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« CNBC: David Einhorn Blasts Bernanke's 'Never-Ending QE' | Main | Supreme Court Covered In Giant Dollar Signs »
Thursday
Nov012012

CONVICTED: Bush 1300+, Clinton 1000+, Obama 0.0 (+/-)

Photo - Laughing on the way in...

Financial Fraud Conviction Scorecard:

Bush: 1300+, Clinton: 1000+, Obama: 0.0 (+/-)

Meanwhile, not a word of complaint from a single Democrat in Congress, which is especially infuriating given the broad bi-partisan agreement among voters that criminal bankers need to do time.  Too concerned with keeping up appearances and the next election cycle, neither side of the false left-right paradigm of American politics is capable of exposing its own filth when it comes to legitimate scandal, and this DOJ non-prosecution madness involving Goldman Sachs certainly qualifies as sordid.

Unfortunately, since it appears to the mainstream media that this is a partisan issue, and Obama is the anointed one, this story will get zero coverage.

---

DOJ Corruption Report via The Daily Caller

Excerpt:

“When we think of cronyism and the problems of cronyism and crony capitalism, we think in terms of economic loss and gain,” Schweizer said in a phone interview.  “What we’re showing here is that cronyism is now permeating our justice system.  So, it’s not just a question of dollars and cents, it’s a question of whether you’re going to face legal jeopardy or not on what you’re doing.”

“The issue of a revolving door — people who go in and out of, for instance, the Department of Energy who go work for energy companies then come back to the Department of Energy — is always there,” Schweizer added.  “But, we’re not used to associating the top leadership of the Justice Department with the revolving door.  And, I think that’s what makes this so troubling — because you can’t trust them.  All their financial interests are tied up with these large firms that do an enormous amount of business with Wall Street.”

In the report, GAI details how the George W. Bush and Bill Clinton administrations both actually took down financial criminals — unlike the Obama administration.  Between 2002 and 2008, for instance, GAI points out how a Bush administration task force “obtained over 1,300 corporate fraud convictions, including those of over 130 corporate vice presidents and over 200 CEOs and corporate presidents.”

Clinton’s DOJ prosecuted over 1,800 S&L (savings and loans) executives, senior officials, and directors, and over 1,000 of them were sent to jail,” GAI adds.

But, despite having “promised more of the same,” especially in the wake of the 2008 financial crisis, the Obama administration’s DOJ has not brought criminal charges against a single major Wall Street executive.

The Bush and Clinton administrations’ track records on prosecuting white-collar crime, and the Obama administration’s failure to do so, Schweizer said, is “evidence that this has less to do with some sort of partisan or philosophical issue.”

---

Here's a blurb on Bush Sr. directly from the GAI report:

William Black, an associate professor of economics and law at the University of Missouri,
Kansas City, and former financial regulator who tackled the S&L crisis in the 1980s, noticed
a difference in priorities between the federal government’s responses to the two crises. Black, a Democrat, notes the difference in priorities between the current administration and that of President H.W. Bush. He explains, “The first President Bush’s orders were to get the most prominent, nastiest frauds, and put their heads on pikes as a demonstration that there’s a new sheriff in town.” Black and other federal regulators handled the S&L crisis by securing a 90 percent conviction rate on over a thousand prosecutions.  Black bemoans the lack of “serious investigation of any of the large financial entities by the Justice Department, which includes the FBI.”

 

Read the full report on DOJ corruption...

***

Earlier:

Five Senior Goldman Sachs Execs Gave $130K To 'Obama Victory Fund' WHILE Eric Holder Was Deciding Whether To File Criminal Charges

 

 

Photo - Laughing on the way out...

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Reader Comments (19)

What's particularly galling is the DOJ's excuse for its wholesale failure to prosecute:

"Breuer: In our criminal justice system, we have to prove beyond a reasonable doubt that you intended to commit a fraud."

http://www.cbsnews.com/8301-18560_162-57336042/prosecuting-wall-street/?pageNum=5&tag=contentMain;contentBody

According to Lanny, the legal standard for criminal fraud--proving intent to defraud beyond a reasonable doubt--is just too high a hurdle for the boys at the DOJ. I wonder if Lanny mentioned to his law firm's compensation committee, then, just how easy it is to DEFEND fraud charges, since that's what Lanny did at Covington & Burling? Somehow, given Lanny's $2.3 million annual paycheck there, I imagine he was singing a different tune.

