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Editorials/background: Wall Street walks away ...

Published December 8, 2011 12:10 pm

This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Above: The "60 Minutes" story

- No justice: Wall Street gets off scot-free - Salt Lake Tribune Editorial

It has been three years since the financial meltdown spawned the Great Recession, yet the Obama Justice Department has yet to file a single criminal charge against a mortgage lender, investment banker or ratings agency principal. The American people are left to conclude that when it comes to massive financial crimes, there is no justice to be had from the Justice Department."60 Minutes," the CBS television news program, reminded everyone of this ugly fact with an excellent segment Sunday. In it, correspondent Steve Kroft interviewed two mid-level executives who had warned their bosses at Countrywide Financial and Citigroup, respectively, about fraud within their mortgage operations. Obviously, neither company responded vigorously enough. But even more frustrating is that the whistleblowers have not even been interviewed by federal prosecutors.As Kroft put it to the chief of the Justice Department's criminal division, it doesn't seem that Justice is trying very hard. ......The financial system nearly collapsed, the taxpayers had to fund bailouts, the stock market tanked, the Great Recession began and millions of Americans lost their jobs. But the big shots who made the huge fees have not been called to account. They should be in the dock.

- Why No Financial Crisis Prosecutions? Ex-Justice Official Says It's Just too Hard - ProPublica

- Why Prosecutors Don't Go After Wall Street - NPR

- Why no Wall St. bigwig has been prosecuted - MSNBC

- Occupy Portland uses bat signal to demand prosecution of Wall Street crime - ThinkProgress