A Black Agenda Radio commentary by Glen Ford
The Justice Department has launched a flurry of phony investigations in the LIBOR scandal, with the ultimate aim of protecting the banks from the consequences of their crimes. That's the same role the Obama administration played in the “robo-signing” scandal: immunizing the criminals. In the LIBOR scheme, Attorney General Holder and his crew will try to shield the banksters “from legal action by a host of other government agencies and, ultimately, from the global universe of parties that have been harmed by the bankster’s schemes.
Obama's Justice Department Rushes to the Rescue of LIBOR Criminals
A Black Agenda Radio commentary by Glen Ford
“The reason Eric Holder is staging criminal investigations is because that’s the only way he can protect the bankers, through immunities and by gradually narrowing the scope of the case.”
The Obama Justice Department is in theater mode, again, pretending to threaten the bankster class with criminal penalties – prison time! – for their manipulation of the global economy’s benchmark interest rates. The Justice Department claims to be building criminal and civil cases
Wall Street may or may not remain loyal to Obama, but Obama has been loyal to Wall Street, the guys who gave him the campaign cash to become a viable candidate. His Attorney General, Eric Holder, a corporate lawyer to the core, is busily staging a pre-emptive LIBOR prosecution of bankers in order to shield them from legal action by a host of other government agencies and, ultimately, from the global universe of parties that have been harmed by the bankster’s schemes – a list that stretches to infinity. Holder’s job is to monopolize the LIBOR case, to the extent legally and humanly possible, grabbing jurisdiction and consolidating the cases against the banks with the aim of reaching a settlement that does not further destabilize the financial system.
“The Justice Department has already given immunity to Barclay’s Bank, of Britain, and to the Swiss banking giant UBS.”
Holder and his boss already pulled that trick earlier this year with settlement of the bank “robo-signing” scandal – a scheme that would have ranked as the “crime of the century
Now Obama and Holder are playing the same diversionary game, making tough noises about criminal investigations of the LIBOR conspirators. But the Justice Department has already given immunity to Barclay’s Bank, of Britain, and to the Swiss banking giant UBS. More immunities will follow. The reason Eric Holder is staging criminal investigations is because that’s the only way he can protect the bankers, through immunities and by gradually narrowing the scope of the case. In the end, there will be settlements all around, and the banksters will move on to even more fantastic heights of criminality – thanks to the loyal, protective hands of President Obama.
For Black Agenda Radio, I’m Glen Ford. On the web, go to BlackAgendaReport.com.
BAR executive editor Glen Ford can be contacted at Glen.Ford@BlackAgendaReport.com .
The legacy of colonialism and interference from the U.S. and other states keeps Djibouti's president in office after 25 years. Djibouti needs democracy and sovereignty for its people.
On March 18 thousands of people rallied in Washington DC to mark the 20th anniversary of the invasion of Iraq and to call for an end to the war in Ukraine.
Being a white ally is a very serious matter. They can be "martyred on a shrine of white supremacy in an effort to discourage other whites from following their lead."
The FBI raid on the Uhuru Movement has resulted in economic sanctions like those imposed on countries that dare to be sovereign despite being under U.S. attack.
This week we will hear about efforts to mobilize New York progressives in support of the Green Party and how a proposal for new questions on ethnicity and race would improve accuracy and fairness in…
