Attention Shifts To Rip Van Eric Holder, Who Contrary To Conventional Wisdom, Is Not Frozen In Carbonite

Tyler Durden's picture

Finally, with about a two year delay, popular opinion has finally caught up with the fact that America has an Attorney General, and that Attorney General is not getting paid $186,600 a year merely to conduct medical research on the dangers of carbonite freezing. In its headline article "Prosecutors Faulted for Not Catching Credit-Crunch ‘Bandits’" Bloomberg has done what every other media was supposed to do years ago, namely ask the well-rested Eric Holder what the hell is the reason that not a single criminal investigation being launched against an entire generation of criminal and corrupt bankers (granted, not all of them....just the multi-millionaires). "In November 2009, Attorney General Eric Holder vowed before television cameras to prosecute those responsible for the market collapse a year earlier, saying the U.S. would be “relentless” in pursuing corporate criminals. In the 18 months since, no senior Wall Street executive has been criminally charged, and some lawmakers are questioning whether the U.S. Justice Department has been aggressive enough after declining to bring cases against officials at American International Group Inc. (AIG) and Countrywide Financial Corp." It is stunning that this is only the first time someone in the mainstream media has had the temerity to actually wonder why nobody had previously thawed Holder from his resting place deep in the nether regions of Jaba's barge where his carbonite statue is publicly presented for all to enjoy.

Some observations on why America can just do away with its ranks of public prosecutorial muppets:

Prosecutions of three categories of crime that could be linked to the causes of the crisis -- corporate, securities and bank fraud -- declined last fiscal year by 39 percent from 2003, the period after the accounting scandals at Enron Corp. and WorldCom Inc., Justice Department records show.

“You need a massive prosecutorial effort,” said Solomon Wisenberg, a white-collar defense attorney at Barnes & Thornburg LLP in Washington and a former federal prosecutor. “I don’t see evidence that it’s happening. If we were talking baseball, it would be at the AAA level.”

The Justice Department and Federal Bureau of Investigation dispute that, saying they are continuing to investigate potential wrongdoing connected to the emergency, and some probes didn’t find criminal behavior. They say they stepped up mortgage-fraud prosecutions, which more than doubled in fiscal 2010 from 2009, the first full year for which there is data.

And some more:

To prosecute fraud, the government generally must show
executives knowingly made false statements or omitted the truth
about a company’s financial health. Bankers have argued that
they broke no laws and can’t be blamed for an industry-wide
breakdown in risk controls.

Well, for those who have read Levin's paperweight, so aptly summarized by Matt Taibbi, this is not the case, so if only Holder would be so kind to stop accepting indulgences from his Wall Street amigos, he may be better served (and serve the public) to actually do his damn job. For once in his life.

Luckily, the anger is building:

“Can that many companies have collapsed -- large financial firms -- and not one criminal case comes out of it?” said Peter Henning, a law professor at Wayne State University in Detroit who previously was a federal prosecutor and attorney for the SEC. “That seems to go against the norm of the savings-and-loan crisis, and the accounting frauds 10 years ago.”

Lawmakers such as Representatives John Conyers of Michigan, the House Judiciary Committee’s top Democrat, and Zoe Lofgren of California have criticized the Justice Department. At a May 3 hearing, Lofgren said prosecutors were more focused on immigration offenses than the financial crisis.

“The department is spending its resources prosecuting nannies and busboys who are trying to get back to their families,” she said. “And yet we have not brought any prosecutions on the bandits on Wall Street who brought the nation and the world to the brink of financial disaster.”

Which is short hand for nothing will change. After all, Wall Street didn't spend a few hundred million in lobbying for nothing.

Holder, 60, told reporters on April 26 his department is reviewing the conduct of Wall Street firms to determine whether crimes were committed. “There is certainly a basis for us to look, as we are, at some actions that were taken by some institutions and by some individuals,” he said. “Whether those will result in prosecutable cases, I don’t know.”

In at least two major cases linked to the financial crisis -- those of former AIG executive Joseph Cassano and Angelo Mozilo, former chief executive officer of mortgage lender Countrywide -- prosecutors concluded there wasn’t enough evidence to bring charges, people familiar with the matter have said. They spoke on condition of anonymity because the investigations weren’t made public.

Gratned, there have been some truly brutal wristslaps. Brutal.

The SEC brought a civil case in which Mozilo agreed to pay
$67.5 million over claims he misled investors about the firm’s
exposure to risky loans.

So instead of Agent Orange, here is what the DOJ is focusing on:

Using government data compiled by Syracuse University’s Transactional Records Access Clearinghouse, a nonprofit research center, Bloomberg News identified cases coded as corporate fraud by the Justice Department last year. Most involve people accused of stealing from companies, not wrongdoing by firms themselves.

