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View Diary: Wm. Daley Says it is not the President's Job to Prosecute Wall St. - It's Hollywood's. (266 comments)

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  •  Do you have a theory (3+ / 0-)
    Recommended by:
    blue jersey mom, shrike, cheforacle

    as to which specific crimes were committed, along with sufficient evidence to guarantee a conviction?  Or a general sense of something went wrong so someone should pay?  I distinctly recall a lot of bankers (note the proper spelling) losing a lot of their own money, which cuts against a finding of criminal intent.  The point being, it's nothing to lose a lot of money, through negligence alone.  

    The problem was always with incentives, and the Dodd-Frank bill at least did something to address those, as well as to limit the "fat tail" risk of credit-default swaps, by requiring the holding of adequate capital against them and wind-up authority.  

    There might well have been crimes committed, though I'd look at mortgage origination by small players.  In terms of deterrence, losing a shit-ton of money is generally sufficient.  Vengeance?  That's not my style, or Obama's.  (Whether or not Daley speaks for Obama is irrelevant -- of course he does, but there's nothing wrong with what he said.)

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

    by Loge on Tue Mar 08, 2011 at 09:06:19 AM PST

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    •  the FCIC already pointed out who to prosecute (3+ / 0-)
      Recommended by:
      mattman, cpresley, Badabing

      Financial Crisis Inquiry Commission report.  Look it up.

      Read pp. 1-7 of Krugman's _The Great Unraveling_ (available from Google Books). NOW.

      by neroden on Tue Mar 08, 2011 at 09:57:37 AM PST

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    •  Cases should be going through (1+ / 0-)
      Recommended by:
      The United States District Court for the Southern District of New York sustained, in substantial part, securities fraud claims against Citigroup, Inc. (NYSE:C) and certain of its senior officers – including Citigroup's former CEO Charles Prince, former CFO Gary Crittenden, and former Chairman Robert Rubin – centering on Citigroup's collateralized debt obligations ("CDOs").


      Of course, this was back in November that it was found that it was ok to go ahead and pursue a lawsuit.  As of February, Rubin was speaking before the Democratic Governors Association.  His protegee's are still running the whole Wall Street swindle.

      That crimes were committed is incontrovertible.  That they have been known about and overlooked by the administration is also entirely incontrovertible.

      WikiLeaks and Net Neutrality; our last, best hopes.

      by chipmo on Tue Mar 08, 2011 at 12:23:27 PM PST

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      •  That's a civil suit (0+ / 0-)

        entirely different.

        "incontrovertible" is not an argument.  Without more, it's not enough to accuse the administration of acting in bad faith.

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

        by Loge on Tue Mar 08, 2011 at 12:33:14 PM PST

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