Officials at the Securities and Exchange Commission, the regulatory body charged with going after financial crimes, systematically blocked and destroyed dozens of investigations into fraud allegedly committed by major Wall St. institutions, including files related to initial inquiries into Goldman Sachs, Deutsche Bank and Bernie Madoff, according to a recent whistleblower lawsuit. The SEC has admitted to improperly deleting files. And there is growing evidence that bank lobbyists and those hoping to become bank executives/lobbyists one day, burrowed into the SEC to block investigations of big banks. The media barely covers this.
The Obama DOJ has pursued a bank fraud prosecution strategy of either ignoring large swaths of Wall Street or giving slaps on the wrist + “plz don’t do it again” pledges (see the NYTimes’ investigation of these phony pledges here).