The Judiciary Act of 1789 created the Office of the Attorney General. They are supposed to be the chief law enforcement officer of the Federal Government. Michael Mukasey is the acting US Attorney since 2007 I think. But I have yet to hear his named mentioned at all this year. That is strange to me given the massive amounts of fraud and manipulation that has reared its head in this age of collateralizing debt and massive financial fraud. Yep I said it fraud,
A lot, not all, but a significant segment of what had happened to our financial services sector has been the result of negligence, incompetence and greed – and for lack of a better phrase – criminal behavior. From the very bottom of accepting mortgages with no money down to the manner in which securities and commodities have been traded in unregulated and a seemingly black market fashion, there is enough criminal behavior to go around. Even Henry Paulson, who said we would use the bail out loot for capital injection to supposedly buying troubled and toxic assets (which now he is doing neither) borders on criminal behavior to me.
I think instead of making a fat salary, Mr. Mukasey needs to re-read the constitution and start seeking out all these crooks from Wall Street to the Capital Hill, and start prosecuting folks. He can start if he scared, with the hedge fund industry and work his way left and right. The hedge fund industry is estimated to control about $US2.5 trillion of assets, most which are beyond regulatory supervision. This is one sector of the financial sector that can be blamed for volatility in stock markets as well as destabilizing our banking sector. The main or one what they have done such is by the short selling of stocks of companies that has resulted in reducing the values and even bankrupting said companies.
George Soros, who testified before the House Oversight and Government Reform Committee last week suggested that hedge funds will be hit hard and maybe even destroyed by the global financial crisis to such an extent that possibly 75 percent of the money they manage may be lost.
I know some of the folks in Fannie Mae, Freddie Mac, UBS and Bear Stearns have some foul folks doing some foul things, and I would suggest that the AG start to investigate, if not, I hope the President Elect will hold the folks responsible and send these folks to jail, so what the contributed to your campaign, fair is fair and such will go a long way to restoring confidence in the market and responsible financial behavior in such institutions. So as me and my folk sang in 1996, Bich do yo’ job.