I have an idea. Why doesn't Lanny consult Bill Black on how to grow a set of actual, working balls and prosecute someone other than bingo-crazy grandmothers? Black successfully prosecuted over 1000 criminal financial executives during the S&L crisis, and you know what, Lanny, you abject coward? The S&L fraudsters' schemes had the blessing of the (then) Big Eight accounting firms--far and away a stronger defense to fraud charges than AAA ratings from nitwit rating agencies specializing in horseless barn downgrades.
Aug 7, 2012 at 11:15 PM | Unregistered CommenterCheyenne
As long as there are no criminal prosecutions this will continue we have become like a third world country where the rule of law doesn't apply to chosen people.

On Wall Street Crime Pays - A 350% IRR To Be Exact

http://www.zerohedge.com/news/wall-street-crime-pays-350-irr-be-exact

Judicial Watch Sues Obama Administration for Records about the Failure of Scandal-Ridden Bankrupt MF Global Holdings Ltd.

http://www.judicialwatch.org/press-room/press-releases/judicial-watch-sues-obama-administration-for-records-about-the-failure-of-scandal-ridden-bankrupt-mf-global-holdings-ltd/

Where Are the Feds? NY Banking Superintendent: Standard Chartered a “Rogue Institution,” Made $250 Billion of Illegal Transfers With Iran

http://www.nakedcapitalism.com/2012/08/so-where-were-the-feds-ny-banking-superintendent-standard-chartered-a-rogue-institution-made-250-billion-of-illegal-transfers-with-iran.html

Gas prices climb 30 cents a gallon

http://money.cnn.com/2012/08/07/news/economy/gas-prices/index.htm?iid=HP_LN

Stock up

Food Supply Shock - $10 Corn Coming: Top Hedge Fund Manager

http://www.cnbc.com/id/48556504

Calls to scrap ethanol mandate intensify with drought

http://money.cnn.com/2012/08/06/news/economy/ethanol-drought/index.htm?iid=HP_LN
Aug 8, 2012 at 12:20 AM | Unregistered CommenterLiberatedCitizen
Cheyenne

As you know, Obama packed his DOJ with criminal defense lawyers, not prosecutors, starting at the very top with Holder and Breuer. A DOJ filled with defense attorneys who used to and, will in the future, represent the biggest banks. Nice.
Aug 8, 2012 at 1:15 AM | Unregistered CommenterDailyBail
if anyone hasn't figured it out yet, it doesn't matter who you vote for and for that matter, it hasn't mattered for a very long time.

the system is so corrupt and rigged that the average 'bozo' has no clue how ridiculous it is to jump into a car and piss away the
gasoline to drive to the polls and vote for these scumball assholes, when the money could have been better spent for food on
the table...while you're still able to afford it.

the other day i was at the mall. virtually ALL of the parking lot was vacant. the town looked like a ghost town, businesses that weren't boarded up and empty were boarded up and empty this week when llast week they were not.

people, YOU ARE THE PROBLEM with your inherent 'dancing with the stars' lackadaisical mentality and gullibility and inability to grasp the fucking TRUTH.

you're ALL going to be so very sorry.
Aug 8, 2012 at 4:06 AM | Unregistered CommenterKARMA SHE IS A BEYOTCH
"As long as there are no criminal prosecutions this will continue we have become like a third world country where the rule of law doesn't apply to chosen people."

Right on, LC. Absent criminal prosecutions, the thefts will get bigger and more brazen and will continue until there is nothing left to steal from ordinary Americans.

If you think MF Global, PFG Best, and Standard Chartered are exceptions, you're a fool. Fraud and theft are inherent to the U.S. financial system, and it's going to end in a disaster that relegates 2008 to footnotes.

Consider pensions and 401(k) plans. They were massive buyers of mortgage-backed securities. So far, we've learned of 3 distinct crimes involving MBS sellers:

1. They sold AAA-rated MBS knowing that the paper in the trusts was worthless (and, in the case of Goldman and Citi, actually shorted their own products);

2. They sold packages of MBS that didn't have any promissory notes in them, that is, they sold mortgage-backed securities that weren't backed by any mortgages; and

3. They sold the same promissory notes to multiple MBS trusts.

No wonder the pension funds are underfunded--and that's by the funds' own admission. The reality is likely far worse than what they are reporting.

Given 2 and 3 above, many pension funds have to be operating as Ponzi schemes. When the boomers begin retiring in massive waves and start drawing on the money that they think is theirs, they will, collectively, be sorely disappointed to learn that there isn't enough money coming through the front door (new fund participants) to pay claims out the back door (retiree draws).

