This is one of the many very interesting revelations from the GAI report on corruption in the Obama Department of Justice. And remember, in our buying and paying system, what you will read is absolutely legal.
GAI argues that the Obama administration’s decision not to go after Big Finance was down to DOJ senior management – Holder, Associate Attorney General Tom Perrelli, Associate Attorney General Tony West, Assistant Attorney General Lanny Breuer, under – Attorney General James Cole and Deputy Assistant Attorney General Karol Mason – who “all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate.”
The report details how Holder and Breuer both arrived at the DOJ of Covington & Burling, a “leading Washington law firm” with a client list that includes financial firms like Wells Fargo, JP Morgan Chase, Bank of America, CitiBank, Deutsche Bank, Goldman Sachs, ING, Morgan Stanley, UBS and Wilmington Trust.
GAI said President Obama’s decision to choose Holder, “a Covington white-collar defense attorney,” as his attorney general, rather than a “more spirited attorney,” appears to have sent “a subtle signal to the financial community ”that this administration will do nothing, despite the harsh words.
As one of the many examples where Holder’s DOJ could have gone after Wall Street but failed, GAI cites how Michigan Democratic Senator Carl Levin “proposed that the DOJ criminally investigate Goldman Sachs for its handling of the Abacus transaction. 2007-AC1 ”in an April 2011 Report of the Senate Standing Subcommittee on Investigations.
In that 635-page report, Levin and his staff – who are Democrats – recommended that Holder’s DOJ investigate the potential crimes committed. Levin’s subcommittee and the Federal Financial Crisis Inquiry Commission both made formal referrals to the DOJ for investigation – and Forbes magazine ran an article with the headline “Criminal Charges Loom For Goldman Sachs After a scathing report ”.
Nothing happened. But, over the remainder of 2011, Obama launched a massive fundraiser on Wall Street. “By the fall of 2011, Obama had raised more donations from Wall Street than any of the Republican candidates, and Bain Capital employees had given more than twice as much to Obama as to [Mitt] Romney, the founder of the company, ”GAI wrote in its report.
“In the weeks before and after the Senate report on Goldman Sachs, several Goldman executives and their families made contributions to Obama’s Victory Fund and related entities and some contributors reached the maximum of the largest individual donation allowed. , $ 35,800.. “
“Five top Goldman Sachs executives wrote over $ 130,000 in checks to the Obama Victory FundGAI continued. “Two of these executives had never donated to Obama before and had previously given only small donations to individual candidates.”
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