15 December 2010

Remember That Justice Department Crackdown of Financial Fraud?

Round up the usual suspects
It's all theater, with a bunch of run of the mill low level grifters being rounded up being sold as real law enforcement:
The "Broken Trust" target list resembles that of the President's "Interagency Financial Task Force," which has concentrated on minor criminals while studiously avoiding the big (and still deadly) fish (see "A Banker Can't Get Arrested In This Town"). Most of the Task Force's indictments involved a category of financial criminal we call "ABB" -- "anybody but bankers." There were software entrepreneurs, family investment firms, some Florida retirement advisors ... even a fraudulent psychic who claimed he could predict stock performance! (And no, it wasn't Jim Cramer.)

Holder's list of alleged "Broken Trust" victories is a similarly Faginesque assemblage of small-time grifters. It would make an ideal cast of characters for a Damon Runyon story or a Bertolt Brecht musical: There's a Miami-based Ponzi schemer who used his loot to buy basketball tickets and make yacht payments, a retired Ohio cop who scammed fellow police officers and some firefighters, and the New Jersey hustler who scammed people so he could buy three luxury cars and two country club memberships.
This is clearly top down policy.

You see it from Treasury, you see it from the Department of Justice, you see it from Obama's entire domestic policy team.


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