Richard (RJ) Eskow - Burden of Proof: Geithner, Obama, and Wall Street’s Unpunished Crimes
May 1, 2012 Forgery. Perjury. Investor fraud. Bribery. Money laundering. The body of evidence against individuals at the nation’s biggest banks is overwhelming. Nothing speaks louder about the banks’ guilt than this evidence - nothing, that is, except the billions they’ve paid to settle the charges.
The Administration reacted indignantly this week to suggestions it’s still slow-walking its investigation. And then, despite all this evidence, the Treasury Secretary of the United States proclaimed that no laws had been broken. And the White House wonders why its word is no longer enough?
A source in the office of a key figure in the investigation has denied a new story that they’re ruled out criminal prosecutions. But the burden of proof has shifted. Nothing will convince the public now except action.
Straw Men
Whether it’s JPMorgan Chase settling bribery charges in Alabama, Wells Fargo settling charges of laundering drug-cartel money in Mexico, or the nation’s five largest banks buying their way out of widespread foreclosure fraud and tax evasion, never in history has so much evidence led to so little action. Investigators pinpointed the fraudulent activity of individual accountants in GE Capital’s settlement with the SEC, only to be dumbfounded to discover that no criminal indictments were handed down.
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