Matt Taibbi discussed the latest round of bank settlements on Democracy Now. This time, Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland pleaded guilty to conspiracy to manipulate foreign exchange rates in dollars and Euros. While this settlement was a step forward by virtue of the banks admitted to specific, criminal acts, yet again the institution is fined while the executives go unpunished. And we again have to listen to the intelligence-insulting claims that the top brass were victims of bad actors.
On a related issue, reader Glenn M e-mailed us:
Perhaps I missed it, but I have seen no news stories regarding the final results of Eric Holder’s 90-day ultimatum back in February to finally land indictments against Wall Streeters for the mortgage crisis.
According to my calculations, this “ultimatum” expired May 17.
There haven’t seemed to have been any stories noting the failure of this ultimatum, which was announced with great fanfare.
Here is a link from the day of:
Eric Holder launches 90-day crusade against bank leaders
From the article:
After years of pressure from some lawmakers, civic leaders and Occupy Wall Street protesters, the country’s No. 1 law enforcer said Tuesday he has instructed many of his 93 federal prosecutors to review any residential mortgage fraud case they have brought against a financial institution stemming from the 2008 financial crisis to see if any executive could be held accountable for the company’s actions.
Both civil and criminal cases will be on the table, Holder said.
The prosecutors have been given three months to report their findings to Washington.
And predictably, this bold talk was yet another show for the rubes. Nothing took place and no report was made public. Some Democrats in the Senate, such as Sherrod Brown and Elizabeth Warren, threatened to slow-walk the confirmation of Loretta Lynch unless cases were filed against individuals. But as an insider tersely put it, “Dems voted for Lynch and lost their leverage.”