They included the president of a roller derby team in Ohio, who skates under the name “Sadistic Sadie” and was accused of manipulating the ticketing system of her employer, United Airlines, to slash the cost of travel for her friends, family and teammates. A Maryland case involved a man who embezzled from his company. In New Jersey, a spa owner was prosecuted for a scheme to avoid paying taxes.

These are truly the villains haunting America's society. All those other guys in Manhattan, London and Brussels, well, they just do god's work. And in imitating the Outcast of Omaha, if questioned about this, or any other matter in the future, the elite Wall Street-based clergy will simply refer the questioner back to a release... form signed by Holder and granting Wall Street's criminal syndicate a perpetual get out of jail card for free.

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tellsometruth's picture

ahaha great title! needed the laugh. thanks ZH

tellsometruth's picture

I did this about the injustice I see. Yeah I posted it before but who among you all has confronted a Central Banker on the Record? Was exhilirating and written about here

http://forensicstatistician.wordpress.com/2011/04/13/hi-ho-silver/

 

tellsometruth's picture

I was the only person to do something on a 4 am night bus on friday night near Finnsbury Park when a blonde was being beaten by her large black boyfriend for trying to push his passed out ass up because they were going to miss their stop. He slammed her head up against the bus window with his hand on her throat two seats away from me. I was in shock but it only got worse from their she fought back but he landed blows, I shouted to stop. Nothing happened. After it was apparent none of the men on the full double decker were going to do anything I acted. I ran down stairs banging on the bus drivers window telling him a girl was being beat up.

His first response was "we have close circuit cameras". Neat so when she is dead maybe you will get a conviction? I ran halfway up the stairs to make sure it was going on and oh yess now he had trown her in the eisle and kicking her. I pleaded with the bus driver to stop the bus so we could stop the fight and get the guy off the bus. after another stop he complied. he headed up the stairs with his hand on the knife holder on his belt, but by that time the extreme violence had calmed somewhat as she was not able to get up really. The black bus driver was immediatly able to break through to the asshole and surprisingly he left with out any incident and started walking up the hill towards Manor House Station.

I went back upstairs to see how she was doing. She had a large visible lump on her forehead and a split lip along with some swelling on hear cheeks, I was surprised she was still concious to be honest after all the head trauma she took. Two rather large Irish ladies who were visiting and I got her off the bus, but not before some Asian (when I say asian I mean from India or Pakistan as that is how they are refered to here) jerk was yelling at ME FOR STOPPING THE BUS CAUSE HE "HAS TO WORK IN THE MORNING"  and wanted to get home.  I could not believe it. Dessensitsed to the MAX. Sorry you were incovinced so you did not have to watch a girl beaten to death on ride home and had to wait 5-10 minutes for me to convince the bus driver to stop the bus so we could get the monster off. I shouted at him "Are you HUMAN!????" He got offended and stood up and yelled shit back, but that is all I wanted to say.

She apparently lived with her abbusive boyfriend and would have gone home with them, but  we insisted she have an ambulence check her out and go somewhere else as she was going into shock.

It took about 20-30 minutes for the police to show up which surprised me since I see them constanly with here and another 10 minutes longer for the ambulance.

While waiting she broke down saying it was not the first time and that her good friend had told her parents recently that this guy was abussive. She very much wanted to call her parents but they were on Holiday as they say here. She sobbed "why does he do this to me, I love him!"  The Irish women rightly repeated many times she needed to move on and make this the last time. As I sat there with my arm around her as she cried wearing my jacket split lip I think she came to a realisation that it was wrong what had happened. Where in the begining she did not want "to cause drama"

When the ambulance got there she got in and did not come out. One of the Irish ladies got in with her and when she came out before it left she said they thought she had a serious concusion. I was busy describing the situation to one of the officers along with the perp and my disgust for the willingess of the herd to keep in line during something so obviously wrong.

 

Now this won't sour me on London but just confirms what I already know: big cities desensitize.

I refuse to not act when I see something that wrong.

 

please whether in your professional life or personal life do the same

 

Captain Benny's picture

I always carry some form of weapon with me, usually a small knife.  Never had to use it and hope I never do, because if I draw it then things will get bloody.  Always try to calm the situation first with force being the last resort.

Its hard overcome the fear of stepping into a fight, but you'll be amazed at what you can do when you overcome that fear and become fearless.  Most humans subcounsciously detect fear and/or lack there of and even a heavily drunk person can... 

Always remember: If you step into a fight, there are no limits to far far it goes.  Don't dish out petty punches to the face, give the asshole a shot to their throat.  Take them out quick and get it done with.

