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Forum Post: Is This Why They Won’t Prosecute? Top Justice Officials Represented Big Banks, Freddie, Fannie and Mers /// Obama’s Department of Justice Isn’t Prosecuting Any Big Fish

Posted 12 years ago on Jan. 21, 2012, 5:33 p.m. EST by MonetizingDiscontent (1257)
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Obama’s Department of Justice Isn’t Prosecuting Any Big Fish.



Indeed, the Obama administration is prosecuting fewer financial crimes... http://www.washingtonsblog.com/2011/11/obama-prosecuting-fewer-financial-crimes-than-under-either-bush-presidency.html ...than Ronald Reagan, George W. Bush, George H.W. Bush or Bill Clinton.

This is true even though the big banks... http://www.washingtonsblog.com/2010/10/at-the-root-of-the-crisis-we-find-the-largest-financial-swindle-in-world-history-where-counterfeit-mortgages-were-laundered-by-the-banks.html – such as Bank of America, Citigroup, JP Morgan and Wells Fargo – committed some fraud, but their entire business model is fraudulent.

The same is true of Fannie, Freddie... http://www.washingtonsblog.com/2010/10/christopher-whalen-freddie-and-fannie-helped-to-create-epidemic-of-mortgage-fraud.html ...And even more so with Mers, where its entire purpose – from day one – was fraudulent.

So why haven’t the fraudsters running these chop shops been prosecuted by Attorney General Eric Holder, and the head of the DOJ’s criminal division Lanny Breuer?

Reuters helps explain why today:

Insight: Top Justice Officials Connected to Mortgage Banks

(((Reuters))) http://www.reuters.com/article/2012/01/20/us-usa-holder-mortgage-idUSTRE80J0PH20120120
(((WACTH This Video to get a sense of Breuer))) http://www.cbsnews.com/video/watch/?id=7390540n

U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for.

Both the Justice Department and Covington declined to say if either official had personally worked on matters for the big mortgage industry clients. Justice Department spokeswoman Tracy Schmaler said Holder and Breuer had complied fully with conflict of interest regulations, but she declined to say if they had recused themselves from any matters related to the former clients.

Reuters reported in December that under Holder and Breuer, the Justice Department hasn’t brought any criminal cases against big banks or other companies involved in mortgage servicing, even though copious evidence has surfaced of apparent criminal violations in foreclosure cases.

The evidence, including records from federal and state courts and local clerks’ offices around the country, shows widespread forgery, perjury, obstruction of justice, and illegal foreclosures on the homes of thousands of active-duty military personnel.


While Holder and Breuer were partners at Covington, the firm’s clients included the four largest U.S. banks – Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co – as well as at least one other bank that is among the 10 largest mortgage servicers.


Covington represented Freddie Mac …. [and] MERS Corp …. Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac, Bank of America, JP Morgan Chase and several other large banks.blank Is This Why They Won’t Prosecute? Top Justice Officials Represented Big Banks, Freddie, Fannie and Mers

Covington in 2004 also wrote a --Crucial-- opinion letter commissioned by MERS, providing --Legal Justification-- for its electronic registry. MERS spokeswoman Karmela Lejarde declined to comment on Covington legal work done for MERS.

This isn’t as bad as Department of Justice lawyer John Yoo’s letter justifying torture... http://en.wikipedia.org/wiki/John_Yoo ...by the Bush Administration, but it’s arguably somewhat analogous, as it is a legal opinion trying to justify blatant illegality.

No wonder top financial crime expert Bill Black says that we have to fire Eric “Place” Holder... http://owsnews.org/the-virgin-crisis-systematically-ignoring-fraud-as-a-systemic-risk/ ...and all other government officials who are blocking prosecution of the criminals who caused the economic crisis.

