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pa28

(6,145 posts)
Mon Jul 6, 2015, 03:30 PM Jul 2015

Revolving door: Holder returns to law firm that lobbies for big banks. 7-8 figure compensation.

https://firstlook.org/theintercept/2015/07/06/eric-holder-returns-law-firm-lobbies-big-banks/

After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients.

.....

The Department of Justice under Holder not only failed to pursue criminal prosecutions of the banks responsible for the mortage meltdown, but in fact de-prioritized investigations of mortgage fraud, making it the “lowest-ranked criminal threat,” according to an inspector general report.



According to Eric Holder banks are too big to prosecute but it seems he's perfectly capable of defending them.

Eric Holder Admits Some Banks Are Just Too Big To Prosecute

http://www.huffingtonpost.com/2013/03/06/eric-holder-banks-too-big_n_2821741.html

127 replies = new reply since forum marked as read
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Revolving door: Holder returns to law firm that lobbies for big banks. 7-8 figure compensation. (Original Post) pa28 Jul 2015 OP
I think that's BOTH Hope and Change for Eric HFRN Jul 2015 #1
I knew he was protecting his financial viability by doing NOTHING about the banksters. roguevalley Jul 2015 #32
He won't. He'll pay off his conscience. n/t Betty Karlson Jul 2015 #97
This has to end eventually. We can't have another 8, or even 4, years of this arcane1 Jul 2015 #2
And that's why we NEED Bernie to win the White House. cui bono Jul 2015 #87
Color me shocked. KG Jul 2015 #3
Surprise surprise surprise n2doc Jul 2015 #4
You read my head BrotherIvan Jul 2015 #12
But the writing was on the wall! cui bono Jul 2015 #88
Edited BrotherIvan Jul 2015 #89
Liar cui bono Jul 2015 #90
You just hate BrotherIvan Jul 2015 #91
If you had a lisp you could have said.. cui bono Jul 2015 #92
Guava cream cheese pie??? BrotherIvan Jul 2015 #93
Truth be told is is more of a pastry than a pie... cui bono Jul 2015 #94
Yes, I have had that pastry from a Cuban bakery BrotherIvan Jul 2015 #95
In Brazil they serve guava with cheese, not in a pastry, just on a plate.. cui bono Jul 2015 #108
I hope you are feeling better! BrotherIvan Jul 2015 #110
I had to go breathe into a paper bag for a little while to get over the shock. pa28 Jul 2015 #15
Obama/Holder protect the big banks and prosecute those using marijuana for medical reasons. rhett o rick Jul 2015 #5
Oh really, tell me more nadinbrzezinski Jul 2015 #6
In case you're wondering, Bertha Venation is no longer employed there KamaAina Jul 2015 #7
HA! Good one! gregcrawford Jul 2015 #24
Bertha is a true and actual DUer KamaAina Jul 2015 #26
Well then... gregcrawford Jul 2015 #124
The Venations did no such thing to their daughter KamaAina Jul 2015 #125
Really? Darn... Well, it's still funny gregcrawford Jul 2015 #126
Mere coincidence! nt Romulox Jul 2015 #8
How quaint! nt City Lights Jul 2015 #9
Ca-CHING! dgauss Jul 2015 #10
He never left. CharlotteVale Jul 2015 #11
Not for ONE SECOND. hifiguy Jul 2015 #14
/\_/\_This right here_/\_/\ Scuba Jul 2015 #71
BINGO! QC Jul 2015 #72
Probably true, actually. cui bono Jul 2015 #109
this is what quid pro qua looks like questionseverything Jul 2015 #13
Shocking. truebluegreen Jul 2015 #16
HAHAHAHAHAHAHAHAHAHAHAHAHAHA! OnyxCollie Jul 2015 #17
Equal Just-Us Under the Law. Octafish Jul 2015 #122
There oughta be a law... truebrit71 Jul 2015 #18
Misleading article, Outrage Bait. How does this law firm act as a political lobbyist at all? What Fred Sanders Jul 2015 #19
you've got to love the hypocrisy of 1 Wall Street lawyer criticizing another..... msanthrope Jul 2015 #23
Too big to prosecute but not too big to defend. Up to $10M a year in compensation. pa28 Jul 2015 #34
Thanks. A little dose of reality goes a long way.... George II Jul 2015 #46
That is also a complete list of Wall Street interests. zeemike Jul 2015 #47
Its also a "complete list" of interests of many Americans. George II Jul 2015 #60
Well there are 400 million of us zeemike Jul 2015 #63
Well, there goes his credibility... calimary Jul 2015 #20
As if he ever had any. hifiguy Jul 2015 #50
It's really disappointing to see this, especially from him. calimary Jul 2015 #85
money enough compensation for your reputation Mr Holder? irisblue Jul 2015 #21
what utter hypocrisy of a former Wall Street lawyer critiquing Eric Holder..... msanthrope Jul 2015 #22
Don't let the door hit you in the ass you traitorous bastard. n/t jtuck004 Jul 2015 #25
This is why it's so important to elect a President whose top contributors are from Wall Street* RufusTFirefly Jul 2015 #27
How can you question his priorities? Warpy Jul 2015 #28
I am so over this bullshit. SoapBox Jul 2015 #29
EXACTLY!!!! RoccoR5955 Jul 2015 #31
As if we needed another reason. pa28 Jul 2015 #38
