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Where’s prosecution?

Published: Thursday, Oct. 3, 2013 5:30 a.m. CDT

To The Editor:

Attorney General Eric Holder, why haven’t you prosecuted any of the investment bankers and their co-conspirators – the ratings agencies – for fraud?

These two financial groups are most responsible for the worst economic crisis since the Great Depression of the 1930s. They accomplished this dubious feat by developing a scheme to defraud bond investors. The investment banks created very large packages of risky mortgages and consumer debt, and paid the bond rating agencies huge fees to falsely rate this debt AAA.

This AAA rating allowed the investment bankers to sell their risky debt to unsuspecting investors while collecting huge fees. This is blatant fraud. To top it off, our government used taxpayer money to rescue these crooks.

This greedy scheme, more than anything else, put us in the economic mess we find ourselves in today. Yet after five years, not one investment banker or rating agency employee has been held accountable.

President Obama, you talk about the economic erosion of the middle class and the recent massive accumulation of wealth into the bank accounts of the top 1 percent of the income earners. Yet you have not gone after the thieves who are responsible for this disparity.

Show some leadership, and have your attorney general prosecute those who are most responsible.

Ron Mengarelli


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