The Battle Lines Are Being Drawn Against Geithner/Holder’s Corruption

Aug. 10, 2012 (EIRNS)–The circle has been narrowing around
Holder and Geithner after release of the NY Fed emails in July,
which showed that the latter was informed of the LIBOR fraud
already by 2007, and connived to continue the fraud, rather than
bring in the criminal prosecutors.
And this morning, Holder’s Department of Justice announced
that it would launch no criminal prosecution of Goldman Sachs or
any of its officers, despite the voluminous testimony of criminal
fraud unearthed by the Levin Committee in its public hearings on
Goldman. The response has been outrage. Huffington Post columnist
RJ Eskow today lists the crimes to which Goldman admitted in
public testimony, and on top of that reproduces a chart from
Syracuse University which shows that the Obama Administration,
which came into office in early 2009 in the midst of the great
crash, has launched fewer criminal prosecutions of financial
institutions (per year) than any administration at least back to
New York’s financial services regulator Benjamin Lawsky has
ordered Standard Chartered to show cause Aug. 15 before an
administrative court, why its New York banking license should not
be revoked for money-laundering, for removing the names of
Iranian clients from transaction-records. Partisans of Holder and
Geithner have denounced Lawsky as a “rogue regulator,” because he
has not deferred to Geithner and Holder, who have effectively
refused to prosecute anyone in Wall Street, no matter how serious
the crime.
But the real “rogue regulator” is Geithner, because he
insists that every agency which under law is supposed to be an
“independent regulator,” whether state or federal, instead submit
to his illegal overlordship in the interests of Wall Street
Thus, Bloomberg reported today that Standard Chartered’s CEO
Peter Sands said Aug. 8 that the normal practice in resolving
such allegations is a “coordinated approach by different
agencies,” and Bank of England Governor Mervyn King criticized
the New York agency for failing to coordinate with its
Standard Chartered has focused its defense on the amount it
laundered, saying it involved less than 1 percent of the 60,000
Iranian wire transfers asserted by Lawsky. But Lawsky’s papers
include emailed orders to Stardard Chartered employees from
management, to remove the clients’ names.
Former Securities and Exchange Commission chairman Arthur
Levitt said, “I don’t care whether it’s half of 1 percent that
weren’t right. There are going to be more that weren’t right. The
e-mails are really outrageous. I think Lawsky has uncovered
something that probably has much deeper depth.”
And former TARP Inspector General Neil Barofsky, who exposed
Geither in his new book “Bailout,” said, “This is not Lawsky
getting ahead of other regulators. This is Lawsky doing his job.”

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