Thank you MissDeeds Jul 2015 #43
More than ever. hifiguy Jul 2015 #52
...to do what? uponit7771 Jul 2015 #96
They deserve one another n/t udbcrzy2 Jul 2015 #30
Holy cow, now, who didn't see that coming? valerief Jul 2015 #33
I'm shocked. Shocked I tell you! CanonRay Jul 2015 #35
Obama surrounded himself with the likes of Holder and CO. What did you expect? YOHABLO Jul 2015 #36
Why, I'm completely flabbergasted! Elmer S. E. Dump Jul 2015 #37
He did his job. Rex Jul 2015 #39
Very well, according to his paymasters. hifiguy Jul 2015 #53
Gee . . . what a surprise Jack Rabbit Jul 2015 #40
Did anyone bashing Holder look further into Covington Burling? Hoyt Jul 2015 #41
Right, because in your world bashing is anything you don't agree with. Rex Jul 2015 #42
I'm sure they are all very nice people we'd like to invite over for dinner. pa28 Jul 2015 #44
No, the OP said the firm was "known for representing wall street clients.". Actually theyare known Hoyt Jul 2015 #45
If they are big on pro bono work where do they make the big bucks? zeemike Jul 2015 #48
and how can they pay 8 figure salaries? Doctor_J Jul 2015 #51
They are VERY good pimps. hifiguy Jul 2015 #55
Do you work for money? Hoyt Jul 2015 #54
Well I used to before I retired zeemike Jul 2015 #56
Holder has literally put his life on the line, and has helped improve our country. Hoyt Jul 2015 #57
Well I just read his bio. zeemike Jul 2015 #58
Like he wasn't a target. Hoyt Jul 2015 #59
You mean they were shooting at lawyers then? zeemike Jul 2015 #61
For your edification, howsabout giving us a list of specific crimes by banksters. Hoyt Jul 2015 #64
Well since I am not in the loop I can't do that. zeemike Jul 2015 #69
Give some examples of the "fraud." Seems a simple request. Hoyt Jul 2015 #76
Well how about a simple case of fraud. zeemike Jul 2015 #77
At least you have identified an issue. One that quasi-government agencies, government regulators, Hoyt Jul 2015 #80
Well sure it is the buyer's fault. zeemike Jul 2015 #83
The loans were sold to other banksters, supposedly sophisticated investors. Hoyt Jul 2015 #84
Just because there are more players changes nothing. zeemike Jul 2015 #86
It's easy enough to imprison one person selling weed (nt) Babel_17 Jul 2015 #105
Really? Isn't that nice. 840high Jul 2015 #81
And Holder hasn't ! treestar Jul 2015 #115
What, gotten his hands dirty? zeemike Jul 2015 #117
There must have been some ordinary people along the way treestar Jul 2015 #121
I am sure there must have been. zeemike Jul 2015 #123
Do you post for money? n/t brentspeak Jul 2015 #65
Nope, but I will accept donations or give you the name of a charity I like. Hoyt Jul 2015 #67
Every large firm in DC does pro-bono work - TBF Jul 2015 #73
Yes, they do. You gonna bash that too. What tax break would they get other Hoyt Jul 2015 #75
Touchy, touchy - TBF Jul 2015 #98
Well, you can'tanswer the question. Just more BS and bashing of people who have Hoyt Jul 2015 #107
What question was on the table? TBF Jul 2015 #111
I asked you how they got a "tax break" for doing pro bono work beyond Hoyt Jul 2015 #112
Oh ok - all hours in a firm are "billable" - TBF Jul 2015 #113
They still don't get a tax break. And the firm is doing worthy work. Hoyt Jul 2015 #114
I'm not sure if they can write off the value TBF Jul 2015 #116
They could write it off if they declared the value as income, but that wouldn't do Hoyt Jul 2015 #118
I don't think anyone is saying pro bono work is useless - TBF Jul 2015 #119
I agree with that. I do disagree with bashing Holder like he's evil. Hoyt Jul 2015 #120
Funtime Bashing From The Left of Obama/Clinton requires the participant to ignore a LOT of facts not fitting the Outrage narrative. Fred Sanders Jul 2015 #106
What?? Look into some more information other than a blogpost? Then where would the Funtime Outrage be? Fred Sanders Jul 2015 #78
And pro bono makes up what percentage of total billable hours? 5%? 6%? hatrack Jul 2015 #103
Typical Third Way response. TM99 Jul 2015 #104
here I thought he was just being derelict in his duty. no, he was a wall street mole Doctor_J Jul 2015 #49
This revolving door shit JEB Jul 2015 #62
This is not new TBF Jul 2015 #74
Once Again... Them That Gots Gets More. cherokeeprogressive Jul 2015 #66
See? Most transparent administration EVER! Just as promised. 99Forever Jul 2015 #68
One more indication that Obama ozone_man Jul 2015 #70
One more indication that...folks are too busy Obama administration bashing to actually do any little research of their own. Fred Sanders Jul 2015 #79
We got fooled - big time. 840high Jul 2015 #82
SOP Alkene Jul 2015 #99
Best representation Wall St investors can pay for. raouldukelives Jul 2015 #100
Theft ring. lonestarnot Jul 2015 #101
Continuing a disappointing tradition in Washington Babel_17 Jul 2015 #102
Nice work if you can get it. historylovr Jul 2015 #127
 

