Eric Holder’s Goldman Sachs Problem


Eric Holder’s Goldman Sachs Cronyism

August 14, 2012 11:19 am

The Department of Justice recently decided to not prosecute Goldman Sachs or any of its employees in a financial fraud probe—yet another sign of cronyism by Attorney General Eric Holder, according to Peter Schweizer:

The news is likely to raise the ire of the political left and right, both of which have highlighted one of the most inconvenient facts of Attorney General Eric Holder’s Justice Department: despite the Obama administration’s promises to clean up Wall Street in the wake of America’s worst financial crisis, there has not been a single criminal charge filed by the federal government against any top executive of the elite financial institutions.

Why is that? In a word: cronyism.

Holder’s inaction to prosecute Goldman Sachs does not surprise Schweizer. He writes that Goldman employees donated a combined $1,013,091 to Obama’s campaign in 2008, and that some Goldman executives began “flooding Obama campaign coffers” when the Senate Permanent Subcommittee on Investigations released a scathing report on Goldman’s Abacus deal in April 2011.

Schweizer also notes that while the Justice Department’s Financial Fraud Enforcement Task Force has a list of fraudulent individuals they have successfully prosecuted, these individuals are “shockingly small compared with the Wall Street titans the Obama administration promised to bring to justice.”

Schweizer’s indignation at Holder’s lack of action is echoed by the Huffington Post’s Richard Eskow:

More and more Washington insiders are asking a question that was considered off-limits in the nation’s capital just a few months ago: Who, exactly, is Attorney General Eric Holder representing? As scandal after scandal erupts on Wall Street, involving everything from global lending manipulation to cocaine and prostitution, more and more people are worrying about Holder’s seeming inaction—or worse—in the face of mounting evidence.

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