Why Do Dangerous Financial Criminals Roam Free?

By June Carbone

Prosecutors like Eric Schneiderman need cops on the beat to put financial crooks behind bars. But thanks to Bush, these cops are missing in action.

February 4, 2012  |   American Public Media's "Marketplace" had a recent segment focused on why it has taken so long to bring criminal prosecutions related to the financial crisis. Reporters observed that at the beginning of the crisis, the Obama administration wanted to calm the financial industry rather than impose accountability. They speculated, along with Tea Party and Occupy Wall Street participants, many of whom have been calling for prosecutions, that Obama’s creation of a new group to prosecute mortgage fraud led by New York Attorney General Eric T. Schneiderman was likely to be politically motivated. And they indicated that financial crimes are complex and prosecutors need time to develop their cases.

But here's what they didn't say: A major reason the prosecutions don’t exist is that President George W. Bush took the cops off the beat.