HFRN

(1,469 posts)
1. I think that's BOTH Hope and Change for Eric
Mon Jul 6, 2015, 03:32 PM
Jul 2015

nice to see wall $treet keep their end of the deal

roguevalley

(40,656 posts)
32. I knew he was protecting his financial viability by doing NOTHING about the banksters.
Mon Jul 6, 2015, 05:35 PM
Jul 2015

Lowlife coward. I hope he lives forever and feels the scorn

 

arcane1

(38,613 posts)
2. This has to end eventually. We can't have another 8, or even 4, years of this
Mon Jul 6, 2015, 03:32 PM
Jul 2015

Fool me once, shame on you. Fool me every four fucking years, shame on us all!

cui bono

(19,926 posts)
87. And that's why we NEED Bernie to win the White House.
Tue Jul 7, 2015, 01:51 AM
Jul 2015

He's the only one I see who will actually want to stop this, and attempt to do so.

cui bono

(19,926 posts)
92. If you had a lisp you could have said..
Tue Jul 7, 2015, 02:04 AM
Jul 2015

You justh ate pie!

But you didn't. And I didn't. Saving my guava cream cheese pie til tomorrow. Have to be good today.

BrotherIvan

(9,126 posts)
93. Guava cream cheese pie???
Tue Jul 7, 2015, 02:09 AM
Jul 2015

What angel graced humans with this?? Seriously, I have eaten a guava cream cheese pastry and it was damn delicious. But a pie? A pie?!?!?! I have been cheated for too long. It must mean I hate all of the less fortunate and puppies.

cui bono

(19,926 posts)
94. Truth be told is is more of a pastry than a pie...
Tue Jul 7, 2015, 02:15 AM
Jul 2015

but it is a 9" round pastry. But they, and I, call it a pie. And I ate almost half of it yesterday. It's from a Cuban place near my house... it is sooooooo yummy in my tummy!!!

EDITED

BrotherIvan

(9,126 posts)
95. Yes, I have had that pastry from a Cuban bakery
Tue Jul 7, 2015, 02:31 AM
Jul 2015

A bakery by my old job made these sticks that had guava and cheese in them and then just plain sweet cheese. They were like crack. People couldn't stop eating them. I try to stay away from dessert, but that stuff is just too much temptation. I can see why you want to eat it all. Yum!

cui bono

(19,926 posts)
108. In Brazil they serve guava with cheese, not in a pastry, just on a plate..
Tue Jul 7, 2015, 02:09 PM
Jul 2015

and it's called Romeo and Juliet.

I was good, I didn't eat any yesterday, so tonight I'm gobbling it up! Weaning myself back off sugar. I got into a nasty habit of consoling myself with muffins when I had strep throat and bronchitis and now it's time to stop!

BrotherIvan

(9,126 posts)
110. I hope you are feeling better!
Tue Jul 7, 2015, 02:13 PM
Jul 2015

Strep and bronchitis at the same time sounds pretty bad. I hope you are resting up too.

pa28

(6,145 posts)
15. I had to go breathe into a paper bag for a little while to get over the shock.
Mon Jul 6, 2015, 04:12 PM
Jul 2015

FYI I think I'm OK now.

 

rhett o rick

(55,981 posts)
5. Obama/Holder protect the big banks and prosecute those using marijuana for medical reasons.
Mon Jul 6, 2015, 03:49 PM
Jul 2015

Even in states that allow it.

We need to elect someone that doesn't represent the billionaires.

 

KamaAina

(78,249 posts)
7. In case you're wondering, Bertha Venation is no longer employed there
Mon Jul 6, 2015, 03:51 PM
Jul 2015

she will hopefully soon have a new job much closer to the Waldorf Cat Haven.

 

KamaAina

(78,249 posts)
26. Bertha is a true and actual DUer
Mon Jul 6, 2015, 05:19 PM
Jul 2015

who rarely if ever shows up around here anymore , but we're FB friends.

gregcrawford

(2,382 posts)
124. Well then...
Fri Jul 10, 2015, 01:35 PM
Jul 2015

... Bertha's parents must have had a truly warped sense of humor! I knew a guy years ago named Warren Pease, though, knowing his character, I doubt his parents ever read Tolstoy!

