Talk About Hot Acid in a Wall Street Inflicted Wound

If the American public thought that it had borne all the excruciating pain of every insult and injury that Wall Street and Washington could deliver . . . think again.

In what has to be a new low in terms of kicking the hard working, God-fearing, taxpaying investors of this land in the proverbial balls, check this WSJ story out about the motivations of the Department of Justice and Federal Bureau of Investigation in meting out large fines on Wall Street (Caution: prior to reading this, I recommend you remove any projectiles or sharp objects from your vicinity):

In extracting multibillion-dollar fines from Citigroup Inc. and other big banks, prosecutors say they are trying to deter future corporate wrongdoing by making shareholders angry enough to demand changes.

It is a significant shift in tone for the Justice Department and Federal Bureau of Investigation, which have argued for years that sending people to prison is the best way to prevent white-collar crime.

Are you f@*%$! kidding me?

With this release, Eric Holder and James Comey have taken the definition of chutzpah to a whole new level. Rather than upholding their mandate to truly protect the public interest, these lapdogs roll over — lick their own balls — and effectively admit that they are punishing the shareholders of the Wall Street banks rather than holding the senior Wall Street management to account.

How does that work when the boards of the Wall Street banks are chock full of cronies? It doesn’t work, never has, and never will. Yet that pile of dog$&*% is fed to the American public as a substitute for real justice. WOW, JUST WOW!! Talk about hot acid in a Wall Street inflicted wound.

The DOJ and FBI could have left this story and line of reasoning untouched in the hope that the very slow passage of time might have gently cooled America’s outrage with Wall Street and Washington. But they didn’t. This story only stokes the fire and as well it should.

I believe strongly that most who read this commentary will look at Eric Holder and the DOJ, James Comey and the FBI, and yes President Barack Obama as well and say that they not only failed to hold Wall Street accountable but in doing so they were truly derelict in their duty. The line of reasoning within this statement confirms that reality because they could not possibly be this stupid to think otherwise. Or could they?

Those navigating the economic landscape around these parts would simply and justifiably say that Holder, Comey, Obama and so many more within their realm are In Bed with Wall Street.

I concur.

The power of the pen may be mightier than the sword but it is hard to downplay how incensed I am by reading this pathetic statement put forth by departments that are supposed to stand for “liberty and justice for all.”

NOT!! Justice misdirected is justice denied.

Our nation regressed this evening.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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