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View Diary: Pres. Obama: "Bankers Were Creative but Their Actions Weren't Necessarily Illegal" (175 comments)

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  •  So were are the prosecutions? (2+ / 0-)
    Recommended by:
    eXtina, mightymouse

    besides the two foreign hedge fund guys? It's like John Yoo and torture, no matter how bizarre the legal reasoning that justifies such crimes, they are simply legal disagreements, errors, not crimes, "not necessarily illegal." How is pushing junk as AAA and betting aginst your own clients not necessarily illegal? This administration has no interest in trying; indeed, the SEC is pushing sweetheart settlements on  private legal actions against the banks.   The DOJ has no trouble going after Peace Groups or government whistle blowers.    

    •  Trying what? (5+ / 0-)

      You don't just go fishing for something illegal and "try" to prosecute. You need a case for some crime before you can prosecute for it. And the fact is that due to deregulation of the financial industry, they were legally permitted to do most anything.

      •  Some State AG's disagree (2+ / 0-)
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        Losty, eXtina

        The Feds are running out the clock. No prosecutions of any kind, even while the SEC urges settlements with banks at a fraction of their illegal profits?  They have no problem fishing amongst Quakers and Anti-war groups, or any group supporting Palestinians rights. This lack of zeal when it comes to the powerful speaks for itself, as does the Obama DOJ using the Bush administration's newly claimed powers as a defense against lawsuits by those whose constitutional rights were trampled. justify it all you like but it is what it is.  

    •  Remember the Bear Stearns prosecutions? (2+ / 0-)
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      Deep Texan, Adam AZ

      Remember how the facts were as good as DOJ could get and they were still acquitted?

    •  the private rating agencies rated that junk (2+ / 0-)
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      Deep Texan, Adam AZ

      triple A.

      What law criminalizes that conduct by a rating agency?

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