Judith C. Appelbaum was unlucky enough to be on the receiving end of a demand by Congress for an explanation why there aren't any prosecutions against the crooked banks and Wall Street executives... the people who got the Nation into its financial mess. Just like a brat in Willie Wonka's Chocolate Factory, Judith had the effrontery to claim that the DOJ was doing its job. BankruptcyMisconduct readers know that Ms. Appelbaum is full of cowshit. But it was Laser Haas who really puts this heffer in her place. Just after are short comment, you will find copies of the three page retort by Laser to The Appelbaum Delusion which sparked it.

The DOJ has quite the embarrassing track record of letting the biggest Wall Street banking criminals get off in this financial crisis. Let's not forget that The Sarbanes-Oxley Act of 2002 give the government incredible powers to place crooked corporate executives in jail. Corporate leaders are required to swear under oath that the financial statements are true, and that they are sure that their financial Systems and Controls are of sufficient capability and functionality to make such sworn statements. So far, it seems the tough law has only succeeded in causes public companies to hire so many more lawyers and accountants. Shockingly, once public companies are found to have flagrantly misstated their financial situation, the DOJ is intentionally and willfully ignoring their ability and obligation to put these executives in jail.

Take for instance Preet the Pretender, the DOJ boob who exploited his government position to harm some Americans just as he protects other crooks. Yes, Preet employed a Spitzer-esque stretch of authority combined with an unorthodox use of big-brother surveillance to bring down another American of Indian heritage, Rajat Gupta. What many Americans don't realize is that there are intense ethnic rivalries within India. Animosities around the globe are not just between the Hutu & Tutsis in Africa, Serbs & Croatians in Europe, and Arabs & Israelis in the Middle East. Yes, Preet Bharara brought down Americans of Indian descent for the questionable zero sum infraction of insider trading, while he abused prosecutorial discretion to protect criminals guilty of much more important crime of wholesale financial fraud putting our nation in jeopardy. What a selfish buffoon!

And such a horrid prosecutorial background as Preet's is the backdrop for Congressional inquiry into the embarrassing failure of the DOJ to put any of the Tarp sucking Bank executives into prison. (Between you and me, it's called quid pro quo career planning on the part of government lawyers, but we digress.)

Laser's Retort


The Appelbaum Delusion