Accountability Institute, which found recently that the failure of President Barack Obama and his attorney general, Eric Holder, to criminally charge any top bankers from Wall Street is most likely the result of political cronyism inside the Justice Department, as well as donations made to Obama's reelection campaign.

If you recall, Obama and Holder unleashed a cascade of criticism against Wall Street following the near-collapse of the banking system and the housing markets in 2008. In 2009, Obama went so far as to blame the collapse on "reckless speculation of bankers," while Holder charged that "unscrupulous executives, Ponzi scheme operators and common criminals alike...targeted the pocketbooks and retirement accounts of middle class Americans."

Despite those serious charges, the government hasn't "filed a single criminal charge against any top executive of an elite financial institution," GAI wrote in its report, a copy of which was obtained exclusively by The Daily Caller.

Why? If the big bankers behaved so illegally (and Congress and federal financial regulatory agencies are so totally innocent), shouldn't Americans be watching the trials of Wall Street executives on Court TV?

Cronyism is alive and well on the Hill

Yes, GAI argues, were it not for political cronyism. You see, the group says, many senior Justice Department figures - Holder, Associate Attorneys General Tom Perrelli and Tony West, Assistant Attorney General Lanny Breuer, Deputy Attorneys General James Cole and Karol Mason - "all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate," the report said.

The report notes that Holder and Breuer both came to the department from Covington & Burling, a "top-tier Washington law firm" with a list of clients including financial heavyweights ING, Wells Fargo, JP Morgan-Chase, Bank of America, Goldman Sachs, Morgan Stanley and UBS, among others.

The group, in its report, asserted that Obama's decision to appoint Holder, "a white-collar defense attorney," as attorney general, over a "more fiery prosecutor" may have been designed to send "a subtle signal to the financial community" that his administration really had no intentions of going after them, despite the hard words.

In addition, the report provides details about Cole, who was with Bryan Cave LLP - "a white-shoe firm with A-list clients" - before becoming a top lieutenant of Holder's at DOJ.

One of his clients at the firm, says the GAI report, was insurance and financial giant AIG, which, according to CNN, received nearly $70 billion in taxpayer-funded bailout money through the Troubled Asset Relief Program (TARP).

During his tenure at Bryan Cave, Cole did some $20 million worth of work for AIG between 2004 and 2008, GAI said in its report, noting the firm was "at the heart of the financial crisis largely because of its noncompliance in regulatory and compliance issues." But that didn't stop the administration - or Holder - from inviting him to join DOJ.

More smoke, and more fire

Other financial sector scandals that demand investigation are being ignored as well.

For instance, the GAI said, the Obama administration has never appointed an independent counsel to look into MF Global, a leading cash and derivatives broker-dealer which has filed for Chapter 11 bankruptcy protection following the vaporization of $1.6 billion in client funds.

The company's CEO, Jon Corzine, a former Democratic U.S. senator and governor of New Jersey, has been able to fade away scott-free, the GAI asserts, because the now-defunct firm was a client of Holder and Breuer while they were at Covington.

Corzine, also, is an Obama bundler, meaning he helps raise significant amounts of cash for the president's campaign. Some 65 members of Congress have pressed for an investigation, but none is forthcoming.

"More and more Washington insiders are asking a question that was considered off-limits in the nation's capital just a few months ago: Who, exactly, is Attorney General Eric Holder representing?" writes Richard Eskow, a liberal blogger at the Huffington Post.

"As scandal after scandal erupts on Wall Street, involving everything from global lending manipulation to cocaine and prostitution, more and more people are worrying about Holder's seeming inaction -- or worse -- in the face of mounting evidence," he wrote.

Sources:

http://dailycaller.com

http://money.cnn.com/news/storysupplement/economy/bailouttracker/#TARP

http://www.breitbart.com

http://www.huffingtonpost.com

Get breaking news alerts on GMOs, fluoride, superfoods, natural cures and more...
Join over four million monthly readers. Email privacy 100% protected. Unsubscribe at any time.


Have comments on this article? Post them here:

comments powered by Disqus

Take Action: Support NaturalNews.com

Email this article to a friend

Permalink to this article:

Reprinting this article: Non-commercial use OK, cite NaturalNews.com with clickable link.

