Green Room

The Commissar Vanishes – Leaving Only His Smile

posted at 9:39 pm on November 17, 2009 by

Strongman Attorney General Eric Holder has announced formation of a new “Financial Fraud Enforcement Task Force;” the new task force was created via Executive Order by the stroke of Barack H. Obama’s magic signing pen:

“Mortgages, securities and corporate fraud schemes have eroded the public’s confidence in the nation’s financial markets and have led to a growing sentiment that Wall Street does not play by the same rules as Main Street,” Atty. Gen. Eric H. Holder Jr. said at a Washington news conference. “Unscrupulous executives, Ponzi scheme operators and common criminals alike have targeted the pocketbooks and the retirement accounts of middle-class Americans and, in many cases, devastated entire families’ futures.”

“We will not allow these actions to go unpunished,” he continued. “By punishing criminals for their actions, we will send a strong message to anyone looking to profit from the misfortunes of others.”

Its mandate — and its targets — are clear:

Holder and other officials said they have been vigorously pursuing financial fraud cases already and that the task force would build off those efforts. The SEC, which has been severely criticized for missing numerous warning signals about Bernard L. Madoff’s Ponzi scheme, has reorganized and streamlined its enforcement efforts and is launching special units to focus on derivatives and securitized products, insider trading and market manipulation, and fraud by hedge funds and investment advisors, Khuzami said.

In a Bloomberg article, Holder gets even more specific:

The aim of the new task force is “to prevent another meltdown from happening,” Attorney General Eric Holder said. “We will be relentless in our investigation of corporate and financial wrongdoing.”

Does anybody notice what is missing from this list? How about the government officials whose corrupt regulation caused the housing collapse in the first place?

  • The members of Congress who enacted the Community Reinvestment Act in 1977;
  • The Jimmy Carter administration officials who flogged it through;
  • The Bill Clinton administration officials who hijacked it, using it as a blunt instrument to force lenders to lend too much money to people too poor (and too irresponsible) to pay it back;
  • The current members of Congress who blocked George W. Bush’s attempts to repeal some of the regulatory mandate-madness, which he saw was leading to exactly the collapse that occurred;
  • And of course, those members of Congress and officials of Fannie Mae and Freddy Mac who were neck-deep in the slime of the Countrywide Financial scandal, including Senate Budget Committee Chairman Kent Conrad (D-ND, 95%) and Senate Banking, Housing, and Urban Affairs Committee Chairman Christopher Dodd (D-CT, 100%) — both still chairing the very committees responsible for “overseeing” the very institutions who were pushed by the very same CRA to lend to the very folks whose greed for more house than they could afford led to the very financial crisis swamping us today.

All of whom are today pushing for an even more robust Community Reinvestment Act — and not a single one of whom will be targeted by Obama’s spanking new Financial Fraud Enforcement Task Force (which is totally different, of course, from the “Corporate Fraud Task Force,” which President Bush established in 2002). And so, having wrought his havoc and accepted his bribes, the commissar vanishes yet again, leaving only his mysterious, enigmatic, Cheshire-Cat smile.

Thank goodness our Attorney General has his head screwed on straight.

Cross-posted on Big Lizards

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I laughed out loud when I heard this on the radio this afternoon. If such a task force were to exist, it should/must START with government malfeasance and corruption and incompetency that started this mess.

Midas on November 17, 2009 at 10:36 PM

As a mortgage orignator I have been trying to get people to understand the CRA is the root of this mess and they are trying to expand it??????? This blaming banks is stupid, banks do not make bad loans without regulation making them.

momof2 on November 17, 2009 at 10:47 PM

All the frauds commited by corporations combined in our history may not even add up yo the $780,000,000,000.00 fraud this administration just pulled off.

All that money and little to show for it…if that’s not a con, I don’t know what is.

javamartini on November 17, 2009 at 11:02 PM

“Unscrupulous executives, Ponzi scheme operators and common criminals alike have targeted the pocketbooks and the retirement accounts of middle-class Americans and, in many cases, devastated entire families’ futures.”
“We will not allow these actions to go unpunished,” he continued. “By punishing criminals for their actions, we will send a strong message to anyone looking to profit from the misfortunes of others.”

Then, he had better start with Obama, Pelosi, and Reid who are on their way to the most massive ponzi scheme ever perpetrated upon American taxpayers. Then, he can move down the line to the likes of Dodd, Murtha, Dingel, and all of the other unscrupulous ponzi scheme common criminals in Congress.

College Prof on November 18, 2009 at 9:54 AM

Senator Palpatine: An honor, your Majesty, but an unexpected one. I promise to root out Corruption.

Queen Amidala: I feel Senator that by the time you have control of the Bureaucracy, there will be little left of our people, our way of life.

GunRunner on November 18, 2009 at 9:56 AM

Maybe the detectives should start with investigating recovery.gov to find out what happened to all our money going to bogus congressional districts and buying of a lawn mower for a cemetery. This is our money, folks, that has disappeared down a rat hole.

Kissmygrits on November 18, 2009 at 11:27 AM

Then, he can move down the line to the likes of Dodd, Murtha, Dingel, and all of the other unscrupulous ponzi scheme common criminals in Congress.

I meant Rangel, but any old Democrat will do.

College Prof on November 18, 2009 at 3:41 PM