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Government regulation of banks works!

Earlier today, we reported that "Assistant Attorney General Admits On TV That In The US Justice Does Not Apply To The Banks" when we commented on last night's PBS special "The Untouchables." Explicitly, we said that it was "Lenny Breuer who made it very clear that when it comes to the concept of justice the banks are and always have been "more equal" than others. He does so in such shocking clarity and enthusiasm that it is a miracle that this person is still employed by the US Department of Justice." As of minutes ago that is no longer the case as his employment contract has been torn up. The WaPo reports, that Lanny A. Breuer is leaving the Justice Department "after leading the agency’s efforts to clamp down on public corruption and financial fraud at the nation’s largest banks, according to several people familiar with the matter....It is not clear when Breuer intends to leave, nor what he plans to do once he departs, but it is certain that the prosecutor’s days in office are winding down, according to people who were not authorized to speak publicly about the matter."

From WaPo:

Breuer is widely credited with aggressively going after white-collar crime in the aftermath of the crisis. He also stepped up the division’s involvement in money laundering cases, launching a series of criminal investigations that have resulted in multimillion-dollar settlements. ...

Critics have also decried Breuer’s routine use of deferred prosecution, which gives the agency the right to go after a company in the future if it fails to comply with the terms of the agreement. They say the use of such tactics amounts to a slap on the wrists of companies that have engaged in egregious behavior. Breuer, however, has argued that the agreements result in greater accountability for corporate wrongdoing. Or none, as the case may be.

Brauer is not only known for being the bankers' lackey: his fingerprints are also all over Fast and Furious:

During Senate hearings in 2011, Breuer admitted that he failed to alert other Justice Department officials that federal agents had allowed guns to illegally flow into Mexico and onto U.S. streets between 2006 and 2007. The practice, known as “gun walking,” was also a key part of the Obama administration’s Phoenix gun trafficking operation, Fast and Furious.

The operation came under fire when many of the weapons later turned up at crime scenes in Mexico and the United States, including two where a U.S. Border Patrol agent was killed.

Several officials at the Justice Department resigned in connection with the operation, including Jason Weinstein, a deputy assistant attorney general in the criminal division. Breuer later apologized for his inaction, when the tactics first came to his attention. Sen. Charles E. Grassely (R-Iowa) called for his resignation, but Attorney General Eric H. Holder Jr. stood behind Breuer.As one of the longest-serving heads of the criminal division, Breuer’s tenure has been filled with controversy and high-profile prosecutions. He was admonished for his role in the agency’s botched attempt to infiltrate weapon-smuggling rings in the operation dubbed Fast and Furious. And he has been accused of being soft on Wall Street for failing to throw senior bank executives behind bars for their role in the financial crisis.

Either way, Brauer is gone.

And ironically it is his departure which confirms that everything that could be wrong at the US department of INjustice, is wrong.

by Anonymousreply 1701/26/2013

So-

Get a job with the government and write laws and regulations that control some area, and then leave your job and make MILLIONS!

by Anonymousreply 801/24/2013

Bump

by Anonymousreply 901/25/2013

For the gun control crowd.

by Anonymousreply 1001/26/2013

Does this freeper moron ever stop spamming?

by Anonymousreply 1101/26/2013

How Much of a Revolving Door Crony is the New Obama Appointee for Head of the SEC? I outlined my argument against her here, including her whitewash of payoffs made to get Marc Rich his pardon. But Matt Taibbi even gets her protection of crony elititsts. He writes in Rolling Stone: Choice of Mary Jo White to Head SEC Puts Fox In Charge of Hen House

I was shocked when I heard that Mary Jo White, a former U.S. Attorney and a partner for the white-shoe Wall Street defense firm Debevoise and Plimpton, had been named the new head of the SEC.

