Daily Archives: March 10, 2016

Damn the Evidence! No Prosecutions for Citi

On several occasions, my colleagues and I have stated that the payment of the large bank settlements that were the outcome of the 2008 financial crisis were merely payments of extortion to the Department of Justice. The motive we believe was to lock up the evidence they had discovered so Americans and the world would not see how pervasive and widespread was the fraud committed by the too big to fail banks in question against the public, their shareholders and customers.
I questioned what I perceived to be a smokescreen declared by Eric Holders’ successor, Loretta Lynch, regarding how serious was their intent to prosecute the executives involved.
Well, I am sad to say I was right. Sad as the recent decisions made by our government have, from my perspective, decidedly paved the road for another financial debacle.

Hillary Clinton Stops Short of Ruling Out Wall Street Aides

WASHINGTON–Democratic presidential front-runner Hillary Clinton on Wednesday said she would work to “end the revolving door” between Washington and Wall Street–but stopped short of ruling out continuing her party’s recent tradition of turning to the financial industry for Treasury secretaries.

“I think it’s important also to look at what we want to accomplish,” said the former secretary of state, during her debate with her challenger, Vermont Sen. Bernie Sanders.

She then went on to boast of what she considered the economic success during the administration of her husband, President Bill Clinton, during the 1990s, a time when Mr. Clinton relied heavily on Wall Street officials to staff his administration.

Mrs. Clinton was asking during the Miami debate whether she agreed with criticism from liberals in her party that her husband and President Barack Obama had “relied too heavily on advisers who represent the world view of the big banks”–in particular that three of their last four Treasury secretaries had ties to Citigroup Inc.

“I do agree that we have to end the revolving door,” Mrs. Clinton said, adding that she supports a bill introduced last year by Wisconsin Democratic Sen. Tammy Baldwin, called The Financial Services Conflict of Interest Act.

Read on.