The abject failure of the nation's top law enforcer to enforce the law against bankers of any significance in the wake of a $10,000 billion crisis is notorious. Less well-known are (1) the astounding lengths to which Eric Holder's DOJ has gone to protect criminal banks, which just so happen to be clients of his law firm, (2) the degree to which the rule of law has been subverted (it's been destroyed; we have been living under the rule of man, officially, for some time), and (3) the broader implications of Holder's reign on U.S. national sovereignty (grave).
This video series explores all three topics and more.
Frontline's Untouchables demonstrates the power of real journalism in bringing even the elite to heel, in this case literally overnight. The show is a masterpiece in narrative structure and is shot beautifully as well. At 54 minutes, it's well worth the time:
Martin Smith, who wrote and produced the Untouchables, received the 2014 John Chancellor Award for Excellence from Columbia's journalism school. While putatively for his work on the Retirement Gamble a year later, the award has the appearance of a veiled accolade for the more powerful Untouchables. (It's not unlike, say, Dennis Hopper's 1986 Oscar nomination for Hoosiers instead of for his more controversial role in Blue Velvet the same year.)
In the five years since the crisis, government authorities have won nearly $83 billion in credit crisis and mortgage-related settlements from the nation’s six largest banks — while the banks have earned more than $320 billion in profits.
The nation’s third largest bank will pay $7 billion to settle a federal investigation into whether it misled investors about the quality of mortgage-related securities that it sold in the run-up to the financial crisis.
Nearly six years since the peak of the financial crisis, U.S. prosecutors are still battling the impression that no single bank is too big to jail. But a pair of recent victories may help reverse that perception.
The Justice Department alleges Standard & Poor’s, the nation’s largest credit ratings agency, knowingly understated the risk behind many of the financial products that caused the subprime mortgage meltdown.
Well before the 2008 financial meltdown, mortgage industry insiders discovered a ticking time-bomb that they say went up to the very top of Wall Street. What did they find? Who did they warn? And what happened to their warnings?
Prosecutors are holding Wall Street to account for the financial crisis, but success should not be measured solely by the number of convictions to date, says the head of the Justice Department’s criminal division.