The Democratic Platform’s Nonsense on Banks

By: Tuesday September 4, 2012 3:17 pm

The Democratic Platform seems to have missed the central point of the banking mess: the Obama administration did not investigate the disaster, and didn’t indict anyone for the crimes that led to the Great Crash. In fact, the administration specifically refused to follow up on criminal referrals from the Financial Crisis Inquiry Commission regarding one of the Goldman Sachs mortgage deals, saying as it always does, that it stinks, but isn’t a crime.


DoJ Continues Closing Cases, Ends One Investigation Into Arizona Sheriff Joe Arpaio

By: Saturday September 1, 2012 10:30 am

I wouldn’t be surprised if they started to post lists of all the cases they’ve successfully closed over the years. Forget conviction rates, the “wrapped up without charges” rates must be through the roof!

How the Suspension of the Rule of Law Makes for a Worse Economy

By: Saturday September 1, 2012 7:52 am

The Justice Department ended its investigation into the final two cases of suspected CIA torture, both of which resulted in deaths of the detainees (two of the over 100 detainees who have died in US custody). Glenn Greenwald writes eloquently and comprehensively on that as the final immunity given to the crimes committed during the Bush Administration.

And of course, this isn’t the only area. In addition to veritable immunity for those who committed torture in America’s name, we’ve seen veritable immunity for those in the financial sector who committed crimes that led to the crash of our economy.

Justice Department Ends Investigation Into Bush-Era Torture, With No Charges

By: Thursday August 30, 2012 1:04 pm

Well, that’s that. The Justice Department has just formally ended their investigation into CIA “enhanced interrogations” without bringing any charges.

Yesterday Was “Relieve Goldman Sachs of Their Legal Exposure” Day

By: Friday August 10, 2012 6:40 am

Goldman got off for two separate things here, detailed in this contemporaneous report on the SPSCI report: one, the securities fraud elements of lying to their investors and profiting off their lack of disclosure; and two, lying to Congress about it. The Justice Department didn’t see a problem with it. So any upstart investment bank looking to make it in the world, you have your marching orders. You have to lie to your investors, take the other side of the bet on the deals you offer them, and when questioned about it, obfuscate and obstruct the investigatory body. That’s the way to the top.

Goldman Sachs Escapes Liability From SEC in Mortgage Backed Securities Case

By: Thursday August 9, 2012 1:40 pm

Goldman Sachs announced in a regulatory filing that the Securities and Exchange Commission has closed their investigation into the firm misleading investors on a $1.3 billion subprime mortgage-backed security deal.

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:40 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US would waive the traders from criminal charges in exchange for their cooperation in the investigation.

Schneiderman Claims Romney Administration Would Shut Down Mortgage Fraud Investigations; Apparently, They Aren’t Shut Down Already

By: Thursday August 9, 2012 6:40 am

It has now been six months since the announcement of the foreclosure fraud settlement between multiple federal agencies, the state Attorneys General and the five leading banks. It has also been six months since the establishment of the RMBS working group, the task force inside the larger financial fraud unit at the Justice Department, which is supposed to be ferreting out fraud among the major banks in the securitization phase of the housing bubble. New York Attorney General Eric Schneiderman famously said that if nothing happened in the task force within six months, he would walk away in very loud fashion.

I think it’s fair to say that nothing has happened.

Banks Turn on One Another in Libor Scandal

By: Monday August 6, 2012 10:50 am

It is fun to watch these banks turn on one another. UBS has delivered communications showing culpability by Deutsche Bank, HSBC and the Royal Bank of Scotland. HSBC has provided conflicting documents. Barclays called out HSBC, Deutsche Bank, Société Générale and Crédit Agricole. Citigroup is flipping on all of them, distancing themselves from the wrongdoing and pinning it on Barclays. It’s all great theater.

Penn State University and the Folly of ‘Moving Forward, Not Looking Back’

By: Monday July 23, 2012 10:45 am

For fourteen years, the university put its prestigious football program ahead of doing anything for the children, who were victimized. This is appalling and despicable. And, now, today the National Collegiate Athletic Association (NCAA) has levied incredibly severe penalties against the institution for covering up crimes that were committed against children. What does this case tell us about holding other institutions and officials, including government, accountable for their actions?

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