It’s just a small step, but it’s at least a step in the right direction. I’m heartened by a recent call to action by Rep. Maxine Waters, (D – CA), the ranking member on the House Financial Services Committee, in an article published in the American Bankers magazine.
This last February, federal prosecutors began a 90 day examination to determine if they were going to prosecute the bankers responsible for the 2008 financial debacle. No surprise, the D.O.J. failed to act, the deadline was missed and instead of holding any individuals accountable for criminal behavior, they allowed several of the Too-Big-To-Fail banks to plead guilty to felony fraud charges of rigging the foreign currency market. The banks were fined, slapped on the wrist and no prosecutions.
Considering the severity of the charges, the outcome is a travesty. I’ve raised Cain in several posts regarding this. And as mentioned before, when I was interviewed on Bloomberg, I asked for a Congressional investigation. I’ve campaigned the House Financial Services and Senate Banking Committees and, maybe, just maybe, I’ve made some headway.
Richard M. Bowen III