Reply #19: To elleng - Obama's part

[Amerigus]

As the author, I hear you on the SEC answering to Congress, but Obama's role is still vital and egregious (and Congress has a quarter the approval numbers as Obama anyway). Since taking office, Obama has failed to investigate, prosecute or prevent this from happening again.

Obama appointed Mary Schapiro as chair of the SEC - she is a connected multimillionaire who sits on the board of Kraft and Duke Energy, and was a pal of the Madoffs, a rank do-nothing since taking office.

Obama has continued the common use of 'deferred prosecutions' through the DOJ and HUD. He could have revised Bush's lenient DOJ guidelines but has been flaccid. Then, he pressured the AGs from every state to accept a pennies-on-the-dollar immunity deal for mortgage fraud. Obama appointed banking giants Tim Geithner, Larry Summers, Bill Daley and revolving door Goldman Sachs people throughout the administration. I knew the second I heard Rahm Emanuel's name that Obama was a huge bank-loving bait and switcher, but i gave him every benefit of the doubt till recently.

Now we find the Fed was giving ridiculously cheap loans to banks to make billions in profit as the public deficit soared. I'd love to debate this further so I understand your reasons for claiming he had nothing to do with this.