Mary Jo White I thought to myself: Couldn’t they have found someone who wasn’t a key figure in one of the most notorious scandals to hit the SEC in the past two decades? And couldn’t they have found someone who isn’t a perfect symbol of the revolving-door culture under which regulators go soft on suspected Wall Street criminals, knowing they have million-dollar jobs waiting for them at hotshot defense firms as long as they play nice with the banks while still in office?

I’ll leave it to others to chronicle the other highlights and lowlights of Mary Jo White’s career, and focus only on the one incident I know very well: her role in the squelching of then-SEC investigator Gary Aguirre’s investigation into an insider trading incident involving future Morgan Stanley CEO John Mack. While representing Morgan Stanley at Debevoise and Plimpton, White played a key role in this inexcusable episode. Taibbi is in favor of insider trading prosecutions, I am not, The point I am pulling from Taibbi's report is that White protects the crony elitists. The fact that she is known as a "tough prosecutor" means nothing other than that she will go after those not part of the inner elite. She is the worst type of government official, going after those unprotected by the establishment and using every vicious tool at her command to do it.

It's the type of official that the crony-left loves to see in power. White is unprincipled and willing to crush free spirits. Indeed, the crony left is so much in favor of White, Tabbibi was forced to add an addendum to his report to emphasize how evil White really is: Some people I trust have written in to complain that the Mack incident doesn't encompass White's whole career, and that the mere fact that Obama chose an ex-prosecutor with a record of high-level convictions is a good sign. That may be, and the choice of White may very well represent a departure from the last four years. But White's more recent record -- dating back quite a few years now -- has been as a lawyer earning a huge paycheck representing big banks.

Earlier today, I was talking to a former hedge fund manager, a guy who’s been around on Wall Street but is out of the game now. His point about White is simple and it makes a lot of sense. She may very well at one time have been a tough prosecutor. But she dropped out and made the move a lot of regulators make – leaving government to make bucketloads of money working for the people she used to police. “That move, being a tough prosecutor, then going to work defending scumbags, you can only make that move once,” was his point. “You can’t go back again, you know what I mean?”

Think about it: how do you go back and sit in S.E.C.’s top spot after all of those years earning millions as a partner for a firm that represented Morgan Stanley, Bank of America, Goldman, Sachs, Deutsche, Chase, and AIG, among others? Think that fact that his firm has retained her firm has anything to do with Jamie Dimon coming out and saying that White is the "perfect choice" to run the S.E.C.? Think of all the things she knows but can’t act upon. Could she really turn around and target Morgan Stanley after being their lawyer for all those years?

Irrespective of the Mack incident, which incidentally really was about as bad as it gets in terms of "regulatory capture," America’s top financial cop should be someone who doesn’t owe his or her nest egg to the world’s biggest banks.

A few points on Taibbi's addendum. Taibbi doesn't seem to be aware that White's current spin through the revolving door is not her first. As I reported, White has, 3 separate times, worked at the high-powered law firm, Debevoise & Plimpton. She split those gigs up with revolving door government jobs. Translation: Total establishment revolving door operative. The unprincipled crony left doesn't mind because, and this also seems to be lost on Taibbi, with Obama as president the crushing by White, in her new SEC position, will be focused on the non-connected. It won't be the banksters. White targets will be many of others the left will love to go after. Billionaire Obama-hater Sheldon Adelson's legal bills will rise for sure.

by Anonymousreply 1201/26/2013

So, pointing out that government regulators regularly leave the government to take 7-8 figure jobs within the industries they regulated is "freeperish"?

by Anonymousreply 1301/26/2013

Jesus Christ this freeper is dumb.

by Anonymousreply 1401/26/2013

Real liberals are outraged by this bullshit.

by Anonymousreply 1501/26/2013

Yes, we find your incessant posting, your never-ending copy and paste jobs, and your lack of critical thinking to be outrageous!

by Anonymousreply 1601/26/2013

You're funny, R16.

Critical thinkers would see this kind of cronyism as cause for a revolution.

by Anonymousreply 1701/26/2013
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