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We’re happy to see the Department of Justice take Standard & Poor’s to court — but this civil suit represents just a small first step in holding Wall Street accountable for the 2008 financial crisis.
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.
Can’t call? Consider donating $5+ to help us run ads recruiting other activists to this campaign.
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.
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What do you think calling the D of J will accomplish?
The D of J is not going to follow suggestions from us. Holder takes his orders from the WH, just like everyone else in the Executive Branch.
Obama and the D of J know perfectly well that 99% of Americans would be over the moon to see the banksters prosecuted. They don’t care what 99% of Americans want. They are not going to prosecute.
Online petitions, phone calls, emails, letters. They are a waste of time.
Besides, even though Obama okayed the TARP and did not prosecute anyone, he got re-elected. And he can’t run again. So, why should he care about phone calls? Even the ones who plan to run again don’t pay attention to that stuff.
Face it. We’re lucky if our voices count when we vote on election day.
I hear your frustration, but silence is not the answer either.
OK, I called and left a message — improvised a bit, didn’t stick to the script. “Thank you for your views,” the very serious-sounding young lady said, and that was that.
They don’t, if they did they would be illegal now. Republican black boxes count the votes from the state houses on up.
Thanks blue! You don’t have to follow our script verbatim, it’s just there as a guide for people who need it.
Just in case nobody remembers Obama basically giving the banksters a get out of jail free card, here’s a reminder.
http://news.firedoglake.com/2011/10/06/obama-on-bank-prosecutions-they-did-nothing-illegal-only-found-loopholes-that-we-worked-to-close/
Brian, normally I would agree with you but the history of the Obama administration over the past more than four years shows to me that there is absolutely no point making polite calls to the Justice Department. The only thing that will bring about a change of policy is political pressure. Sen. Warren’s sharp questioning of bankers in Senate committee is a good start. I feel it is a more productive use of telephone time to thank her and similarly acting legislators.
I meant to say “banking regulators” not “bankers” (maybe the same thing).
Thanks Caleb — similarly, and unfortunately, I don’t really see much coming out of pressuring the Senate either with regards to Wall Street prosecutions, let alone anything, really.
I don’t disagree with those of you here who have strong doubts that anything will come from this, and I very much appreciate you sharing those opinions here. But sometimes in these situations we as a public still need to speak out. Especially when nobody else is. Shrugging our shoulders and staying silent is definitely not a stronger alternative, even if we agree that there are no good points of entry. There are lots of other reasons why we engage in fights we don’t necessarily believe we can win, but I’ll save that for another day.
I’d also like to remind folks that our campaign with S&P has been going on for a few years now, and when it began, lots of commenters at the time felt nothing would happen to S&P for their conduct in the housing crisis as well as their attempts to hold ratings hostage to escape accountability thereafter. The suit against S&P is far from perfect, but I would say our efforts to raise public awareness and engage people and the government on the topic contributed in some small way.
This Administration has shown at every opportunity that it sides with the Banksters and Vulture Capitalists, they constantly show their contempt for the population with atrocities like Simpson-Bowles, and minuscule tax increases on the rich to pay for their misdeeds while socking workers with a 50% tax increase and talk of austerity. It wasn’t reelected through endorsement, but through fear that the other ‘party’, following the same policies, would be ‘worse’. The President and his party’s idea of ‘reform’ is nonsense like Dodd-Frank, which codified TBTF. Petitioning these co-conspirators to follow the law is akin to petitioning a leopard to change its spots.
DO hahhahhaahhaha J hahahahahhahaha DO hahahahahahah MORE hahahahahha…….
I called yesterday and I sent a check out last week for general FDL projects use the money as you see fit. I understand the frustration w/DOJ Obama inaction and their general dissing us but we still have to keep fighting. They want us to stop calling and go away. The worst thing we can do is stop fighting. That is my two cents
thanks so much as always, bearman. so far we have logged 377 phone calls to the DOJ.
We have a heavily corrupt GOVT.
We all know that when you see whomever whether Democrat of GOP standing behind the Seal of the POTUS.Whomever that person is,is a product of corruption.
In short,they are not working for we,the people,they are working on behalf of themselves(wealthy)& supper wealthy.
Look,I know many will say “well BMcGarth, well some Democrats are good.well ask yourselves,If some Democrats are good,why in the world have the rich become richer & you & I,ordinary Americans trending toward poverty.