Obama Admin. Fails to Prosecute Banking Fraud to 'Save the System'


"HENRY: “this is an ideal case for presidential leadership. This is exactly where the president should be focusing his attention, because he does have the intellectual horsepower and support in his own team to get this kind of legislation done.
JAY: So far what we've seen, he appoints and nominates these people, not prosecute.
HENRY: I think his basic interest is not in economics. It's in more political issues. And he's kind of put the Treasury on autopilot. He's trusted to Tim Geithner to run the Treasury. And, you know, he's the technocrat who's been not only head of the New York Fed, but also was a senior official at the IMF. So it's not an area that Obama really wants to worry about in addition to everything else in foreign policy and, you know, the complicated domestic issues that he faces anyway. So he wanted, I think, to assume—part of his stance here has been to say, okay, let Treasury run the economy. And that's been a mistake.
JAY: Yeah. Well, it's been a mistake for most Americans. It may have been the right call for some of the mavens of Wall Street, but it wasn't a very good call for anybody else."

 

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