But hey, get back to the left-right puppet show in the knowledge that everything's cool because no crimes were committed...
Aug 8, 2012 at 9:07 AM | Unregistered CommenterCheyenne
Obama=step and fetch it, boy toy, uncle Tom, traitor.
Aug 8, 2012 at 10:01 AM | Unregistered Commenterehswan
Now is the time to join forces with those you would not normally consider.
This is all starting to leak out to the main stream media... finally. We just need to KEEP THE HEAT on them. We will soon be posting new petition and email campaign info as well as protest ideas. We just need more people following this group and we can use resources from the Tea Party, Occupy and other groups. THEY win as long as they can keep us arguing with each other.
WE need to come together with people we wouldn't normally work with to bring these criminals DOWN! Spread the word, others have carried the load of exposing this activity. Now we the people NEED to come out and make it a major issue in the news and in this political cycle.
Every day we receive more and more disclosure of Financial Corruption by our Banking Institutions and Politicians from the G8 Nations. The U.S., U.K. and E.U. have been gaming the financial system in their favor to create Trillions of dollars on computer screens and stealing tons of Gold from other nations since at least 1911. The Federal Reserve Bank and other evil clones (IMF, BIS etc…) have plundered the world for quite long enough. The recently revealed evidence needs to be covered in depth by the Main Stream Media (Who is owned by the criminal Cabals).

We plan to start a huge letter writing, Fax sending and protesting campaign to the MSM and local representatives to get them to get them to bring these “Self proclaimed Elite’s” to justice. When the scope of the manipulation, wars and murder of so many innocents is revealed arrest and imprisonment will be the least of the “Elite’s” concerns. They have make billions of people slaves to debt. We toil, suffer and die in debt to them and unknowingly worship and grovel at their feet. They suppress technology that will conflict with their business model. Many technologies that could increase the quality of life and save lives of the people YOU love who have died of disease.

Join now, with us to bring the heat to the Media and our “Representatives” to set us free from the financial tyranny that we have been subjects to for generations. Become a member of this movement, there is room for everyone. Once we realize that the Left Wing and Right Wing are what gives flight to the same BEAST. The ideology of Liberal and Conservative thinking is important to our individual morality and beliefs. But the Elite use these differences to cause us to forget what we have in common. They use our differences to keep us at odds with each other and diverted from their corruption. Why deceive us “ignorant and useless eaters”? Because we outnumber them 99 to 1 and they are afraid of OUR power.

So, now put aside your political or religious differences and band together to expose this corruption and usher our world into a new era. We do not need a “New World Order” ran by self proclaimed rulers. They have no “divine right” to rule. They only have the power we give them. Let’s take that power back and create an “Era of Prosperity for ALL”! It is possible!

Say NO to any more WAR that is used to divert our attention from corruption when it starts to leak. We can join together and form a world of peace, I refuse to believe we cannot live together with our differences without butchering one another. What do we have in common? We love our families, our friends and we love peace. So, click the LIKE button and spread this web site to everyone you know. Join other movements that you normally would not associate with. The enemy of our enemy is our friend. This is NOT a place for political debate or bickering. It is a place to come together and break these chains.
Sign this Online Petition as a start to put Bankers in Jail (We need others):
http://www.avaaz.org/en/bankers_behind_bars_f/
JOIN US, this is YOUR cause too:
www.facebook.com/BankAndPoliticianFinancialCorruption
Aug 8, 2012 at 1:32 PM | Unregistered CommenterCoreyG/Texas
eshwan,
It might be difficult to troll on The Daily Bail, if that is your intent?
Aug 8, 2012 at 1:41 PM | Unregistered CommenterTR
Cheyenne on those pension funds

Pension funds seriously underfunded, studies find
Public pension funds and company pensions in the U.S. are far short of the money needed to meet their retirement obligations, studies find.

http://www.chicagotribune.com/business/breaking/chi-underfunded-pensions-071812,0,7863440.story
Aug 8, 2012 at 2:07 PM | Unregistered CommenterLiberatedCitizen
Thanks, LC. That's a pretty good article considering its MSM source, reporting, as it does, that the U.S. pension shortfall is between $1 trillion and $3 trillion. (Ummm, that's quite a wide range there; query who the optimist is at minus $1,000,000,000,000?)

Considering that Mish was reporting exactly the same range of pension shortfalls two years ago...

http://globaleconomicanalysis.blogspot.com/2010/08/huge-battle-looms-over-public-pensions.html

... I'll take the over.

What is more, that shortfall, however huge, is very likely impossible to close now that machines have taken over the stock market and are nickeling and diming (stealing from) everyone--retail investors and fund managers alike--dumb enough to wade into the piranha-infested waters. Get a load of the animation here:

http://www.nanex.net/aqck/2804.HTML
Aug 8, 2012 at 3:02 PM | Unregistered CommenterCheyenne
@..Aug 8, 2012 at 1:32 PM | CoreyG/Texas

I like your thinkin, but doughtfull you'll get many Sheeple to cover your back. Everyone here on the DB are with ya, for the mosr part. Were all Piss'ed for the same reasons. Voting on Aug. 8th in Springfield Mo. was less than Discusting. 8% turn out. The "Pol-La-Tish-Ions", know it and keep getting elected becouse nobody gices a Crap anymore.

