Elizabeth Warren Asks Newly Chatty FBI Director to Explain Why DOJ Didnt Prosecute Banksters
Key Excerpts from Article on Website of The Intercept
Posted: September 25th, 2016
Like a lot of other Americans, Sen. Elizabeth Warren wants to know why the Department of Justice hasnt criminally prosecuted any of the major players responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. One is to DOJ Inspector General Michael Horowitz, requesting a review of how federal law enforcement managed to whiff on all 11 substantive criminal referrals submitted by the Financial Crisis Inquiry Commission (FCIC), a panel set up to examine the causes of the 2008 meltdown. The other is to FBI Director James Comey, asking him to release all FBI investigations and deliberations related to those referrals. The FCICs criminal referrals ... have never been made public. But Warrens staff reviewed thousands of other documents released in March ... and found descriptions and records of them. They detail potential violations of securities laws by 14 different financial institutions: most of Americas largest banks. And the FCIC named names, specifying nine top-level executives who should be investigated on criminal charges: CEO Daniel Mudd and CFO Stephen Swad of Fannie Mae; CEO Martin Sullivan and CFO Stephen Bensinger of AIG; CEO Stan ONeal and CFO Jeffrey Edwards of Merrill Lynch; and CEO Chuck Prince, CFO Gary Crittenden, and Board Chairman Robert Rubin of Citigroup. None of the 14 financial firms listed in the referrals were criminally indicted or brought to trial, Warren writes. Only five of the 14 even paid fines.