…crime and punishment – a whistle, a red card and a suspension?…Posted: 2015-09-13
…forging on through the obfuscation and inaction, undaunted, despite the obviousness of the farce….
It seems like only like yesterday, May of this year, when the US DoJ really showed the world who is the boss of world justice, and winner of the World Cup of Justice.
Then along comes Prof Black who blows the whistle on the US DoJ. Red card. Indefinite suspension – from credibility, Now the DOJ Admits They Got it Wrong.
Incentives for further reading, as Prof Black observes,
The Obama administration and the Department have failed to take the most basic steps essential to prosecute elite bankers. They have not restored the “criminal referral coordinators” at the banking regulatory agencies and they have virtually ignored the whistleblowers who gave them cases against the top bankers on a platinum platter. The Department has not even trained its attorneys and the FBI to understand, detect, investigate, and prosecute the “accounting control frauds” that caused the financial crisis. The restoration of the rule of law that the new policy promises will not happen in more than a token number of cases against senior bankers until these basic steps are taken.
And we are reminded of the awesomeness of the US Super Crusaders against Crime and other truly bad stuff,
As a U.S. attorney, Loretta. Lynch failed to prosecute any of the officers of HSBC that laundered a billion dollars for Mexico’s Sinaloa drug cartel and violated international and U.S. anti-terrorism sanctions. The HSBC officers committed tens of thousands of felonies and were caught red-handed, but now Attorney General Lynch refused to prosecute any of them – even the low-level fraud “mice.” Dishonest corporate leaders are delighted to trade off larger fines – which are paid for by the shareholders – to prevent the prosecution of even low-level officers who might “flip” and blow the whistle on the senior banksters that led the fraud schemes. To its shame, the Department’s senior leadership, including Holder and Lynch, have pretended for at least 11 years that the useless bank fines were a brilliant success. Those bank fines are paid by the shareholders. The Department’s cynical sweetheart deals with the elite criminals allowed them to keep their jobs and massive bonuses that they received because of the frauds they led. The Department compounded its shame by bragging that it was working with Obama’s (non) regulators to create guilty plea “lite” in which banks that admitted they committed tens of thousands of felonies involving hundreds of trillions of dollars of fraud were relieved of the normal restrictions that a fraud “mouse” is invariably subjected to for committing a single act of fraud involving $100.
[bold added for emphasis]
Prof Black mentions, ‘To its shame…’ Shame? Shame? Why not a brief look back to just a few months ago?
We, of course, should still remember, when, with great drama, the US DoJ, with mainly US reporters (NYT) there early in the morning to witness, struck with its Operation ‘Perp Walk’ of those Fifa ‘criminals’. ‘World Cup of Fraud’! Fifa gets ‘red card’! Yes, Fifa, a Switzerland-based organisation, unlike others with such sizeable funds, never contributed to any of the two US corporate parties – clearly, contemptible behaviour. US prime time TV! Exposure of the decadence of a world sport familiar to a passionate segment of a US society involved more with the corporate sport in which the ball is kicked fewer times in several games than it is in ten minutes in a rugby match – not to mention injuries.
So how did The Guardian report the thing? Fifa officials pocketed $150m from ‘World Cup of fraud’ – US prosecutors And couple key paragraphs,
Loretta Lynch, the US attorney general, said the Fifa officials had allegedly run a “rampant, systemic and deep-rooted” scheme to “acquire millions of dollars in bribes and kickbacks”.
As she announced charges against the nine officials, seven of whom were arrested in dawn raids at a five-star hotel in Switzerland, Lynch said: “They were expected to uphold the rules that keep soccer honest, and protect the integrity of the game. Instead, they corrupted the business of worldwide soccer to serve their interests and enrich themselves.”
US$150 million pocketed? Remember: HSBC, a four letter word.
And as the intoxication of successful distraction of the US populace seizes hold, the sound bites bite, Fifa in crisis as officials who presided over ‘World Cup of fraud’ are arrested. We get the simultaneous touchdown and home run, with the celebratory dance,
…Richard Weber, chief of the IRS criminal investigation, told the press conference in New York: “This really is the World Cup of fraud and today we are issuing Fifa a red card.”
[bold added for emphasis]
Did Prof Black state, ‘To its shame…’ with regard to the US DoJ? Shame? Just as reminder, a quotation from a slice of the Black post,
As a U.S. attorney, Loretta. Lynch failed to prosecute any of the officers of HSBC that laundered a billion dollars for Mexico’s Sinaloa drug cartel and violated international and U.S. anti-terrorism sanctions. The HSBC officers committed tens of thousands of felonies and were caught red-handed, but now Attorney General Lynch refused to prosecute any of them – even the low-level fraud “mice.”
Drugs? Terrorism? And the profitable laundering of money from the illicit gains? Yet we get, Fifa, ‘World Cup of fraud’? ‘Red card’ for Fifa? Hypocrisy? Duplicity? Or worse?
And a supporting video, Former Financial Regulator: DOJ’s Rules For Wall Street Are Nothing New. Yes, laws to prosecute are applied to all but a select few, with the ritual sanctimonious, official statements to really, really apply the laws to all, all – next time.
…clearly, emulation of captain renault, ’round up the usual suspects’; and life goes on…