Remember last year's State of the Union Speech when you promised to fully investigate Wall Street wrong doing with your special task force? Well it's one year later.
The financial fraud task force has failed to send one Bankster anywhere near a prison cell despite overwhelming evidence. In fact one of top law enforcement official, Assistant Attorney General Lanny A. Breuer openly said regarding HSBC:
Prosecutors may consider the collateral consequences of a corporate criminal conviction or indictment in determining whether to charge the corporation with a criminal offense and how to resolve corporate criminal cases.In plain English - too rich and politically powerful to jail. Funny how this same concern for peoples livelihood never extends to a small business or the average person, no quite the opposite in fact. And there is this gem...
We have to prove beyond a reasonable doubt — not a preponderance, not 51% — beyond any reasonable doubt that a crime was committed. If we can not establish that, that we can not bring a criminal case.But we don’t let these institutions go. We’ve brought civil cases. We’ve brought regulatory cases and the entire approach here is to have a multi-pronged, comprehensive approach to what gave to the financial crisis.
So you have enough evidence to fine them $1.9 billion [one months profit] but not enough to send the top brass to jail? Pardon me while I roll around on the floor laughing [then cry]. So lets see, first you say you didn't prosecute because you didn't want to upset the financial markets, then you say you didn't have enough evidence? So which is it, can't be both?
It also no accident that Lanny was the top counsel for the very law firm that represented most of the Wall Street banks in cases like this prior to being appointed by President Obama. A Frontline report recently exposed Lanny and he then suddenly decided to spend more time with his family, but you can bet he will go right back working for these same Super Crooks once the press dies down, say June or July.
Lanny however corrupt however isn't President, Barrack Obama is and that is where the blame must ultimately lay. He could have appointed people actually concerned about the rule of law and justice regardless of rich and powerful the super crooks are, but he didn't. He said last year he appoint a special task force to investigate Wall Street, and he didn't [at least not a real one].
This is the State of the Union.