Many people are still unsatisfied about the lack of prosecutions against Wall Street fraudsters. We need to make sure the DOJ understands that while the action against S&P is certainly welcome, one civil suit barely begins to address the rampant fraud and criminality that caused the 2008 crisis.
The DOJ is reportedly considering a similar lawsuit against the ratings agency Moody’s – we need you to call the DOJ, encourage them to pursue this suit and start bringing criminal charges against those responsible for the crisis.
The pressure for more vigorous Wall Street prosecutions is building. Sen. Elizabeth Warren recently embarrassed regulators for failing to bring a single major bank to trial. Matt Taibbi published an expose in Rolling Stone about the DOJ’s steadfast refusal to prosecute Wall Street’s worst criminals for fear of causing financial harm to the banks.
But we know that if we just thank the DOJ for this S&P suit and sit back, it may be the only suit we see. Liberal groups applauded the announcement of NY AG Eric Schneiderman’s mortgage securities fraud task force last year, but made the fatal mistake of trusting Schneiderman to do the job without their oversight. That ‘task force’ has amounted to little more than a source for press releases on longstanding investigations.
That can’t happen again. It’s clear the only way we’ll see accountability for Wall Street, is if we are relentless in pressuring those tasked with bringing these criminals to justice. That’s why we need you to call the DOJ, thank them for their recent efforts – but make sure they understand they must bring other Wall Street fraudsters like Moody’s to justice.