Almost exactly three months ago [6], with much pomp and circumstance, US attorney general Eric Holder, whose department of "justice" made headlines two years ago for refusing to bring criminal cases against big banks due to fears of systemic consequences [7]if any TBTF bank is brought to justice thus spawning the term Too Big To Prosecute, gave his lackeys involved in residential mortgage-backed securities exactly 90 days in which to "develop cases against individuals" for their roles in the financial crisis.
What happened since then is that in a completely unrelated action, the CFTC ferreted out a basement trader and put the entire blame of the Flash Crash on his shoulders just before the 5 year statute of limitations of the May 2010 flash crash expired and... nothing else.
Actually, correction.
This:
- CITIGROUP SAYS DOJ DECLINED TO PROSECUTE ON LIBOR RIGGING
So for all those wondering if the modus operandi at the Department of Justice has changed, and if Eric Holder, for all his recent bluster is willing to prosecute Wall Street criminals, we have the one word answer.
No.
As for "Honorable" Holder's 90 day deadline, it expires in precisely one week. Expect that to fade away into the collective lack of memory as the May 18 deadline comes and passes with no action revealed by the Department of "Justice."
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