Indeed, it makes one wonder whether the Department of Justice still dispenses justice … or has turned into a “protection racket” http://www.washingtonsblog.com/2011/03/the-justice-department-plays-fast-and-loose-with-the-law.html ...for the rich and powerful. http://www.washingtonsblog.com/2011/08/real-reason-sec-has-been-shredding.html

Of course, most of the rest of boys in D.C. are not much better. http://www.washingtonsblog.com/2011/06/well-theres-your-problem-right-there-insider-trading-rules-don%E2%80%99t-apply-to-congress.html

(((View this article Here))) http://www.zerohedge.com/contributed/why-they-won%E2%80%99t-prosecute-top-justice-officials-represented-big-banks-freddie-fannie-and-

William Black Describes Fraud and Liers Loans in the Economic Crisis Before the House Financial Services Committee

(((Video))) http://www.youtube.com/watch?v=J8CqaHTygSc&feature=related

William Black Tells It How It Is in 2008... Four years later not one indictment.


(((-PBS-Video))) http://www.youtube.com/watch?v=Rz1b__MdtHY

The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with Bill Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout.

Bill Black: What if the SEC investigated Banks the way it is investigating Mutual Funds?


-December 28, 2011-

Bill Black @ #occupywallstreet on Arresting Banksters

(((Video))) http://www.youtube.com/watch?v=4XJe7O-3QBc&feature=player_embedded
Oct 28, 2011

William Black: Not With A Bang, But A Whimper: Bank Of America’s Derivatives Death Rattle


Former Financial Regulator William Black: Occupy Wall Street A Counter to White-Collar Fraud

(((Video))) http://www.youtube.com/watch?v=zq-sO_uNaFw

(DemocracyNow!) Amy Goodman interviews William Black, a white-collar criminologist, former financial regulator, and author of "The Best Way to Rob a Bank is to Own One." Black teaches economics and law at the University of Missouri-Kansas City and recently took part in Occupy Kansas City.

-Capital Account-

William K. Black on MF Global and Jon Corzine Culpability

(((Video))) http://www.youtube.com/watch?v=tPZ6KHLys5E

-'CapitalAccount'- speaks to William Black, a white-collar criminologist and former WallStreet regulator who during the Savings and Loan crisis oversaw more than 10,000 criminal referrals, 1,000 felony convictions, and where hundreds of bankers went to prison.

From Goldman Sachs to governor to grilling, Jon Corzine former CEO of the now bankrupt MF Global testifies on Capitol Hill. He claims he is clueless about how and where the possible $1.2 billion dollars of his client's money is that is missing. How has all of this happened three years after the financial crisis when Wall Street was supposed to be reined in? And the golden boys of Wall Street have their Goldman tentacles spread over the MF Global case. The head of the CFTC - MF Global's regulator - has recused himself from the MF Global probe because he worked with Jon Corzine at Goldman Sachs.



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[-] 4 points by Lardhead2 (67) 12 years ago

Obama's justice department is more interested in selling guns to Mexican cartels, protecting the New Black Panthers, and making sure that illegal aliens can't be identified so they can vot democrat.

[-] 3 points by freakyfriday (179) 12 years ago

Gotta agree with you on the gun thing. It's amazing (not really when you consider how the MSM leans) that FAST AND FURIOUS has gotten so little press. While it was a plan to justify a gun grab (why bother...can you REALLY tell the diff bt our military and local cops anymore?? I mean, could an armed rebellion ever have a chance in hell today??) I cannot believe that MEXICO isn't up in arms over it! My God, if Mexico had handed serious firepower to the Taliban in order to "find the leaders", would not the USA be declaring war???? HOLDER needs to be removed from the DOJ and Barack should be facing impeachnment instead of reelection!!!

[-] 1 points by NKVD (55) 12 years ago

Very true. But this seems to be supported by Democrats. So it must be supported by most of OWS. Zendog? C'mon now. You support the New Black Panthers now don't you? You know; the whole "kill white babies" thing. Holder did say that they were "his people".

[-] 0 points by owsleader2038 (-10) 12 years ago

Please the whole point of OWS is to re-elect obama in 2012,

The BIG FISH put Obama in Power, the BIG-FISH bought and paid for OWS.

This is why the OWS protects the status quo, and hates the notion of a real revolution.

The revolution will not be televised and OWS will not be invited.