People are so Dumb'ed Down, and into Shit on TV, they dont care about your cauz....Now, take away their TV, now yr gettin somewhAare..........!

It sounds like you just woak up, and are "Mad as Hell"...good, we need 150 million more just like you, and most of us here on the DB...

I sure like what your doing, count me in....! 1st Question, how are you going to get to them to prosacute them........ 2nd, What are you going to do with 100 million "Shit for Brains", if ya did round them up.......The Mars Rover just landed. & I dont think you can get that many seats on the next flight....
Aug 9, 2012 at 3:48 PM | Unregistered CommenterTexas Dar
Is there no honor left at all? http://www.cnbc.com/id/48602474
Aug 9, 2012 at 11:47 PM | Unregistered CommenterSKINFLINT
What the Obummer is in the middle of is called "Doing it right". Who are the bitches hiring brokers trusting? Who are the investors who are losing everything trusting. They are trusting their brokers. Brokers who at this very moment have so little idea what survival requires beyond having money to burn. Too bad those losing everything will have every reason to blame their brokers just like the big crash of 1929. back then, those crooked brokers did not jump out of windows in desperation and feelings of failure. They were pushed because their clients knew that the brokers had been spending substantial commissions collected off pointless investments. Just like computerized trading omitting the reality quotient to trading. Now with so many guns all over the place, the pushing will not be the method of choice of administering justice. The DHS is put in place to take the heat off the crooks. Those molesters are sure hard-up for respectability. They will not get it on their present course.
Obummer is the Bush criminal cabal boytoy and exhibits many signs of having been given a lobotomy, beyond head scars. Pathological passivity for one trait. Total lack of morality, etc..
Aug 13, 2012 at 9:39 PM | Unregistered CommenterHoward T. Lewis III
Obama is a World Class Hypocrite! He rails against the evil of Wall Street like he is the savior to all mankind...yet he has done NOTHING! Even that Liberal Bill Clinton had over 1,000 Wall Street Convictions and that Big Bad George Bush, the most Moral Man of the 3, had over 1,300 convictions.

But the Big Mouth in the White House had None. Zero. Nada. Nothing. Ziltch. Crap.

O'vomit is getting ready to exonerate that other thief John Corzine. Amazing how these creeps stay in business with their Scams, Lies, Fraud and other Swindles.
Aug 17, 2012 at 11:08 PM | Unregistered CommenterRoscoe Bonifitucci
Roscoe "O'Vomit" was paid off for years flashback to 08

Let’s start with the numbers. Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org).

http://www.noquarterusa.net/blog/4939/baracks-wall-street-problem-is-now-americas/

and in 2012

JPMorgan Employees Join Goldman Sachs Among Top Obama Donors

http://www.bloomberg.com/news/2012-03-20/jpmorgan-employees-join-goldman-sachs-among-top-obama-donors.html
Jan 1, 2013 at 3:23 PM | Unregistered CommenterLadyLiberty
Unless we put the big time criminals in jail we will follow the path of all previous "civilizations"
Jan 27, 2013 at 7:51 PM | Unregistered Commenterjamesannon
arrest all the presidents that are still alive vice pres cabinet memebers speakers of the house congress supreme court judges anyone who is a millionaire in politics, all corporations ceo and vice and board memebers, all banksters anyone that poisons this land our water our animals or our people should go to jail. hastily be sentenced to death and hung or used on a guillitoine like they will use on us in the halliburton prisons they build for all of us americans. and we need to restart with the constitution and well be fine
Mar 8, 2014 at 1:08 AM | Unregistered Commenteranyonomyous
Why have these execs not been prosecuted? Do your research, pond scum. Dubbya signed an order that waived prosecution for the execs who caused the 07-08 financial crisis. But of course, as far as your moronic party faithful are concerned, every damn thing that has gone wrong is President Obama's fault, when in fact, he inherited this mess from his predecessor. Clever, clever guy that little Texas idiot.
Apr 8, 2014 at 12:30 PM | Unregistered CommenterIndieliberal
Undie liberal. THE major problem with your undying flaccid fascination and pre occupation with the newest shiniest edition of potus is that instead of doing anything to change the status quo, he instead kept the same kleptocrats around after the crash to further impede any semblance of cleaning up this mess. Of course what would you expect from a Columbia Law school grad.
Apr 8, 2014 at 3:54 PM | Unregistered CommenterSKINFLINT

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