Fred Sanders

(23,946 posts)
19. Misleading article, Outrage Bait. How does this law firm act as a political lobbyist at all? What
Mon Jul 6, 2015, 05:03 PM
Jul 2015

do they really do throughout the firm, and what will Holder specifically do in the law firm?

The Intercept article, a re-post from their blog, not sure who they all are, only indicates the firm does corporate and commercial civil litigation, and a lot of pro bono work.

"For insiders, the Holder decision to return to Covington was never a mystery. Timothy Hester, the chairman of Covington, told the National Law Journal that Holder’s return to the firm had been “a project” of his ever since Holder left to the join the administration in 2009. When the firm moved to a new building last year, it kept an 11th-story corner office reserved for Holder."

The horror!

.....................................

A better link and source:

Q&A: Eric Holder Jr. Returns to Private Practice

Tony Mauro and Katelyn Polantz

NLJ: Why come back to Covington? Why come back to any corporate defense firm so soon after leaving the Justice Department?

Eric Holder: "Well, coming back to Covington, in some ways, that's easy. This is home for me. It's a collegial place that has great lawyers who are engaged in really interesting, cutting-edge kinds of things. It's got a client base that is worldwide in nature, even more global than it was when I left in 2009. The firm's emphasis on pro bono work and being engaged in the civic life of this country is consistent with my worldview that lawyers need to be socially active."

http://m.nationallawjournal.com/module/alm/app/nlj.do#!/article/1748490151

 

msanthrope

(37,549 posts)
23. you've got to love the hypocrisy of 1 Wall Street lawyer criticizing another.....
Mon Jul 6, 2015, 05:16 PM
Jul 2015

Unlike Mr greenwald Mr Holder apparently kept a license to practice.

pa28

(6,145 posts)
34. Too big to prosecute but not too big to defend. Up to $10M a year in compensation.
Mon Jul 6, 2015, 05:40 PM
Jul 2015

Those are the facts presented in the article.

George II

(67,782 posts)
46. Thanks. A little dose of reality goes a long way....
Mon Jul 6, 2015, 06:20 PM
Jul 2015

...here are lists of their practices and the industries in which they practice:

Practices

Advertising & Consumer Law
Antitrust & Competition Law
Communications & Media
Corporate
Election & Political Law
Employee Benefits & Executive Compensation
Employment
Energy Regulation
Environmental
Federal-State Programs
Financial Institutions
Food & Drug
Government Contracts
Insurance Coverage - Policyholders
Intellectual Property
International
International Arbitration
Litigation
Privacy & Data Security
Public Policy & Government Affairs
Securities/Derivatives Litigation & Enforcement
Tax - White Collar Defense & Investigations

Industries

Aerospace, Defense and National Security
Electronics & Information Technology
Energy & Natural Resources
Financial Services
Health Care
Life Sciences
Media, Internet & Technology
Nanotechnology
Research Universities, Museums & Cultural Institutions
Sports
Strategic Risk & Crisis Management
Transportation

zeemike

(18,998 posts)
47. That is also a complete list of Wall Street interests.
Mon Jul 6, 2015, 06:39 PM
Jul 2015

Particularly the last three on the list.

Public Policy & Government Affairs
Securities/Derivatives Litigation & Enforcement
Tax - White Collar Defense & Investigations

George II

(67,782 posts)
60. Its also a "complete list" of interests of many Americans.
Mon Jul 6, 2015, 07:48 PM
Jul 2015

If they listed toilet paper I'd bet someone would claim it was a Wall Street interest.

zeemike

(18,998 posts)
63. Well there are 400 million of us
Mon Jul 6, 2015, 07:58 PM
Jul 2015

And one percent is 4 million...and that is many Americans I guess.

And of course toilet paper is of interest to us all, but it may be more of an interest if you have a big chunk of Scott Paper stocks.

 

hifiguy

(33,688 posts)
50. As if he ever had any.
Mon Jul 6, 2015, 06:54 PM
Jul 2015

And I am sure those bags stuffed with millions will make a lovely couch for him to cry on.

I am to the point of hating all these greedy, hypocritical, parasitic fucksticks who look out only for their own net worth, public be damned.

 

msanthrope

(37,549 posts)
22. what utter hypocrisy of a former Wall Street lawyer critiquing Eric Holder.....
Mon Jul 6, 2015, 05:13 PM
Jul 2015

good for Eric Holder I bet Mr Greenwald's just jealous that Mr Holder managed to retain a license to practice while he did not.

RufusTFirefly

(8,812 posts)
27. This is why it's so important to elect a President whose top contributors are from Wall Street*
Mon Jul 6, 2015, 05:21 PM
Jul 2015

You know, "Team of Rivals" and all that.




