From the Daily Beast: On Thursday the Department of Justice
announced it will not prosecute Goldman Sachs or any of its employees in a
financial-fraud probe. The news is likely to raise the ire of the political
left and right, both of which have highlighted one of the most inconvenient
facts of Attorney General Eric Holder’s Justice Department: despite the Obama
administration’s promises to clean up Wall Street in the wake of America’s
worst financial crisis, there has not been a single criminal charge filed by
the federal government against any top executive of the elite financial
institutions.
Why is that? In a word: cronyism. Take Goldman Sachs, for example. Thursday’s
announcement that there will be no prosecutions should hardly come as a
surprise. In 2008, Goldman Sachs employees were among Barack Obama’s top
campaign contributors, giving a combined $1,013,091. Eric Holder’s former law
firm, Covington & Burling, also counts Goldman Sachs as one of its clients.
Furthermore, in April 2011, when the Senate Permanent Subcommittee on
Investigations issued a scathing report detailing Goldman’s suspicious Abacus
deal, several Goldman executives and their families began flooding Obama
campaign coffers with donations, some giving the maximum $35,800…..
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