Wednesday, March 02, 2011
Thirty years ago, the Savings and Loan scandal generated 1,800 convictions for felony fraud, with 1,000 of those resulting in jail time. By contrast, the Wall Street meltdown of 2007, that has crippled the entire US economy, has not resulted in one conviction of a banking CEO. According to the San Francisco Chronicle, that has a lot to do with President Obama’s fear of prosecuting the Wall Street titans for the largest fraud in US history. Likewise his timid Attorney General Eric Holder, who seems more comfortable conducting police raids against peace activists than investigations against his boss’ benefactors.