* 1. Citigroup
2. Goldman-Sachs
4. J.P. Morgan Chase
6. Morgan Stanley

Warpy

(111,277 posts)
28. How can you question his priorities?
Mon Jul 6, 2015, 05:21 PM
Jul 2015

There were people SMOKING POT!! That was so much more important than going after crooked bankers who only crashed the world economy.

 

hifiguy

(33,688 posts)
52. More than ever.
Mon Jul 6, 2015, 06:56 PM
Jul 2015

This kind of openly corrupt bullshit makes me angry beyond my ability to express it.

CanonRay

(14,104 posts)
35. I'm shocked. Shocked I tell you!
Mon Jul 6, 2015, 05:45 PM
Jul 2015

I always thought he was a complete asshole and the worst Attorney General appointed by a Democrat in my lifetime.

 

YOHABLO

(7,358 posts)
36. Obama surrounded himself with the likes of Holder and CO. What did you expect?
Mon Jul 6, 2015, 05:47 PM
Jul 2015

What do you expect Hillary to surround herself with? When will people wake up? Nothing ever changes.

Jack Rabbit

(45,984 posts)
40. Gee . . . what a surprise
Mon Jul 6, 2015, 05:58 PM
Jul 2015
According to Eric Holder banks are too big to prosecute but it seems he's perfectly capable of defending them.

Just like he was doing the entire time he was Attorney General.
 

Hoyt

(54,770 posts)
41. Did anyone bashing Holder look further into Covington Burling?
Mon Jul 6, 2015, 06:01 PM
Jul 2015
Covington’s pro bono work focuses on providing legal services to economically disadvantaged individuals and families in local communities. Attorneys at the firm participate in a six-month rotation program and work at each of three DC-based legal service organizations: Neighborhood Legal Services Program, the Children’s Law Center[26] and Bread for the City.[27]

Covington's pro bono work includes representation in such landmark cases as Buckley v. Valeo, Griffin v. Illinois[4], and Korematsu v. United States. However, the firm's pro bono program encompasses a range of areas, including freedom of expression and religion; civil rights and civil liberties; gay rights; family law; education; landlord/tenant; homelessness; employment; criminal and court-appointed cases; police misconduct; environmental law; fairness in government procurements and grants; intellectual property; non-profit incorporation and tax.

The firm’s recent pro bono matters include: Preparing an amicus brief on behalf of a number of social scientists in the Cook v. Rumsfeld case challenging the military’s don't ask, don't tell policy Filing an amicus brief in the United States Supreme Court on behalf of the American College of Obstetricians and Gynecologists (ACOG) in support of the Planned Parenthood challenge of the Partial-Birth Abortion Ban Act of 2003

Supporting the District of Columbia in District of Columbia v. Heller which argues that the District's ban on the possession of handguns and its storage provisions for other firearms in the home is not implicated by the Second Amendment[28]

Primary pro bono counsel for TeachAIDS, a nonprofit which has developed a new method for global HIV/AIDS prevention education

Pro bono accolades[edit]
The American Lawyer "Pro Bono Report", ranked No. 1 in its annual Pro Bono Survey (2006).
The American Lawyer "Pro Bono Report", ranked No. 1 seven out of the last 12 years.
DC Bar Association, Thurgood Marshall Award for commitment to excellence in the fields of civil rights and individual liberties (2006).[5]
Human Rights Campaign, "Ally for Justice" award for providing outstanding legal guidance to the HRC (2006).

https://en.wikipedia.org/wiki/Covington_%26_Burling

You can also look up their clients which includes a lot more than just a few banks.

Admittedly, he's getting paid a good salary, as well he should.

Please excuse my interrupting a Obama Admin bashing. My apologies.
 

Rex

(65,616 posts)
42. Right, because in your world bashing is anything you don't agree with.
Mon Jul 6, 2015, 06:02 PM
Jul 2015

That is obvious, nice try anyway.

pa28

(6,145 posts)
44. I'm sure they are all very nice people we'd like to invite over for dinner.
Mon Jul 6, 2015, 06:09 PM
Jul 2015

The OP is referencing what they are actually paid to do.

 

Hoyt

(54,770 posts)
45. No, the OP said the firm was "known for representing wall street clients.". Actually theyare known
Mon Jul 6, 2015, 06:18 PM
Jul 2015

for much more than that, except to folks who don't look past an OP hit piece.

zeemike

(18,998 posts)
48. If they are big on pro bono work where do they make the big bucks?
Mon Jul 6, 2015, 06:48 PM
Jul 2015

All of them do pro bono work...so they can cite it in defense of what they really do...which is pimp for the big boys.

zeemike

(18,998 posts)
56. Well I used to before I retired
Mon Jul 6, 2015, 07:03 PM
Jul 2015

Made millions a year and never got my hands dirty or sweated...I worked hard for the money.

zeemike

(18,998 posts)
58. Well I just read his bio.
Mon Jul 6, 2015, 07:31 PM
Jul 2015

And I see no instance of him putting his life on the line. He never served in the military or did anything dangerous.
But when he had the opportunity to improve this country by prosecuting the banksters he did nothing...so that is in question too.

