Sunday, March 16, 2014

Getting away with it

In a report that confirms the blindingly obvious, Gretchen Morgenson of the New York Times says the Obama administration has not attempted to investigate -- still less prosecute -- mortgage fraud that created the Bush Recession. It is not easy to guess why. While a vigorous campaign would have alienated some political donors, it ought to have been politically popular. While some of the worst offenses were probably not crimes -- in large part because the Clinton and Bush II administrations and the Congresses of those times refused to regulate financial derivatives -- others should have been relatively easy to prosecute. It might not be too late. Or maybe it is. When Edward Kauffman was a senator from Delaware, he twice chaired hearings meant to prod he Justice Department to get moving. He told Morgenson:
“The report fits a pattern that is scary for a democracy, that there really are two levels of justice in this country, one for the people with power and money and one for everyone else. And that eats at the heart of what I think makes this country great.”

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