Francine McKenna, writing for the American Banker, thinks that some big time gangbanksters may finally be called to account soon.
I think the Obama administration will pull Jamie Dimon down along with Jon Corzine.
They’ll do this to regain momentum with working-class voters—the 99%. Winning the November election, less than a year away, will require a significant show of prosecutorial force against banks and senior executives yet to be held accountable for the impact of the financial crisis on the middle class.
Jamie Dimon will have the misfortune, I believe, of catching a significant amount of fallout from the MF Global mess. As MF Global’s primary banker, JPMorgan Chase has been consistently accused in the media and by the attorney representing a customer coalition of taking advantage of the firm’s vulnerable financial state. Bloomberg News reported that the MF Global trustee said “certain” actions of JP Morgan Chase “are likely to be the subject of investigation.”
Dimon’s bank was also Bernie Madoff’s main bank.
So you think the Obama administration will finally prosecute the big mahoffs in the massive banking control fraud that brought down the US and world financial system, and put the US taxpayer on the hook for trillions in losses, past, present, and yet to come?
From your mouth to God’s ear, lady.
And you know what, the Obama administration might just be cynical enough to hold off on announcing dozens of indictments until a few weeks before the election, then claim with a straight face that, “Politics has absolutely nothing to do with the timing of the indictment. These were lengthy, detailed and complicated investigations, in which the alleged perpetrators engaged in stonewalling and endless delay in producing documents, etc. The indictments were brought as quickly as possible. And furthermore, what good would it do to wait until after the election.”
Oh wait, they’ll leave that last sentence out. Sorry.
And won’t that put the R crowd in a terrible predicament on the eve of the election.
I’m sure their political strategists are gaming this situation and their response right now.
Let’s see, what can they say?
Uh… “This was a blatantly political indictment and these guys are innocent and it’s an attack on the free market?”
Or “This was a blatantly political indictment and should have been brought years ago instead of now?”
OK, how about, “This was a blatantly political indictment and should have been held until after the election.”
Nah, I don’t think that will fly either.
I think the idea that Obama’s Justice Department under the Attorney General Dick Holder will ever indict any of these major corporate executive campaign donors, is a pipedream.
But we can still believe in justice, can’t we? After all this is America, where truth and justice are the American way. Or at least, they were once.
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