Breaking News Bar
posted: 10/9/2013 4:40 AM

No prosecutions of investment bankers?

hello
Success - Article sent! close
 

No prosecutions of investment bankers?

Attorney General Eric Holder, why haven't you prosecuted any of the investment bankers and their co-conspirators, the ratings agencies, for fraud? These two financial groups are most responsible for the worst economic crisis since the Great Depression of the 1930s.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

They accomplished this dubious feat by developing a scheme to defraud bond investors. The investment banks created very large packages of risky mortgages and consumer debt and paid the bond rating agencies huge fees to falsely rate this debt AAA. This AAA rating allowed the investment bankers to sell their risky debt to unsuspecting investors while collecting huge fees. This is blatant fraud. To top it off, our government used taxpayer money to rescue these crooks.

This greedy scheme, more than anything else, put us in the economic mess we find ourselves in today. Yet after five years, not one investment banker or rating agency employee has been held accountable.

President Obama, you talk about the economic erosion of the middle class and the recent massive accumulation of wealth into the bank accounts of the top 1 percent of the income earners. Yet you have not gone after the thieves who are responsible for this disparity. Show some leadership and have your attorney general prosecute those who are most responsible.

Ron Mengarelli

Gilberts

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here