Among the many falsehoods pushed at last week’s Democratic Convention is that this is the party of the people, unafraid to hold Corporate America responsible for its many ills.
Judging by the records of the last two Democratic administrations, just the opposite appears to be true. Certainly, President Obama and, to some extent, Bill Clinton like to talk a good game in terms of class warfare, but under both men, real corporate crime-fighting has been at best a side issue — despite the immense amounts of white-collar fraud their administrations faced.
In fact, neither Obama nor Clinton can hold a candle to the corporate crime-fighting record of George W. Bush, that supposed lapdog for large corporate interests.
Consider: As we near the four-year anniversary of the financial crisis, not a single Wall Street fat cat has been charged with violations of securities laws in connection with the 2008 collapse.
Then we have the outlandish case of MF Global, the brokerage firm run into the ground nearly a year ago by Obama’s pal and campaign-cash bundler, Jon Corzine. It isn’t just that the former Goldman Sachs CEO and New Jersey governor took outsized trading risks that destroyed the firm; his firm appears to have misused and lost $1.6 billion in customer funds in the process.
Under securities laws, those customer funds were supposed to be kept sacrosanct — yet not a single MF Global employee, much less Corzine, has been charged in the matter by the Obama Justice Department or the Securities and Exchange Commission.