According to Goldman Sachs, we are in the third wave of the great crisis; what happened in 2008 continues to haunt Americans now facing financial risk at the next phase of the collapse.
Banks and executives who should’ve been indicted for their misdeeds have gotten away under our justice system. Despite pressure from Congress’ Oversight Panel, Obama’s Justice Department has went out if its way to avoid prosecuting Wall Street executives.
Notably, Attorney General Eric Holder spent a considerable amount of time at Covington and Burling, the legal firm specializing in representing Wall Street institutions, which include many players in the financial crisis. With this connection, clearly, Holder was never realistically capable of prosecuting these banks.
PBS Frontline, on its investigative report on the topic, revealed that while no senior Wall Street executive has been prosecuted, many small mortgage brokers and loan appraisers have been. The Department of Justice’s excuse: it was too hard to obtain convictions.
Several years later, while millions of Americans remain suffering from the effects of the fraudulent actions of “untouchable” Wall Street bigwigs, not a single arrest has been made. And with the way things have been going, it seems that no arrest ever will be.