Sex and Drugs: No, Obama Won’t Prosecute the Fat Cats

Below I give the details, but here’s the takeaway: the Obama Justice Department, led by star white collar criminal defense attorneys Eric Holder and Lanny Breuer–and the Obama SEC, led by former securities industry’s self-regulator Mary Shapiro and Deutsche Bank CDO lawyer Robert Khuzami, ignored the business records of a Wall Street madam that document a few thousand Wall Streeters’ use of her brothel’s services. They’ve also ignored traders‘ and executives’ widely acknowledged cocaine and prescription drug abuse.

That information is useful in coercing insiders into cooperating with the govenment. That’s key to successfully prosecuting the top dogs. For so long as President Obama’s law “enforcers” refuse to use such information, they are simply not serious about prosecuting any of the individuals who looted our financial system, wrecking our housing market and economy.

Wall Street’s use of prostitutes and coke has been in and out of the news for years, and I hadn’t really connected the dots. The accountability failure aspect was brought home to me by watching and re-watching Inside Job, that must see documentary on our financial crisis. Like the Citigroup merger power play, prosecutors’ commitment to tying their hands behind their backs is exposed in just a couple of minutes of the 108 minute film. That density is why the movie must be watched and re-watched.

Check out the rest here…