Prosecutors Pass On Major Wall Street Players

Newsweek:

Ever heard of Sky Capital? Probably not. The CEO of that rinky-dink Wall Street firm and five of his employees were indicted this week over what the Securities and Exchange Commission described as a "trans-Atlantic boiler room scheme" to defraud investors. Maybe you have heard of Angelo Mozilo, the perpetually tanned former head of Countrywide Financial who faces civil fraud charges that he and two others knew many of their subprime loans were "toxic," as Mozilo allegedly described them in e-mails. Mozilo says he's innocent. Prosecutors believe he was one of many middlemen who fed one of the greatest confidence games of all time--the subprime-mortgage-backed securities scam--perpetuated by Wall Street.

Read the whole story: Newsweek

Comments

[SensibleJoe]

Nobody is "too big" to jail. Quite frankly, "three hot and a cot" in a penitentiary is better than what these guys deserve. America is a nation based on the rule of law and due process: nobody is exempt from either!

[humanbeing-rick]

If our prosecutors will not prosecute the Wall Street criminals, then a congressional investigation should begin. I wrote my congressmen to start one now. I beg all of you to do the same.

If congress and the justice system cannot prosecute these devils that are "too big to jail", then we the People of America must rise up and do the job ourselves. It is written into our constitution, it is our right. It is our duty.

We cannot succeed until we root the rot out of the system first.

[ManufacturedDissent]

It makes perfect sense to me.

Defraud people out of millions of dollars and destroy lives to maintain your yacht. Stay rich and free.

Steal a snickers bar to satiate your hunger. Get a 20 year sentence in a maximum security prison.

[IndelibleVoice]

Welcome to American capitalism ;) deregulated...

[loki]

The Oligarchy that rules the land will not be held accountable for anything. They are the self appointed kings and queens of the land, and they paid a lot of money for that status. No one from any of the current political parties would dream of pressuring the justice department into even looking sideways at these people. Instead, twe will shower their feet with Billions of taxpayer money , and tell them what great and intelligent people they are.

[Manx]

The Obama administration won't prosecute because Obama wants to move forward, not backward.

[SamKnause]

Does this mean that we the people do not have to follow the laws of the land? There are a lot more of us then them, so I know the jails can't hold all of us. I don't ever remember feeling this ashamed of my country. We are being robbed blind, we have two wars bleeding us dry, the war on drugs continues, if we get health care it will be so watered down it won't solve the problems it is meant to solve, we are not moving at any real speed to get off of foreign oil. we still have DADT, and the list goes on. The last 30 years have destroyed this once great country and our corrupt government continues to play its games with we the people.

[Montgriz]

I agree...America truly is becoming a banana republic where the rich and their families control everything, mostly behind the scenes....I am not sure what the solution is, or if it is too late, but I am so grateful to having seen the US at its zenith....I would hate to be a younger person in America, today....the future looks so bleak.....

[lobear00]

Many other super nations have fallen in the past and "Ours " is no different, it will come to pass. The next super power in line for the thorne is China, with the blessing of the bush regime, and the bright republican party with their "borrow and spend garbage.

[planetjeffy]

Unfortunately we don't have enough investigators, prosecutors, judges and jails to go after all the fraud that was committed by bank/mortg­age/insura­nce executives and all their underlings (down to mortgage brokers and real estate agents). All of these people will get off scott free.

disgusting

[fifty8]

With the amount of money involved, anybody who crosses a certain line would be destined
for the big sleep......anybody! It's the main reason the big boys will walk.

[sueinmn]

So organised crime like in the chicago 30s has risen .

[fifty8]

It never left.Would you rat out on a biker or the mob?

[Montgriz]

Crime rules if it is profitable enough....American armed forces have decided not to destroy the poppy fields in Afghanista­n.....gee, can't understand why....

[lyingtruth]

How is prosecutor/da going to get campaign contribtions if they put their supporters in jail?

[sueinmn]

Insider trading, fraud, ponzi, you name it. Why did Madoff get nailed and no one else? World wide fraud and scams and NO ONE GOES TO JAIL?

So I run a red light and they nail me immediately! (I havent but they would)

This is what America has turned into? Break the middleclass (been warned for years) homeless society yet the fraudsters walk free and still receiving bonuses!

Obama has definately been BOUGHT !! All talk no walk!! American Justice system or as some call it, the law department is lazy!

[HeWhoReads]

Exactly. It is disheartening to see how many people just forget these things. Some even defend the deteriorating situation. It is like they all have adult ADD and Stockholm syndrome.

[layman]

Those who are too big to jail are well connnected to some of those criminals working in Washington. The whole government is an organized crrime racket.

[pissedmichael]

That's just swell. White collar crime rides again, off into the sunset on a beach somewhere in Bermuda.

[ProAmericanLobbyist]

Stockholders need to hire a trial Lawyer to recover money lost by Wall Street Casino Operations.

The government should also be sued for bailing out the criminals who caused the Wall Street Collapse.

We the people need to start a People party to represent Middle Class Americans, not Corporations.

[sueinmn]

Im with you! We could actually be the third political party they are talking we need. Sueing Congress for the mishandling of treasury-peoples monry. They are by law suppose to be good stewards of our money. To me it was a missappropriation of funds to criminals.

[AngusC]

As much as I would like to disagree with you, the more and more I am seeing the viability of a third party in this country.
If the Democratic Party and Obama do not make a decisive move to charge and prosecute these people, America will lose faith in them.
In addition, everyone knows that the Republican party is deep in bed with them also, so the only option will be a true third party that has the peoples' interests at heart.
The lobbyist system has to go.
At its core it is corrupt and it is responsible for 99% of the problems in government.
I don't even understand how it is legal.

[vippy]

Per our valued Declaration of Independence we, the people, are allowed to get rid of
our government if we deem necessary. How come no one ever read the Declaration?
And who has the balls to do this?

[sueinmn]

Then add the fact that The Senate has long recognized that public office is a public trust. Senators hold office to represent the interests of their constituents and the public at large. Members are assisted in these efforts by officers and employees who are paid from United States Treasury funds. The public has a right to expect Members, officers, and employees to exercise impartial judgment in performing their duties. The receipt of gifts, entertainment, or favors from certain persons or interests may interfere with this impartial judgment, or may create an appearance of impropriety that may undermine the public"s faith in government. PLEASE LET ME CORRECT THIS LAST SENTENCE. Campaign contributions from Washington lobbyists SERIOUSLY UNDERMINE PUBLIC CONFIDENCE!

Federal law and Senate rules restrict the amount and source of outside income that Members, officers, and employees of the Senate may accept. These limits represent an attempt to preclude conflicts between the narrow interests of private employers and the broader interests of the general public.

[sueinmn]

Campaign funding by inside lobbyists to influence heavily the legislation needs to end! K street hires insiders to do their bidding.

I have a long letter about this and moveon.org won't even touch this one. Just received the "cant take it on" notice from them.

[sueinmn]

Crew- Citizens for Responsability in Washington is who wrote me back and denied taking campaign funding on. Seems they are not strong enough either!


We need a David and Goliath to do this!

[AngusC]

This is a joke.
I may as well move to New York and use my MBA and become just like these guys.
Obviously there are no repercussions to what these guys do.
They are not prosecuted, they continued to get paid their bonuses on our dime and continue to take their vacations.
As they say, if you can't beat em, join em.

[ObamAtomic]

Angelo Mozilo tan is surgically induced,Winter or Fall,same color.