IBelieveInMagic's picture

Agreed. This is the kind of writing that keeps me coming back to ZH!

bankonzhongguo's picture

Holder was a disgrace to justice under Reno and triple the disgrace under Obama.  Any attorney with a shred of professional ethics and moral character would vacate their position under this (mis) Administration.

Whenever I run into some hapless AUSA, I always poke my finger in their chest and tell them I wouldn't hire them to hose out a KOA shithouse. I double dog dare them to arrest me for assault.

Brave agents in the field building cases for nothing.

Justice is not blind. 

She's now a turned-out whore left bleeding in a ditch on the side of the road after Bush and Obama.

Abiotic Oil's picture

He's too busy running guns into Mexico for the drug cartels to shoot Border Patrol agents with.

TheTmfreak's picture

The more he can help out the drug cartels the more they can do work with the War on Drugs.

 

Rainman's picture

...yup...promises die hard when there is a billion in campaign money to be raised from the marks. Where else will Barry get his money.......the little people 25 bucks at a time ???

11b40's picture

The enthusiasm for Obama seems to be dropping like a rock in these parts...at least when it comes to reaching in your pocket and pulling out cash.  Donations from the little individual donors in this neck of the woods is about as low as I have seen it....not a good sign for the Dems next cycle.

 

On the other hand, it may be because of how screwed up his opposition is.  Time will tell.  Perhaps the Republicans will nominate Cain....he may be the one most able to actually give Obama a run for his money.

A.W.E.S.O.M.-O 4000's picture

And as a fat rich pathetic white Republican I want Obama out of the White House because?

downwiththebanks's picture

Guns in, drugs out:  capitalism, baby.

aint no fortunate son's picture

Holder's a gutless moral coward... still taking duck boat tours down the potomac.

downwiththebanks's picture

Bullshit:  Holder is holding the line.  He's doing his job.

He's doing PRECISELY what you'd expect from the fascist AUC's lawyer!

All hail Chiquita bananas!

RobotTrader's picture

The mortgage crisis is so 2008.....

I noticed that Goldman Sachs is now green.  Investors must be celebrating the huge, world record profits which GS must have made on Dan Norcini's infamous "Ratio Trade".  Now they have switched to the long side and will probably make even more money this quarter than anyone has imagined.

Gold is green, XRT is green.

Lows are probably in for the rest of the year.

Arius's picture

thats right 2008 is history - why should Eric Holder stick his neck out and make an enemy out of Goldman?? he is not stupid afterall...if senator levin wants to go after goldman well he can it do once Eric holder leaves office...give the man a break to enjoy the perks of the job and make some favors to Goldman...Blankfein has a long memory...

oogs66's picture

And like Dinallo who left government to work for MS, Holder can join countless others who cash in on their years of doing nothing against the big banks by getting a cushy high paying job in reward.

mayhem_korner's picture

We'll be longing for the good ol' days of the '08 mortgage crisis pretty soon...

That green on GS is gangrene...

Long-John-Silver's picture

You can't prosecute the people operating the country. Where would you get your election funds if they are in jail?

Urban Redneck's picture

Eric the Bag Holder's other business - selling pardons to convicted billionaires.

williambanzai7's picture

The man does not have the legal intellect for it and he is a better lawyer than Debtbama.

aerial view's picture

Attorney General Eric Holder-"Bag Holder for the criminal elite". His law professors who actually believe in the law must be so proud of him.

Careless Whisper's picture

he's irrelevant. keep your eye on ny attorney general schneiderman. he's been dropping subpoenas from a helicopter. and he has a weapon that no one else has. it's called "the martin act" which includes civil and/or criminal penalties for financial securities fraud.

aerial view's picture

let's hope he stays away from Ashley Dupre's circle of friends.

Monedas's picture

Seal Team 6 report to Washington DC immediately ! Monedas 2011 Will Obama´s trashy Irish connection save his sorry black ass ? These liberals have not shame ! They define "Political Pornography" ! http://trololololololololololo.com/

bobola's picture

Maybe he should change his last name to Holdon.

Rick64's picture

Replace him with William Black.

Tom Terrific's picture

He's just one of the many pathetic puppets of TPTB.  Disgusting piece of shit.  The only thing he's allowed to prosecute are peer to peer downloaders, persons speaking their mind on the internet, or people in foriegn countries that publish whistleblower material.  Did I say it already?  He's a disgusting piece of fetid shit.

Kina's picture

I think it is not at all surprising and I thought they should have understood it all by now that the purpose of regulatory, judicial and all politically chosen positions of authority are there for the express purpose of aiding corruption and protecting the corrupt.

 

Holder has been doing his job perfectly, surely.

