Thom was discussing the financial crisis today on the radio show, and he mentioned that banksters have not been prosecuted for their actions that caused the financial crisis. In Barack Obama's latest Rolling Stone interview, he was asked why hadn't any banksters been prosecuted by the federal government. His response was:
"First of all, we're a nation of laws. So in some cases, really irresponsible practices that hurt a lot of people might not have been technically against the law. They might have been the wrong thing to do, but prosecutors are required to actually build cases based on what the law is. That's part of the reason we've passed Wall Street reform: to make much clearer what is prohibited and what is not, to set up rules and regulations that say, "You can't do this, and if you do do it, there are going to be consequences."
"Now, that isn't to say that there may not be more wrongdoing out there. One of the things people have not been clear about, for example, is this recent housing settlement. It was based on banks violating civil laws with those auto-penning of foreclosures, and it was narrowly drawn so that banks have to put up billions of dollars to help families who have been affected, but it still leaves in place the possibility of prosecution. It doesn't provide any criminal immunity whatsoever. We've set up a task force not just with the federal government, but with state attorney generals, that as we speak are actively going through all the records, issuing subpoenas. They will, on the basis of law, make determinations as to whether there are prosecutions out there."
Is the President right? Other than auto-penning foreclosures, is there nothing than these SOBs can be formally charged with?