Americans were robbed on a scale undreamt-of by criminals of generations past, banksters criminally reckless in their disregard for any interests save those that fattened their paychecks and bonuses.
This should’ve come as no surprise. Certainly we weren’t suddenly shocked to discover that once again, the financial system collapsed under the weight of bankster greed, leaving once again poor shlubs like thee and we to carry the freight.
Nor are we surprised to see some of the same responsible for the mess occupying positions of power, along with the return of pay raises and bonuses for the very folks whose misdeeds the rest of us will be paying for the rest of our lives. After all, it had happened before.
James S. Henry is a unique figure in being both an economist and an investigative report — and a lawyer to boot.
Here he talks with Paul Jay of The Real News Network about the Obama administration’s distinctive failure to reform either regulations or regulators:
The full transcript of the segment is posted here. An excerpt:
James S. Henry: These major institutions have basically walked away from justice when it comes to the federal government, and it’s been left to the private lawsuits and to the SEC, to the state of New York, to actually piggyback on these private lawsuits and make these cases. It begs the question of, you know, whether or Lenny Breuer and his team was really doing their job when it came to these major financial institutions. They seem to have a soft place in their hearts.
And that also extends to other kinds of corporate crime, for example the settlements that they engaged in with HSBC and the money laundering, the tap on the wrist that UBS got for being at the heart of the Libor scandal. It’s not just the bank crises; it’s also these other kind of shenanigans. So, many of us have been expecting the Justice Department to act here, but they haven’t.