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

A new investigation reveals that taxpayer-owned mortgage giant, Freddie Mac, made multi-billion-dollar investments that profited if borrowers stayed stuck in high-interest mortgages

Taxpayer-Funded Freddie Mac Caught Betting Billions Against Struggling American Homeowners

(((Video))) http://www.democracynow.org/2012/1/31/taxpayer_funded_freddie_mac_caught_betting

-January 31, 2012-

((Democracy Now!)) As homeowners across the nation struggle to keep up with mortgage payments—and in the worse cases face foreclosure—a new investigation reveals that taxpayer-owned mortgage giant, Freddie Mac, made multi-billion-dollar investments that profited if borrowers stayed stuck in high-interest mortgages. Freddie Mac began increasing these investments dramatically in late 2010, at the same time it was making it harder for homeowners to get out of such mortgages.

Several U.S. lawmakers and prominent economists are now calling for Congress and the White House to end this financial conflict of interest. This comes just one week after President Obama promised "no more red tape" for homeowners looking to refinance. We speak with Jesse Eisinger, a Pulitzer Prize-winning senior reporter at ProPublica, who co-authored the investigative report with NPR news.

:::::::::: Treasury Investigates Freddie Mac Investment ::::::::::


-January 30, 2012-

[-] 1 points by PublicCurrency (1387) 12 years ago

@ Monetizing your posts are excellent. Do you have a website where they are compiled?

Thank you.

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

no, i dont ...I just keep'em swirling around in here. Like turds in a punch bowl =)

~Hey thanks for that~

[-] 1 points by PublicCurrency (1387) 12 years ago

No really, I see your posts frequently and scan them but don't have the time the deserve. It would be great if they were compiled on a website. Thank you sooooo much!

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

::::Obama Pushes Hard to Protect Big Banks from Fraud Prosecutions, But We Can Stop Him::::



As we've noted for years, the entire strategy of Washington towards the economy is to cover up the fraud... http://www.washingtonsblog.com/2011/11/obama-prosecuting-fewer-financial-crimes-than-under-either-bush-presidency.html ...which caused the financial crisis ... even though prosecuting fraud and re-establishing the rule of law is the only way to get out of this depression. http://www.washingtonsblog.com/2010/10/fraud-caused-great-depression-and-this.html

One major front in Washington's cover-up effort has been to settle fraud cases with the big banks... http://www.washingtonsblog.com/2011/01/settling-prosecutions-for-pennies-on-the-dollar-is-a-type-of-bailout.html ...for pennies on the dollar. This is a backdoor bailout for the banks, encourages them to commit more fraud, and fails to plug the basic holes in the economy which are preventing a recovery.

Why are we bringing this up now?

Because Obama is making a giant push to pressure the states attorneys general... http://news.businessweek.com/article.asp?documentKey=1376-LY0NPR0YHQ0X01-6HJ9DQ1M8KUJ27J2D7FAES3SH1&utm_source=twitterfeed&utm_medium=twitter ...to settle all of their mortgage-related fraud claims against the banks for pennies on the dollar.

Yves Smith - who has an ear to the ground on this - warns that a settlement which hurts consumers and the economy will happen very quickly if people don't raise a ruckus.

Smith is asking people to call their state attorney general (not their elected reps) to oppose the settlement: http://www.nakedcapitalism.com/2012/01/call-your-attorney-general-today-to-oppose-big-obama-push-to-get-mortgage-settlement-deal-done.html

(((Continue Reading this article Here))): http://www.zerohedge.com/contributed/obama-pushes-hard-protect-big-banks-fraud-prosecutions-we-can-stop-him

[-] 1 points by PeaceNow (84) 12 years ago

Yet another great expose MonetizingDiscontent, of the top 0.1% (not 1%) that need to be in jail. You're doing brilliant work! Thank you. I'm so glad you devote your time to exposing the criminals instead of engaging in the "battle of the wits" that other posters do at the expense of OWS. Time is of the essence, and you use your time wisely.

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

Thank you so much, those were very kind words. I heard yesterday that Eric Holder received Eighty-something votes of no confidence in congress. Not certain whether its true yet, but later tonight, if I can find an article, I'll drag the story back here for this thread.

If that vote really happened then it might mean that congress is more willing to listen to us now than ever, about Eric Holder not doing his job. =)

[-] 1 points by wigger (-48) 12 years ago

What laws have been broken?

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

::::::::::: Insight: Top Justice Officials Connected to Mortgage Banks :::::::::::