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Response to Hydra (Reply #23)

Thu Nov 8, 2012, 06:29 PM

27. Fact of the matter is

what Wall Street did was unethical, a-moral, and horrendous . . . but it was not illegal. They did everything within the law because their lackeys in Congress (both Republican AND Democratic) passed those laws to protect them (and they paid a pretty penny to get those through).

To excoriate President Obama's AG is shortsighted. Those who broke the law on Wall Street were prosecuted to the fullest extent and sent to prison. Why do people still have a problem with this basic concept; that the AG can only prosecute IF laws have been broken, and with the financial meltdown, very few were.

THE PRESIDENT:

"Well, first on the issue of prosecutions on Wall Street, one of the biggest problems about the collapse of Lehmans and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasn't necessarily illegal, it was just immoral or inappropriate or reckless. That's exactly why we needed to pass Dodd-Frank, to prohibit some of these practices.

... I think part of people's frustrations, part of my frustration, was a lot of practices that should not have been allowed weren't necessarily against the law, but they had a huge destructive impact. And that's why it was important for us to put in place financial rules that protect the American people from reckless decision-making and irresponsible behavior."

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