 

I think much more important to the American people is that Julian Assange be threatened and persecuted if possible, regardless of there being any law that applies to him. Holder was doing his job beating his chest of Assange so needed the Carbonite rest. Now it is up to the military to waterboard some incriminating information out there little prisoner. Get assange at all costs.

 

The corrupt destruction of the US and Global economy by a bunch of corrupt banksters is not important to TPTB.

apberusdisvet's picture

The fact that Holder was the prime driver (with Clinton) of the Marc Rich pardon, what could have anyone expected?  Hmmm.  I wonder how many shares/warrants of Glencore are in Holder's name in an offshore account?

mayhem_korner's picture

Holder has been busy channeling Johnnie Cochrane, and now he's got a few pairs of "don't fit" gloves in his briefcase.

Dr. Impossible's picture

“You need a massive prosecutorial effort,” said Solomon Wisenberg, a white-collar defense attorney at Barnes & Thornburg LLP in Washington and a former federal prosecutor. “I don’t see evidence that it’s happening. If we were talking baseball, it would be at the AAA level.

barnes & Thronburg just happens to be the same law firm that protected Madison Center in South Bend, IN for YEARS...maybe some time should be spent researching just how effective they are in defending the public against "white-collar" issues... funny how locals in South Bend can't even find legal help against Madison Center/B&T, due to....conflicts of intrest.

So Close's picture

It is becuase he looks like an old Lando Clarissian...  Han Solo was frozen in carbonite.

 

zaknick's picture

You get the gov you deserve, AmeriKKKlansmen!

lieutenantjohnchard's picture

so for those of us who strongly opposed the administration, and voted otherwise, what kind of government do we deserve?

btw: what kind of government do you deserve?

Vic Vinegar's picture

It doesn’t matter what we deserve.  That kind of talk is irrelevant.  All that matters is what we have.  And all we have is a giant shitstorm of lies.

lieutenantjohnchard's picture

thanks for the tip. i'll keep your pearls of wisdom in mind.

MisterMousePotato's picture

Au contraire ... I get the kind of government that THEY deserve.

Clint Liquor's picture

"Replace him with William Black" Rick64

Excellent choice, Rick.

William Black for Attorney General.

Harry Markopolos for SEC Chairman.

FreeNewEnergy's picture

Eric Holder is the Invisible Man.

TruthInSunshine's picture

Deep Capture = "your" politicians and the 'regulators' they appoint are bought off and paid for by those they're supposed to watch and punish, when appropriate.

Only a fundamental revolution disrupting deep capture could reverse the warp speed decline of the Republic, at this point.

WallStreetClassAction.com's picture

Obama is a black mascott of Wall Street. Then Giethner was appointed it was clear as day.

Alex Kintner's picture

Yup, the Obama appointments were the early tell (with in 30 days of taking office) that the only "Change" coming would be the name tag on the Oval office door. The looting has continued unabated under Obama.

Henry Chinaski's picture

The administration needs the Wall St money to get reelected.  Or maybe Obama and Holder a lazy and incompetent.  Or both.

downwiththebanks's picture

The former.  Where there are banker-gangsters, there is the drug trade.  And for that, Holder is your bagman.

Amish Hacker's picture

Holder can't find a single banker who broke the law? Perhaps he could ask for help from the CFTC, who can't find any evidence of wrongdoing at the Comex.

Franken_Stein's picture

 

What about Preet Bharara ?

U.S. attorney for the Southern District of New York (NYSD) at the Southern District Court of New York at Foley square, Manhattan.

Chief judge there is Loretta A. Preska.

 

I wonder if the courts in your failing and crumbling U.S. democracy are just clown shows.

 

It's time to fuck the Blankfeins and Dimons of this world into their rotten Wallstreet asses.

The ball is in your corner, America.

 

It's also time to heckle these clowns and shout them down at the respective annual shareholder meetings.

Why was it possible in 2009 to shout down politicians in townhall meetings protesting agains the Obama health care law, but it's not possible to do the same in shareholder meetings with the very people who caused all the financial mess ?

 

What the fuck ?

 

Why do you constantly export these TV series and franchises like "Law & Order" here to Germany, in order to show us how great and admirable your judicial system is, and then in reality when you dig deeper and take a closer look behind the grand illusion it's all just a joke and nothing more than hot air.

 

The symbol of America is the burger.

On the outside it looks tasty, but neither does it contain any nutritional value, nor does it give you longterm saturation. It's all just inflated nothingness that comes at a hefty price nonetheless.

 

America is no role model and certainly not the beacon of hope.

There's nothing the world could learn from you.

 

tired1's picture

"There's nothing the world could learn from you."

You can learn how things go terribly wrong.