Fighting financial felons
In “Short arm of the law” I addressed the failure of federal prosecutors to go after financial criminals with the same zeal they show in pursuing political insiders.
“Why do not our protectors seek to return us to the day when businesspeople made and traded things rather than stealing what others made?” I asked. “The answer seems clear enough. Mobsters and terrorists and rogue cops do not have protectors in Congress. Financiers and our modern malefactors of great wealth do.”
This week the California Democratic Party concluded its annual Executive Board meeting Among the resolutions passed was one calling for prosecution of Wall Street executives. It reads:
WHEREAS, it has been almost five years since the financial crisis crippled the American economy and,
WHEREAS, unacceptably high numbers of Americans have suffered job losses, foreclosure, homelessness, and loss of dignity due to the crisis and,
WHEREAS, the Financial Crisis Inquiry Commission showed why the system failed, that there was verifiable evidence of trillions of dollars of fraud and gross negligence, that crimes were committed by mortgage originators, underwriters, banks, and there have been no financial executive brought, to prosecution for the above actions,
BE IT RESOLVED, that the California Democratic Party stands in solidarity with Senator Elizabeth Warren and others in their effort to encourage regulators, the Justice Department, SEC, and other responsible parties to prosecute and hold accountable those who not only created the crisis but have been merciless in their treatment of those who suffer as a result of their actions while still ignoring good corporate governance policies.
As reported by David Atkins on Digby’s Hullabaloo, that resolution passed unanimously, as did a separate resolution calling for a Wall Street transaction tax.
Yes, I know -- California Democrats ain't California, California ain't America, and this resolution will have as much effect on Congress as the North Carolina Republicans urging that body to replace the Bill of Rights with Genesis. Still, nice to hear.