Embed article link: (copy HTML code below):
Most Popular
Today | Week | Month | Year

See all Top Headlines...



GET SHOW DETAILS
+ a FREE GIFT

Now Available at ShopNaturalNews.com

O3 Essentials OraJuvenate™
A powerful, cleansing dental cream for maximum oral/dental health.
New Cancer Solutions
Over 3 hours of content covering today’s best cancer tests, how to kill cancer cells and the best diets and exercise routines.
Freeze-Dried 100% Organic Whole Corn
Our freeze-drying method preserves taste, texture and nutrients better than any other food preservation method ever invented.
Fenix TK35 Flashlight
Tough, waterproof, extremely bright and it’s touted to throw an 800+ lumen beam more than 1,000 feet into the night.
Inca Treasure Smoothie Pack
This pack of our four most popular superfoods from South America is the perfect combo pack for smoothie lovers.
Pink Himalayan Salt
This salt delivers significant levels of magnesium, zinc and selenium, with trace levels of dozens of other elements.
Pinhole Glasses - Aviator Style
Pinhole glasses are becoming famous for helping people improve their vision without the risks of laser surgery.
Oxy-Rich Facial Serum
O3 Essentials Jojoba Oxy-Rich Facial Serum is cellular nourishment for your skin. Helps smooth fine lines while enhancing tissue elasticity.
Freeze-Dried 100% Blackberry Halves
Our freeze-dried blackberry halves are grown in Serbia under strict organic standards.

Also on NaturalNews:

Health Ranger Videos
Activist music
CounterThink Cartoons
Food documentaries
FREE Special Reports
Podcasts
Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

Most Popular Stories

Flu shot kills 19-year-old, but vaccine industry still has total immunity against lawsuits
Here's a nutty fact: Eating more tree nuts lowers the risk of all-cause death by up to 20 percent
Six important facts you're not being told about lost Malaysia Airlines Flight 370
Malaysia Airlines Flight 370 now clearly a government cover-up: All evidence contradicts official story
10 other companies that use the same Subway yoga mat chemical in their buns
BLM fracking racket exposed! Armed siege and cattle theft from Bundy ranch really about fracking leases
High-dose vitamin C injections shown to annihilate cancer
U.S. treating meat with ammonia, bleach and antibiotics to kill the '24-hour sickness'
USDA to allow U.S. to be overrun with contaminated chicken from China
Vaccine fraud exposed: Measles and mumps making a huge comeback because vaccines are designed to fail, say Merck virologists
Battle for humanity nearly lost: global food supply deliberately engineered to end life, not nourish it
Diet soda, aspartame linked to premature deaths in women

25 Amazing Facts About Food

This FREE downloadable report unveils a collection of astonishing and little-known facts about the food we eat very day. Click here to read it now...

 

Resveratrol and its Effects on Human Health and Longevity - Myth or Miracle.

Unlock the secrets of cellular health with the "miracle" nutrient Resveratrol Click here to read it now...

 

Nutrition Can Save America

FREE online report shows how we can save America through a nutrition health care revolution. "Eating healthy is patriotic!" Click here to read it now...

The Healing Power of Sunlight and Vitamin D

In this exclusive interview, Dr. Michael Holick reveals fascinating facts on how vitamin D is created and used in the human body to ward off chronic diseases like cancer, osteoporosis, mental disorders and more. Click here to read it now...

Vaccines: Get the Full Story

The International Medical Council on Vaccination has released, exclusively through NaturalNews.com, a groundbreaking document containing the signatures of physicians, brain surgeons and professors, all of which have signed on to a document stating that vaccines pose a significant risk of harm to the health of children. Click here to read it now...

Health Ranger Storable Organics

GMO-free, chemical-free foods and superfoods for long-term storage and preparedness. See selection at www.StorableOrganics.com



Recommended Resources On:

Natural News trends
Health Ranger news
Natural News GMOs
Mike Adams tracker
Natural News photos
Natural News Global
Natural News in focus
Natural News connect
Natural News shocking stories
Natural News radar
GMOs
Quackwatch
Vaccines
Health freedom
Dr. Paul Offit

This site is part of the Natural News Network © 2014 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

eTrust Pro Certified Android app on Google Play

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.