Tuesday, December 18, 2012
If we want to avoid a fiscal cliff and punitive austerity measures, we have to prosecute serious fraud and seize offshore accounts where major financial institutions launder profits for tax evasion. Until we do, no piddly fines or bromides from the White House will accomplish anything of substance. As William K. Black reports, the Department of Justice failure to prosecute serious fraud and the Department of Treasury role in abetting serious fraud are reason enough to conclude that the Obama administration is hopelessly corrupted by Wall Street. With transnational criminal enterprise driving US policy, we can expect the next four years to resemble the second term of Bush/Cheney.