Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Tuesday, December 6, 2011

Journaganda Alert: "Former" FBI Says It's Too Hard To Prosecute Banksters

Why No Financial Crisis Prosecutions? Ex-Justice Official Says It’s Just too Hard

Here's Propropagandica slinging it far and wide again on behalf of their sponsors. This website, formed by former Wall Street Journal presstitutes, presents itself as independent, hard-hitting and edgy. It is anything but.

David Cardona, who recently left the FBI for a job at the Securities and Exchange Commission, told the Wall Street Journal that bringing financial wrongdoing to account is “better left to regulators,” who can bring civil cases. Civil cases, of course, can produce penalties from the banks -- as well as promises to be on better behavior -- but don’t put any executives behind bars. Here’s the Journal:

While at the FBI, Mr. Cardona oversaw dozens of criminal probes of large financial firms. The FBI's probes haven't led to any successful prosecutions of high-profile executives in relation to the financial crisis, despite demands from some lawmakers and angry Americans. In contrast, the SEC has filed crisis-related civil-fraud cases against 81 firms and individuals, and it has negotiated almost $2 billion in penalties in cases that have been settled.

Cardona told the Journal that the failed first attempt to charge financial players with crisis-related fraud -- the 2009 trial and eventual acquittal of two Bear Stearns Cos. hedge-fund managers -- triggered "a lot of rethinking on how we do things.” After that, he said, the federal government began to question its “ability to convince a jury that criminality has occurred” on complex and technical financial cases.

The FBI can infiltrate OWS groups but just can't seem to manage Wall Street. And in this climate there would be no difficulty in securing convictions against white-collar criminals.