A recent spate of articles has appeared decrying the lack of criminal prosecution of major players in Wall Street's mortgage fraud fiasco. Readers here know just how long I have been writing, and predicting, that no serious criminal prosecutions would follow the greatest frauds in history.
The hipocrisy in these recent media "disclosures" is overwhelming. While he was still Chair, I forwarded "You the Jury, How Wall Street Cashed In On the American Dream and Nearly Killed It" to Phil Angelides, and a plethora of others. As a former Federal Prosecutor of major mortgage fraud and a Wall Street insider during the run up to 2007, I expected to be called upon. Not a word. No interest in hearing from someone with inside information, and a clear and effective path to prosecution. The rhetoric today from Angelides and others is self serving nonsense. Statutes of Limitation have run. There has been, and will be, no real accountability. And, it is starting to happen all over again. Mortgage fraud is alive and well.
Now the President has appointed Mary Jo White to head the SEC. He crowed that "enforcement" is now the byword. Bull! Enforcement of what? Future crimes? Certainly Ms. White will not be "looking back," since Obama declared FOUR YEARS AGO that looking back is not the way to go. Congress needs to check Ms. White's client list. Once again the fox is in the henhouse. Obama will never enforce the law against anybody on Wall Street worth prosecuting.
And America is the worse for it.