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View Diary: Obama on the Economy: 'We Didn't Know How Bad It Was' (300 comments)

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  •  i did my best (0+ / 0-)

    to engage your statements as written.  as i see it, the argument was that there are sufficiently few financial prosecutions to support an inference Obama has an ideological disposition that banks can do no wrong.   I offered an argument as to why i believe there are independent reasons besides ideology to explain this, some based on the notion that there's not an apples-to-jackhammers comparison, others because republicans refuse to fund the investigative agencies.  You responded by sarcastically comparing me to Ralph Wiggum and then repeated your point that there are not many fraud prosecutions.  So, projection?

    sarbanes-oxley is many things, but "black letter," it is not.  Black letter means a basic elemental proposition of law.  By imposing vicarious liability where there wasn't any at common law makes it the opposite of BLL.  In any event, while the question of liability for signing the financial statements may be clear, the underlying accounting principles in a mark-to-market world involving illiquid assets are anything but.  

    "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

    by Loge on Thu Dec 15, 2011 at 02:07:55 PM PST

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    •  But as the case of MF Global shows, (0+ / 0-)

      it doesn't matter how explicit the fraud is, the DOJ will never prosecute using the tools at hand.

      And that should be the end if the idiotic meme that the Obama Administration is desperately champing at the bit to prosecute bankster fraud, but is restrained by their lack of legal tools.

      The two things Teabaggers hate most are: being called racists; and black people.

      "It takes balls to execute an innocent man." -- anonymous GOP focus group member on Rick Perry

      by Punditus Maximus on Fri Dec 16, 2011 at 08:12:53 AM PST

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