John Bolton

John Bolton

Wednesday, May 09, 2012

Obama Turns Blind Eye to Wall Street Crooks/Campaign Contributors

Yet another example of how his strong words are not matched by deeds!

When Texas energy giant ENRON went bankrupt following an accounting scandal billions in investor dollars were lost. Small investors with retirement savings were hardest hit. Democrats pounced and accused the Bush Administration of shielding ENRON because of close political ties and the campaign contributions given to Republicans by the firm's top executives. Never mind that the money went to Democrats too. It was a front page scandal that went on for years.

Despite any political ties the Bush Department of Justice acted aggressively. ENRON executives were put on trial and many convictions followed. CEO Jeffrey Skilling is currently serving a 24 year sentence for fraud and insider trading.

Obama's Wall Street buddies receive Get Out of Jail Free card with campaign contributions?

Fast forward to today. MF Global went bankrupt after the executives at the firm took investor cash to cover losses in it's trading. Over $1 billion is missing and unaccounted for. What the executives did was a crime but thus far, no prosecution. In one report "a number of federal prosecutors have expressed doubts to others involved in the case that anyone at MF Global — including the firm’s chief executive, Jon S. Corzine," would be prosecuted.

Funny, but Jon Corzine has much stronger ties to Obama than any ENRON executive did with Bush. Corzine, a man much richer than Mitt Romney, was the former Senator from New Jersey, a colleague of Obama's in the U.S. Senate. Obama campaigned for Corzine's re-election for Governor of New Jersey (he lost to Chris Christie) saying that as President he "worked together" with Corzine as a "partner" on the failed Stimulus in which many more billions have been lost.

And Corzine, who has raised millions for Democrats, is still listed as a campaign "bundler" (corralling large contributions from his contacts) on the Obama campaign web site.

I guess Obama knows who his friends are and takes good care of them.

If this was just about Corzine it would be bad enough. But not one Wall Street executive has been prosecuted by the Obama Department of Justice for financial fraud with all prosecutions in this area at 20 year low. A Newsweek investigation found the growing links between campaign cash for Obama and seeming immunity from prosecution for Wall Street crooks. The full report is well worth your time to read in it's entirety. Wall Street campaign contributions to Obama are second only to those of the trial lawyers.

I suppose that having an Attorney General and many of his top attorneys come from New York firms specializing in defending Wall Street criminals has nothing to do with it. Right?

Meanwhile, Obama continues to campaign as the tough guy who is going to clean up Wall Street and make those "millionaires and billionaires" play by the rules. But it would seem that the only rule he wants them to play by is the old Chicago "pay to play" rule of political corruption!

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