Prison For Paulson - Despite Cries For Justice, Wall Street 'Perp Walks' Slow To Develop

Editor's Note: Though Hank Paulson is not involved in this story, he remains guilty of crimes against humanity and taxpayers.  Call it Daily Bail subliminal messaging, only less subliminal and more of a 'headline lead.'  Paulson's crimes are outlined here.

• Paulson is exposed by Rep. Cliff Stearns - Congressional Testimony

It's long past time for jail sentences and orange jumpsuits.

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Source - Huff Po

By Shahien Nasiripour

Wall Street Prosecutions Slow to Develop

NEW YORK -- After the last major banking crisis, some two decades ago, roughly 3,800 bankers were prosecuted and sentenced to prison terms, by the Justice Department's count. Yet this time, some four years after the economy descended into the most punishing financial crisis since the Great Depression, the public still waits for the Obama administration to deliver a similar kind of justice.

The 2007-'09 financial crisis was "avoidable," a bipartisan, congressionally-appointed panel concluded last week. Mortgage fraud "flourished" in the run up to the collapse. Securities fraud was apparently widespread.

"Lenders made loans that they knew borrowers could not afford and that could cause massive losses to investors in mortgage securities," the Financial Crisis Inquiry Commission wrote in its report on the causes of the collapse. About $1 trillion worth of home loans made from 2005 to 2007 were "fraudulent," the commission said, citing testimony from experts. The Illinois Attorney General, Lisa Madigan, told the commission that she defined fraud to include lenders' "sale of unaffordable or structurally-unfair mortgage products to borrowers."

And yet, the perp walk so many Americans crave -- Treasury Secretary Timothy Geithner once referred to it as the "very deep public desire for Old Testament justice" -- hasn't occurred. Wall Street figures have largely gone untouched. Bank directors kept their jobs. In a sign that perhaps the fallout from the crisis has passed, outsized compensation is back.

"People need to go to jail," said Liz Ryan Murray, policy director of National People's Action, an advocacy organization that helped launch the website CrimeShouldntPay.com. "If you steal something, you go to jail. If you falsify documents, you go to jail. Why doesn't that apply to big bank executives?"

Officials from the Department of Justice and the Securities and Exchange Commission have been asked those questions before -- often during testimony before various congressional panels. DOJ prosecutes crimes, while the SEC files civil cases, though it can also refer cases to Justice for criminal prosecution.

But those powers haven't been used enough, experts say. The law-enforcement agencies suffer from a lack of combativeness. They're handicapped by the fact that they're looking at potential violations not while they're in the act, but long after they were committed. And they deal with complicated transactions that could be difficult to explain to juries, rendering their efforts to take cases to trial more challenging.

Continue reading at Huff Po...

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Comments

[Wil Martindale]

Not only is he NOT in jail where he belongs, he profited handsomely (over 700 million wasn't it?) by the collusion of Government Sachs, just like JPM, CITI, B of A and the rest of the Too Big to Fail Club, a.k.a. CLUB FED.

But this is really worth looking at - not sure how I missed it back in 2009, but it explains the other side of my interest rate collusion premise, which I have peppered throughout Letthemfail.

There is simply no way that the MASSIVE TBTF derivative swap books are hedged. For all intents and purposes, THEY ARE THE FED!
http://news.goldseek.com/GoldSeek/1249407911.php

[Dr. Pitchfork]

Wil, thanks for the link. I remember reading this, or some version of it, when i was just starting to learn about this stuff. Can you make sense of what exactly Kirby's claims are and how he justifies them? I'll take another look, but all I remember is that there was something about the Fed saving JPM from losses on swaps. Thanks again for the link.

[Dr. Pitchfork]

Others are taking a look at this, too.
http://www.zerohedge.com/article/real-reason-ben-bernanke-leaves-paperweight-%E2%80%9Cprint%E2%80%9D-button-when-his-finger-gets-tired

However, I can't wait to take the time to tuck into this Paulson piece. These punks (Paulson, Bernanke, Geithner, Ken Lewis) think we've forgotten and that they will get away with everything they've done behind closed doors. I don't plan to let that happen.

[john]

Hey Pitch...... don't forget about Larry Summers.

[Dr. Pitchfork]

john,

do they have double-wide bunks in prison?

[john]

I hear the food is pretty bad now....

http://wiki.answers.com/Q/Were_Lobsters_fed_to_prisoners_in_the_1700's

[john]

NO MORE TRICKLE DOWN ECONOMICS! (a possible new variant of the Gadsen flag)

http://www.google.com/imgres?imgurl=http://i765.photobucket.com/albums/xx293/wineandbowties/272481239_0b11837593.jpg&imgrefurl=http://www.wineandbowties.com/category/inspiration/page/7/&usg=___1vcJ8osRcsG9ZBMkViiElhkM-Y=&h=495&w=500&sz=41&hl=en&start=110&zoom=1&tbnid=yL4o5svac-xZbM:&tbnh=124&tbnw=153&ei=eF5QTfKOKoOB8gbbzMWGDw&prev=/images%3Fq%3Dtinkle%2Bdown%2Beconomics%26um%3D1%26hl%3Den%26sa%3DN%26rls%3Dcom.microsoft:en-US%26biw%3D1003%26bih%3D567%26tbs%3Disch:1&um=1&itbs=1&iact=rc&dur=547&oei=ZV5QTe-kLMSitge6_vCtAQ&esq=8&page=8&ndsp=16&ved=1t:429,r:12,s:110&tx=114&ty=106

[Cheyenne]

Do you see what happens, Larry, when you screw over strangers...

http://www.youtube.com/watch?v=2ApgdIQisic

[Money to Burn]

AOL is going to pay $350 million for HuffPo, think it is time to sell the Daily Bail. Based on what AOL was willing to pay for HuffPo, I am guessing the Daily Bail would be worth at least $50 million.

[DailyBail]

let me get up off the floor and stop laughing first...not about Huff Po but for what you said about this site...i would have thought Huff Po would sell for at least $500 million...and you're way overvaluing this site...by multiples and multiples and multiples...i'll let you know when someone offers me for than $5 bucks for it...it's so much work i don't know why anyone would want to buy it...

[Texas Dar]

I'ed gladly pay you $100.00 on tuesday if you wont sell the DB today. Or was that something about a hambuger....................

Running a web site like the DB consumes your life untill you have "No Life at All"............................... If you made $8.50 hr you couldent spend it on your free time.

Bout the only friends you have are on yr web site. You dont have time for real friends. The "DB" is the Facebook of Dirty-Banksters........................&.....................Dirty-Goverment.

Let me be the first to say way-2-go Steve...! We "A-Pre-Che-Ate" your comitment to the Truth. Tex !

[Jay C. Davis]

I'm joining the discussion very late, but it occurred to me one problem seeking prosecutions of these fat cats is the government regulatory agencies are being strapped for funding by conservatives. It's incredibly expensive for even the government to prosecute a lawyered-up malfeasant mega-corporation. Congress has already cut out a big chunk of the IRS budget. Many regulatory agencies are being squeezed even more, or closed altogether. All in the name of "jobs creation"! Watch for more along these lines. We're starting to see capitalism's ugly hungry grimace.