 

Hoyt

(54,770 posts)
59. Like he wasn't a target.
Mon Jul 6, 2015, 07:34 PM
Jul 2015
He did prosecute and fine banksters. But a lot of them did no more wrong than a lying used car salesman, a shoddy carpenter, a good off , etc., under the law as it was.

zeemike

(18,998 posts)
61. You mean they were shooting at lawyers then?
Mon Jul 6, 2015, 07:48 PM
Jul 2015

But he was old enough for Vietnam but the most dangerous thing he did was have a non confrontational demonstration to change the name of a building.
And used car salesmen and shoddy carpenters don't steal billions of dollars and crash the economy of an entire nation do they?

Only the little people commit crimes when they do fraud.

 

Hoyt

(54,770 posts)
64. For your edification, howsabout giving us a list of specific crimes by banksters.
Mon Jul 6, 2015, 08:20 PM
Jul 2015

I get they loaned money to folks who couldn't repay, but at the time that was viewed as helping people buy houses, not to mention funded lot of jobs. No one was complaining at the time.

Fortunately, laws have been changed and scrutiny increased, even to point where lending got too tight.

zeemike

(18,998 posts)
69. Well since I am not in the loop I can't do that.
Mon Jul 6, 2015, 08:40 PM
Jul 2015

But when there is fraud there is a crime somewhere...like smoke and fire.
But if you say there was fraud but no crime was committed then you are declaring fraud is not a crime...at least for the big money folks.

But let that fraud take place on a low level and someone will go to jail and not just give some of the money back as a fine.

zeemike

(18,998 posts)
77. Well how about a simple case of fraud.
Mon Jul 6, 2015, 11:21 PM
Jul 2015

Say you take a bar of lead, cover it with gold leaf and sell it to someone...and they find out it is just lead inside and call the cops on you. The cops would arrest you and you would go to jail because you knew it was not solid gold and sold it as if it was worth something.
That is a simple case of fraud.

But Wall Street bundled worthless mortgages and sold them knowing they were trash...but no one was arrested and the ones who did get caught, that did not have the influences to get away with it, had to pay a fraction of what they got as a fine...no one went to jail.
And it was double fraud, because the taxpayer had to pay for it because the fraudsters were too big to jail or fail.
A clear example of a dual justice system.

 

Hoyt

(54,770 posts)
80. At least you have identified an issue. One that quasi-government agencies, government regulators,
Tue Jul 7, 2015, 12:55 AM
Jul 2015

people who applied for loans that shouldn't have, stupid investors, and others were all complicit.

It's difficult to imprison someone when they were only one of the criminals or dupes. The loans when sold probably weren't bad, until the housing appreciaton bubble burst.

zeemike

(18,998 posts)
83. Well sure it is the buyer's fault.
Tue Jul 7, 2015, 01:25 AM
Jul 2015

They should have known they were being scammed...I mean it was right there in the fine print, and they should have hired a lawyer to read it for them.
So the perps are off the hook...the victim is at fault too.

However don't try that small time because you will go to jail. And the taxpayer won't bail you out.

zeemike

(18,998 posts)
86. Just because there are more players changes nothing.
Tue Jul 7, 2015, 01:41 AM
Jul 2015

All the players in that game profited from it except the little guy who lost his home and investment and his tax money that went to the banksters...and his pension fund if he had one.

Just because it is sophisticated does not mean it is not a flim flam game.

zeemike

(18,998 posts)
117. What, gotten his hands dirty?
Tue Jul 7, 2015, 09:51 PM
Jul 2015

From reading his bio I would guess not...he has been nothing but a student at a prestigious school and a lawyer all of his life.

And I am sure he was discriminated against...they probably did not invite him to one of their all white frat parties or something.
But I have seen nothing in his bio that would make me think he was ever in touch with ordinary people.

treestar

(82,383 posts)
121. There must have been some ordinary people along the way
Wed Jul 8, 2015, 12:53 PM
Jul 2015
Eric Himpton Holder, Jr. was born in the Bronx, New York, to parents with roots in Barbados.[4][5][6] Holder's father, Eric Himpton Holder, Sr. (1905–1970) was born in Saint Joseph, Barbados and arrived in the United States at the age of 11.[7][8] He later became a real estate broker. His mother, Miriam, was born in New Jersey, while his maternal grandparents were immigrants from Saint Philip, Barbados.[8] Holder grew up in East Elmhurst, Queens, and attended public school until the age of 10. When entering the 4th grade he was selected to participate in a program for intellectually gifted students.[9]

In 1969, he graduated from Stuyvesant High School in Manhattan and attended Columbia University, where he played freshman basketball. He earned a B.A. degree in American History in 1973.[10] Holder received his J.D. from Columbia Law School, graduating in 1976. He worked for the NAACP Legal Defense and Educational Fund during his first summer and the United States Attorney during his second summer.[9]

While at Columbia, Holder was a member of the Student Afro-American Society, which staged a non-confrontational occupation of the ROTC lounge and demanded that it be renamed the Malcolm X Lounge.[11][12][13][14][15][16]


https://en.wikipedia.org/wiki/Eric_Holder


It does seem that he was early recognized as extraordinary though.

zeemike

(18,998 posts)
123. I am sure there must have been.
Wed Jul 8, 2015, 02:19 PM
Jul 2015

But when singled out as being extraordinary at a young age you tend to forget them quickly.

