Why No Prosecutions on Wall Street?

In the wake of the financial disaster in 2008, which is still unfolding in case you haven’t noticed, federal prosecutions of financial crimes are at a 20 year low. That is a remarkable stat.

Could the fact that financial firms dumped piles of $100 bills on Obama’s head in 2008 have anything to do with the lack of prosecutions? No way. Attorney General Eric Holder says simply that though Wall Street may have acted stupidly, he just can’t seem to find any fraud.


And that all the big banks are clients of Holder’s law firm—a law firm that at least partially specializes in financial crime defense?  That has nothing to do with the lack of prosecutions either. There are just too many pot dispensaries in California to bust, and Mexican drug lords to arm, for the American people to expect the enforcement of financial crimes from their attorney general. More...