But here’s the thing: most of the crimes Wall Street people commit involve highly specific, highly individualized transactions that won’t fit Eric Holder’s bag of cookie-cutter statutory definitions. That is not the same thing as saying they’re not crimes. They are: the crimes of the crisis period were and are very basic crimes like fraud, theft, perjury, and tax evasion, only they’re dressed up in millions of pages of camouflaging verbiage.
Or, even more often, the crimes have also been sanctified in advance by ‘reputable’ law and accounting firms, who (for huge fees) offered their clients opinions that, if X and Y are signed in accordance with Z, and A and B are stipulated by the parties, and everyone’s sitting Indian-style and facing the moon when the deal is agreed to, then it’s not fucked up and illegal when Goldman Sachs tells you it’s a co-investor in your deal when it’s actually got $2 billion bet against you.
You know that look a dog gives you when you show it something confusing, like an electric razor or a lawn sprinkler? That’s the look federal prosecutors give when companies like Goldman wave their attorneys’ sanctifying opinions at them. They scratch their heads and say: ‘Oh, wow, well since this was signed in Australia by three millionaire lawyers wearing magic invisibility cloaks, it really isn’t fraud! They’re right!’
Taibbi has consistently hammered the Obama administration on their non-action regarding Wall Street when other liberal writers have been content to look the other way, or worse, think history suddenly stopped on January 20, 2009. History did not stop, nor did the effects cease from the massive fraud perpetuated by Wall Street.
Read Griftopia. And think about this: In 2008, Wall Street gave Barack Obama the most contributions of any other candidate. This year, they’re investing in Mitt Romney and the GOP by ratio of nearly 3:1 thus far. They know which side their bread is buttered on — it’s both. But the GOP side looks especially buttery in 2012.