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Thursday, August 16th, 2012

Why Goldman Sachs, Other Wall Street Titans Are Not Being Prosecuted

Author:     PETER SCHWEIZER
Source:     Daily Beast
Publication Date:     Aug 14, 2012 4:45 AM EDT
 Link: Why Goldman Sachs, Other Wall Street Titans Are Not Being Prosecuted
Stephan:   Here is another rather seedy Holder report. I think he has been a very poor Attorney General, as the marijuana story and this one demonstrate. The failure to prosecute the rapist capitalists responsible for the crash is a major part of what has made citizens so disgusted and distrustful of government. It is always a mistake to so blatantly favor the rich, as Holder has done. Peter Schweizer is the president of the Government Accountability Institute and the William J. Casey Fellow at the Hoover Institution at Stanford University. In 2008-09 he served as a consultant to the White House Office of Presidential Speechwriting and he is a former consultant to NBC News. He has written for The New York Times, The Wall Street Journal, Los Angeles Times, USA Today, National Review, Foreign Affairs, and elsewhere. His new book is Throw Them All Out.

The Justice Department’s decision not to prosecute Goldman Sachs in a financial-fraud probe is another sign of the cronyism that has kept Attorney General Eric Holder from taking action against other big Wall Street firms, says Peter Schweizer.

On Thursday the Department of Justice announced it will not prosecute Goldman Sachs or any of its employees in a financial-fraud probe.

The news is likely to raise the ire of the political left and right, both of which have highlighted one of the most inconvenient facts of Attorney General Eric Holder’s Justice Department: despite the Obama administration’s promises to clean up Wall Street in the wake of America’s worst financial crisis, there has not been a single criminal charge filed by the federal government against any top executive of the elite financial institutions.

Why is that? In a word: cronyism.

Take Goldman Sachs, for example. Thursday’s announcement that there will be no prosecutions should hardly come as a surprise. In 2008, Goldman Sachs employees were among Barack Obama’s top campaign contributors, giving a combined $1,013,091. Eric Holder’s former law firm, Covington & Burling, also counts Goldman Sachs as one of its clients. Furthermore, in April 2011, when the Senate Permanent Subcommittee on Investigations issued […]

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