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View Diary: President Obama calls on Congress to move forward on Wall Street reform (38 comments)

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  •  What? The President said (2+ / 0-)
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    Russgirl, TimmyB
    So unless you run a financial institution whose business model is built on cheating consumers, or making risky bets that could damage the whole economy, you have nothing to fear from Wall Street reform. Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money. And it encourages them to do things that actually help the economy – like extending loans to entrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education.
    What else could he have said?

    "Encourages" and "discourages,"   what could be wrong with that?

    Sounds good to me.

    And Elizabeth Warren did just warn  that millions are being spent on lobbying and donating to campaigns in order to water down the law.  She also says we need a modern Glass-Steagall .  So action is needed for sure.

    So yeah, I believe that we do have a part to play in this game, should make the calls.

    But we also need the President to step up as well, and wish that he had included in his address announcement of a new approach, since we have know for some time nowthat the one the Administration is using is not working and  needs to change.     and that might includereplacing the AG and ramping up enforcement personnel .

    The President said 'Nothing to fear' for the good guys, but  it seems pretty clear that bad behavior continues because, in fact, the CEO's and other officers all have nothing due to fear due to the lack of enforcement   --specifically in regards to prosecuting individual banksters.

    What else could the DOJ do, for example?

    Let us count the ways DOJ has typically failed to pursue leads against the elite officers whose frauds drove this crisis: they have not used grand juries, they have not issued civil subpoenas, they have not used electronic surveillance, they have not used undercover investigators, they have not “wired” cooperating witnesses who they have “flipped”, they have not appealed for whistleblowers to come forward, they have not called elite witnesses before grand juries, they have not convened grand juries, they have not sent FBI agents to their homes or offices to conduct formal interviews, they have not retained expert witnesses or consultants with expertise in accounting control fraud, they have not demanded that the banking regulatory agencies produce high quality criminal referrals, they have not asked those agencies to “detail” examiners and other skilled staff to the FBI to serve as internal experts, they have not trained AUSAs, special agents, and banking regulators in how to detect, investigate and prosecute accounting control frauds, they have not prosecuted where other federal agencies, after investigation, have charged that financial elites committed fraud, and they have not flipped intermediate officers and gone up the chain of command, they have not assigned remotely adequate staff to investigate and prosecute frauds, they have not assigned any meaningful number of their staff to investigate the elite frauds, and they have not made strong, consistent demands that Congress fund adequate staff to end the ability of financial elites to commit fraud with impunity.
    So thanks for the encouragement to action, Mr. President. Will do.

    Looking forward to some perp walks soon, which would surely  give you a nice bump up in the polls!

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