Obama on Bank Prosecutions: They Did Nothing Illegal, Only Found Loopholes That We Worked to Close
From the article:
For perhaps the first time, President Barack Obama was forced to explain why there have been no prosecutions of Wall Street executives for their fraudulent actions during the run-up to the financial crisis. Asked by Jake Tapper to explain this behavior, Obama basically suggested that most of the actions on Wall Street weren’t illegal but just immoral, and that his Administration worked to re-regulate the financial sector with the Dodd-Frank reform legislation.
“Banks are in the business of making money, and they find loopholes,” the President said.
Apparently forging and fabricating documents to prove ownership of homes that are subsequently stolen from borrowers is now a loophole.
Many of the practices on Wall Street “weren’t necessarily against the law but they had a huge destructive impact,” said the President.
But as this Daily Show clip explains (see full episode, 8:28 minutes in), these loopholes have NOT been closed, in fact, the important parts of the Dodd-Frank Bill have yet to even be written!
This clip is about Occupy Wall Street really! The Dodd-Frank part is just at the end.
How can they wonder what the protesters are protesting about, when Obama’s now saying the financial loan crisis was nobody’s fault? It was just a few pesky loopholes!
Fox shot below from Daily Show clip:
Dodd-Frank is a Joke Apparently - And the Joke's On Us!