Mary Schapiro and Lanny Breuer Give Us the Ultimate Dog-Bites-Man Story

holder, Breuer, Shapiro

From right to left, Attorney General Eric Holder, former Assistant Attorney General Lanny Breuer, former FDIC Chair Sheila Bair, and former SEC Chair Mary Schapiro, are sworn in on Capitol Hill in Washington, Thursday, Jan. 14,2010. (AP Photo/Pablo Martinez Monsivais)

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Mary Schapiro and Lanny Breuer Give Us the Ultimate Dog-Bites-Man Story

They failed to prosecute a single Wall Streeter over the 2008 disaster. Now it’s home to mama.

As head of the Securities and Exchange Commission for the past four years, Mary Schapiro failed to win a major civil action against any Wall Street executive connected to what may be the worst financial fraud in history, the subprime-mortgage scam that led to the 2008 crash. As head of the Justice Department’s criminal division for the past four years, Lanny Breuer failed to accomplish the same with criminal action. And now both are headed back over to the other side: deep-pocketed firms that earn their keep largely from Wall Street. In Schapiro’s case, that’s Promontory Financial Group, which advises financial firms on regulation; in Breuer’s, it’s Covington & Burling, a major law firm that defends financial clients.

If this sounds like a dog-bites-man story, it is. Actually it’s more like, Wall Street bites everybody. But that too is pretty predictable these days. “It used to be called ‘selling out,’ ‘cashing in,’ or ‘influence peddling.’ Now it’s referred to politely as the ‘revolving door,’ ” said Dennis Kelleher, president of Better Markets, a Washington nonprofit that advocates for better regulation of financial markets. “But whatever it’s called, nothing is more corrosive to the American people’s trust in government than when former senior public officials turn their so-called public service into multimillion-dollar riches unimaginable to almost all Americans.”

Schapiro will no doubt be welcomed back to her tribal homeland with open arms. During her rather undistinguished tenure, SEC failed to gain any significant prosecutions related to the subprime disaster, though she did manage bolster SEC’s enforcement process and create a new tips database and a whistleblower office. At one point, SEC was even rebuked by U.S. District Court Judge Jed Rakoff, who refused to approve the agency’s $285 million settlement with Citigroup because, as in another case with Goldman Sachs, SEC failed to gain any admission of wrongdoing.

Rest here…

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Comments
One Response to “Mary Schapiro and Lanny Breuer Give Us the Ultimate Dog-Bites-Man Story”
  1. DC says:

    Its all just a bit much to take,it is talked about openly and no forking body seems to give a rats u know what.Blows my mind whats going on with people?I guess they figure if you cant beat em,join em kinda vibe and all the young adults my son included just going to school and having fun, pretty much dont care they figure these morons will all be dead soon and then they will make the rules and regulations.But I still dont get the thinking thats going on,what is it? that everyone wants to be filthy rich?I dont and dont know about others but my life is good and I dont need that” Im a slick dishonest,mega dollar cunt” to get on with my day,wanta be rock stars all ex dweebs that musta got lots of crap in like high school because there is no sane explanation for just wanting to swindle all even there own mothers.I am no expert in these waters but this imo is what happens when the government sticks there nose in every aspect of the private sector and then its all big gov.Forget that you had a arrangement with so and so and they welched because now so and so is sleeping with government guy so you have no recourse just take it like a man and move the fork on.Government guy sleeps with all who will have him and there you get the “cant beat em/join em deal,its cool to swindle folks because there is a mess of em out there and they just keep poppin em out.We are all expendable I guess.Its been fun sorta ranting and I am grateful for this website and those who have the balls to make it happen.PEACE

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