TBF

(32,067 posts)
73. Every large firm in DC does pro-bono work -
Mon Jul 6, 2015, 09:45 PM
Jul 2015

they must use it as a tax break or something (write off the hours). I spent my 90s in law firms in Wash DC. This is nothing new - and the revolving doors have been going round for a long time.

 

Hoyt

(54,770 posts)
75. Yes, they do. You gonna bash that too. What tax break would they get other
Mon Jul 6, 2015, 10:21 PM
Jul 2015

than salary deductions they get if they did nothing but attend conferences. They still forgo income they could be earning from paying clients. Some of the most important cases have been won with pro bono work.

Point is, Holder is rejoining a firm he used to work for that does a lot of good stuff.

TBF

(32,067 posts)
98. Touchy, touchy -
Tue Jul 7, 2015, 08:17 AM
Jul 2015

could that be because you know this stinks to high heaven?

Keep pushing those establishment values. We have had enough. Enough. And your attitude will only drive away honest dems who are fed up with the status quo.

 

Hoyt

(54,770 posts)
107. Well, you can'tanswer the question. Just more BS and bashing of people who have
Tue Jul 7, 2015, 12:50 PM
Jul 2015

done a lot for the country. I suspect Holder was paid well before he left for a much lower government salary.

TBF

(32,067 posts)
111. What question was on the table?
Tue Jul 7, 2015, 03:58 PM
Jul 2015

I will answer whatever you ask but I didn't see a serious question posed. I haven't been a fan of Holder since he started classifying socialist organizations as "terrorist" - in my book that makes him as bad as a republican and reminds me of the Palmer Raids. The fact that he worked at Covington earlier in his career and goes back there is no big surprise to me. I worked in and around DC for 15 years. This is business as usual.

 

Hoyt

(54,770 posts)
112. I asked you how they got a "tax break" for doing pro bono work beyond
Tue Jul 7, 2015, 04:27 PM
Jul 2015

salaries that would have been deductible had they just sat on their rears doing nothing. They obviously gave up doing billable work to do the pro bono stuff.

TBF

(32,067 posts)
113. Oh ok - all hours in a firm are "billable" -
Tue Jul 7, 2015, 08:36 PM
Jul 2015

you either code them to be billed to the firm or to a particular client (with description - in the last firm I worked it I believe we billed in as little as 6 minute intervals - but nowadays with technology I bet they are just keeping track of exact time worked on each matter). Pro-bono hours are all tabulated. I'm not sure if there is a way they can write that off as time given to non-profits? You can put a dollar amount on it because everyone keeps track of it. Depending upon your level in the firm you may get credit for it or may not. I always did as staff (was paid for those hours just like any other hours I worked).

TBF

(32,067 posts)
116. I'm not sure if they can write off the value
Tue Jul 7, 2015, 09:37 PM
Jul 2015

of the work or not. You may be correct but I'm not convinced they'd do it if they couldn't find a way to get some benefit. Maybe just the fact that all the big firms do it is pressure enough. Not sure.

 

Hoyt

(54,770 posts)
118. They could write it off if they declared the value as income, but that wouldn't do
Tue Jul 7, 2015, 10:32 PM
Jul 2015

them any good. Even if they deduct something likeaper, they still are out 70% of whatever they spend. Fact is, it's worthy work that doesn't deserve criticism.

TBF

(32,067 posts)
119. I don't think anyone is saying pro bono work is useless -
Wed Jul 8, 2015, 08:49 AM
Jul 2015

they were actually my favorite projects when I was in firms because you were usually helping actual people rather than faceless corporations.

The point is that people are angry about what they perceive as corruption in Washington DC. I spent 15 years there - and it sounds like you are pretty familiar as well. We both know this is how the city has worked for a long time. There is quite a flux of people that go back and forth between government and private industry. That's just reality.

How we go forward from here and make government work for more people is the question people are really interested in. Bernie supporters would like to see the average people in this country have more of a chance to succeed (mobility). I believe most of Hillary's supporters want the same thing - just may have different ways of looking at some of the issues. I am very familiar with this as I grew up in a union household and support Bernie while my spouse grew up in a professional household and supports Hillary. We look at owners vs. workers in different ways.

