Last year, former Newsweek veteran reporter Peter Boyer and Government Accountability Institute President Peter Schweizer wrote a much-discussed article highlighting Attorney General Eric Holder’s unwillingness to prosecute a single senior executive of any major financial services institution in the wake of the financial meltdown.
Now, with critics on the left and right pushing for Holder’s Department of Justice to prosecute bad actors on Wall Street, federal authorities are finally readying criminal charges of two low-level former JP Morgan Chase workers allegedly involved in misrepresenting the so-called “London Whale” multibillion loss.
Will throwing the book at former manager Javier Martin-Artajo and low-level trader Julien Grout spawn a new effort to crack down on Wall Street malfeasance? Or is it simply the tossing of a couple sacrificial lambs under the bus to appease DOJ’s increasing chorus of critics?
Probably the latter, say analysts.
Breitbart News contributor and Executive Vice President and Managing Director for Carrington Holding Company Christopher Whalen said on Fox Business that the latest actions against JP Morgan’s former low-level employees amount to little more than “noise from Washington.”
Indeed, as Boyer and Schweizer suggested, Holder’s unwillingness to go after Wall Street could stem from the fact that his old law firm Covington & Burling counts the big banks among its clients. What is more, some of Obama’s biggest donors come from financial services.
So far, that coziness has kept President Barack Obama’s big bank executive cronies insulated from criminal charges. Indeed, Obama himself has between $500,000 to $1 million with JP Morgan Chase in a private client asset management account. And in 2008, the bank’s employees contributed $808,799 to Obama.