- Apr 12, 2008
- Reaction score
- real world
Wall Street fell in love with the promise of change and Obama's intellectual approach to governing the country during the 2008 presidential election. Obama raised nearly $16 million from Wall Street, nearly double the amount of his Republican rival John McCain, and eventually won the election on a promise to break the" business per usual" mindset in Washington.
"Despite his populist posturing, the president has failed to pin a single top finance exec on criminal charges since the economic collapse. Are the banks too big to jail—or is Washington's revolving door to blame?" write Peter Boyer and Peter Schweizer in a new Newsweek article.
In their article, Boyer and Schweizer highlight findings from the Transactional Records Access Clearinghouse, which show financial-fraud prosecutions are at 20-year lows and down 39% since the Enron and Worldcom scandals of 2003.
Schweizer is also "very very doubtful" criminal justice will be served against any large institution for two key reasons:
The statute of limitations is running out for bringing cases against wrongful-doing.
The revolving door at the Justice Department is alive and well-oiled. U.S. Attorney General Eric Holder, as well as many Justice employees, came from law firms that represented some of the biggest banks on Wall Street. Holder and these employees will presumably one day want to return to these types of high-paying private sector jobs, but it would be much more difficult to do so if they come out hard against firms they once represented and may one day represent again.