Instead, the government has largely focused on a strategy of securing multi-billion settlements from financial firms, but rarely requiring an admission of wrongdoing. Journalistic Standards. By submitting comments here, you are consenting to these rules:. Readers' comments that include profanity, obscenity, personal attacks, harassment, or are defamatory, sexist, racist, violate a third party's right to privacy, or are otherwise inappropriate, will be removed.
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I'm already subscribed. Holder went on to suggest that, until Congress does something about it, the size of these banks will preclude bringing them to justice. Grassley and Sen. Read letter from Brown and Grassley to Holder at Senate. In a Congress marked by polarization and intransigence, this pursuit of answers as to why banks have not been punished for the widespread abuses that led to a near-collapse of the financial system five years ago has remained truly bipartisan.
Brown, chairman of the Senate subcommittee on financial institutions and consumer protection, announced last week that he and Sen. David Vitter, a Louisiana Republican, will be crafting legislation addressing the too-big-to-fail issue. Market Pulse: Financial sector awaits results of Fed stress tests, due Thursday at p.
Eastern time. Before Holder became Attorney General, banks fueled the housing bubble with predatory and at times, allegedly fraudulent practices. And banks and lenders carried through that fraud to every level of the mortgage process.
They committed origination fraud through faulty appraisals and undisclosed trickery. They committed servicing fraud through illegal fees and unnecessary foreclosures.
They committed securities fraud by failing to inform investors of the poor underwriting on loans they packaged into securities. They committed mass document fraud when they failed to follow the steps to create mortgage-backed securities, covering up with fabrications and forgeries to prove the standing to foreclose.
By the time the bubble collapsed, the recession hit and Holder took over the Justice Department, Wall Street was a target-rich environment for any federal prosecutor. Physical evidence to an untold number of crimes was available in court filings and county recording offices. Financial audits revealed large lapses in underwriting standards as early as
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