FED Judge criticizes lack of prosecution against Wall Street executives

[BelgianMadCow]

8. The Department of Justice’s Willful Blindness to the Willful Blindness of CEOs (Steve Cohen edition)

SAC is the longest operating and most lucrative insider trader in history – turning Cohen into one of the richest men in the world through the traditional “sure thing” of fraud. It is stunning that DOJ refuses to prosecute the man its indictment says led, and was made wealthy by, history’s most lucrative insider fraud scheme. DOJ’s actions, including the indictment of SAC, suggest that Steve Cohen has committed the perfect crime and demonstrated that elite white-collar crime pays – massively. If that is true, then the Attorney General Eric Holder and President Obama should be urging Congress to act immediately to change the law and make criminal actions such as those it alleges Cohen took to produced “systematic insider trading.” Their failure to seek such an urgent change in the law demonstrates either that they realize that they could prosecute Cohen under existing law or that they feel no urgent need to fix a broken legal and financial system in which our elites become wealthy by designing the perverse incentive structures that make “systematic” fraud and catastrophic damage to our economy “the predictable and foreseeable result.”
Read more at http://www.nakedcapitalism.com/2013/11/bill-blackthe-department-of-justices-willful-blindness-to-the-willful-blindness-of-ceos-steve-cohen-edition.html#L2L07Q2eGXWhKOwP.99

Another, similar case.