Those should have been the first four words of Attorney General Eric Holder at the press conference announcing the settlement with Citicorp.
This article is the first in a series of pieces discussing the critical omissions in Holder’s statement at that press conference. These omissions explain why elite banksters now routinely control our largest banks and use their power to become wealthy through leading fraud epidemics, with impunity from the law, that cause the our financial crises.
One of the things I never expected to read was a promise by any United States official that a potential defendant in a criminal prosecution by our federal courts “will not be tortured.”
The idea that the Attorney General of the United States of America would send such a letter to the representative of a foreign government, particularly Russia under the leadership of a former KGB official, was so preposterous that I thought the first news report I read about Attorney General Holder’s letter concerning Edward Snowden was satire. The joke, however, was on me. The Obama and Bush administrations have so disgraced the reputation of the United States’ criminal justice system that we are forced to promise KGB alums that we will not torture our own citizens if Russia extradites them for prosecution.
The Obama administration’s record of prosecuting elite financial frauds is worse than the Bush administration’s record, which is a very large statement. Syracuse University’s TRAC issued a report on November 11, 2011 entitled “Criminal Prosecutions for Financial Institution Fraud Continue to Fall.”
Neither administration has prosecuted any elite CEO for the epidemic of mortgage fraud that drove the ongoing crisis. This contrasts with over 1,000 elite felony convictions arising from the S&L debacle. The ongoing crisis caused losses more than 70 times greater than the S&L debacle and the amount of elite fraud driving this crisis is also vastly greater than during the S&L debacle. Bank CEOs leading “accounting control frauds” now do so with impunity from the criminal laws. They become wealthy through fraud and even if they are sued civilly they almost invariably walk away wealthy with the proceeds of their frauds.
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