I hope at some point on this board we'll be able to come to some solutions that we all could be somewhat happy with. But it shouldn't surprise you to see people talk about these issues. Long time Washingtonians know how this is but other people are just finding out with the advancement of technology. Even when I lived in Washington (80s/90s) the internet was not widespread. People in Peoria had no idea what goes on in that city and that underlies many of the issues people have with trusting politicians. Now they are finding out how some of it works in practice & unfortunately their fears are being realized.

 

Hoyt

(54,770 posts)
120. I agree with that. I do disagree with bashing Holder like he's evil.
Wed Jul 8, 2015, 09:01 AM
Jul 2015

I get he didn't go after george war bush, and might not have jailed all the banksters.

But, the government did jail some and laws were passed to help prevent bad loans in the future. There were a lot of people that deserve blame for the loan issues besides just banksters, including people who were promoting the construction industry for the jobs in provided, people who wanted more people to have a chance at a house, people who shouldn't have been given loans in the first place, local retailers who profited from construction worker money, government officials, etc. In suspect the fear among the banksters probably made our recession worse by them severely cutting back on loans.

As much as I think bush is a war criminal, and probably worse, I have a hard time going after Presidents when they are out of office. I think it sets a bad precedent that will be used against every Prez. Right or wrong (wrong in my opinion), Americans elected bush. He's gone, and despite his happy face, I suspect he's living in shame.

Edited title -- I meant to say I agree with TBF's post above. It was a very good post.

Fred Sanders

(23,946 posts)
106. Funtime Bashing From The Left of Obama/Clinton requires the participant to ignore a LOT of facts not fitting the Outrage narrative.
Tue Jul 7, 2015, 11:31 AM
Jul 2015

Fred Sanders

(23,946 posts)
78. What?? Look into some more information other than a blogpost? Then where would the Funtime Outrage be?
Mon Jul 6, 2015, 11:31 PM
Jul 2015

hatrack

(59,587 posts)
103. And pro bono makes up what percentage of total billable hours? 5%? 6%?
Tue Jul 7, 2015, 10:08 AM
Jul 2015

Pretty much every major law firm does some pro bono work, and you post some data from almost ten years ago regarding how good they are (were) at it.

So what?

 

TM99

(8,352 posts)
104. Typical Third Way response.
Tue Jul 7, 2015, 10:08 AM
Jul 2015

Pay no attention to our neo-liberal economic policies and positions, just look at how socially liberal we are.

All the social justice in the world doesn't matter for shit if it is not tied to economic justice as well.

Holder got paid. Holder played. Holder gets his reward. Good for him. Fucking bad yet again for us!

 

Doctor_J

(36,392 posts)
49. here I thought he was just being derelict in his duty. no, he was a wall street mole
Mon Jul 6, 2015, 06:54 PM
Jul 2015

Cue the accusation of racism on the part of anyone who criticizes this turn of events

TBF

(32,067 posts)
74. This is not new
Mon Jul 6, 2015, 09:47 PM
Jul 2015

as I said in another post this is the way DC has functioned for a long time. I lived in the area for 15 years when I was younger. And it functions this way for both parties ... the only thing that is changing is that people around the country are finally finding out about it (mostly thanks to technology I believe).

99Forever

(14,524 posts)
68. See? Most transparent administration EVER! Just as promised.
Mon Jul 6, 2015, 08:37 PM
Jul 2015

Blatantly sticking it to We the People.

Again.

ozone_man

(4,825 posts)
70. One more indication that Obama
Mon Jul 6, 2015, 08:51 PM
Jul 2015

Is the best corporate president since Bill Clinton, who signed Glass-Steagall out of existence, allowing the too big to fail banks. Obama made sure the too big to fail banks were never split up, never prosecuted. Holder's mission complete.

Fred Sanders

(23,946 posts)
79. One more indication that...folks are too busy Obama administration bashing to actually do any little research of their own.
Mon Jul 6, 2015, 11:32 PM
Jul 2015

raouldukelives

(5,178 posts)
100. Best representation Wall St investors can pay for.
Tue Jul 7, 2015, 09:37 AM
Jul 2015

What they desire for themselves, becomes reality for all.

Babel_17

(5,400 posts)
102. Continuing a disappointing tradition in Washington
Tue Jul 7, 2015, 10:02 AM
Jul 2015

Our nation's capitol is wrapped in money, it's intertwined with everything, and everyone. It's not unexpected that Holder does for himself what countless other policy makers have done before him.

We note it, and solemnly determine to continue demanding a better system.

If this is suggestive of a trend as top people from our party seek careers in the private sector, as the current administration winds down, then I say we have our work cut out for us.

Our candidates will have to deal with the issue and our party has to recognize that Republicans will encourage this to be framed in the worst possible way for us.

They have no problem blaming us for war, the banking collapse, and poverty. To make the accusation of being the helpers of Wall Street in bankrupting the little guy will be no stretch at all for them.

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