Blind Trust: Holder's Bogus "Operation" and Obama's Wall Street Justice

[Donnachaidh]

http://www.smirkingchimp.com/thread/rj-eskow/33064/blind-trust-holders-bogus-operation-and-obamas-wall-street-justice

Here's something the administration may want to take to heart: Trust is a lot like money. If you spend more than you earn, it could be gone when you need it the most.

Consider the Attorney General's highly-touted announcement of a "crackdown" on financial fraud. Americans have been waiting for this ever since bank crimes shattered the economy, leaving them with millions of lost jobs and billions in lost savings. Finally, after years of inaction against the fraudsters, the Justice Department began dropping hints that a big Wall Street bust was coming. And this week Eric Holder announced that a probe launched in August has already led to more than two hundred arrests and dozens of other investigations.

"Where are all the big names?" wrote one observer, who added: "The 'too big to fail' are also the 'too big to prosecute.'" Another commentator called it "Too much form. Too little substance. Too many government officials elbowing for the spotlight. Too little, too late." A third said "It's bad enough that there have been no criminal convictions of any of the executives who helped bring the banking system and our economy to its knees. Now the Justice Department is touting trumped-up numbers ..."

And that was just the business media. (The comments are from a Forbes columnist, another Forbes columnist, and Jonathan Weil from Bloomberg.) The Columbia Journalism Review rounded up some other press reactions in a piece called "The Obama Administration's Financial-Fraud Stunt Backfires." Their citations include a New York Times report which found that Holder's figures were artificially inflated. As Weil at Bloomberg observed: "First they tracked down every small-fry Ponzi scheme, affinity fraud and penny-stock pump-and-dump they could find that had advanced through the courts since mid-August. Then they totaled them up and called it a sweep ..."

MORE at the link ---

[formercia]

1. Same thing happened during the Great Depression

Hoover went after all the little fish and sensationalized it, while his Bankster and Mobster friends lived the life o' Riley.

I guess Holder is trying to be the new Hoover.

[pscot]

2. Rounding up the usual suspects

City hall is corrupt? Send the cops out to roust the whores, drunks and homeless to convince the marks that law and order are being upheld.