There are rants that are worth listening to, or reading. Here is one by Matt Taibbi:
Goldman Non-Prosecution: AG Eric Holder Has No Balls
By Matt Taibbi - Rolling Stone
. . . .
No, the real reason this wasn’t surprising is that Holder’s decision followed a general pattern that has been coming into focus for years in American law enforcement. Our prosecutors and regulators have basically admitted now that they only go after the most obvious and easily prosecutable cases.
If the offense committed doesn’t fit the exact description in the relevant section of the criminal code, they pass. The only white-collar cases they will bring are absolute slam-dunk situations where some arrogant rogue commits a blatant crime for individual profit in a manner thoroughly familiar to even the non-expert portion of the jury pool/citizenry.
In other words, they’ll take on somebody like Raj Rajaratnam, who stacked his illegal insider trades so brazenly and carelessly that his case almost reads like a finance version of Jeff Dahmer tripping over bodies in his Milwaukee apartment. Or they’ll pursue Bernie Madoff on the tenth or eleventh time he crosses their desk, after years of nonaction, and after he breaks down weeping and confessing. Basically, if someone backs a dump truck up to the DOJ and unloads the entire case, gift-wrapped, a contrite and confessing criminal included, a guy like Eric Holder might, after much agonizing deliberation, decide to prosecute.
But here’s the thing: most of the crimes Wall Street people commit involve highly specific, highly individualized transactions that won’t fit Eric Holder’s bag of cookie-cutter statutory definitions. That is not the same thing as saying they’re not crimes. They are: the crimes of the crisis period were and are very basic crimes like fraud, theft, perjury, and tax evasion, only they’re dressed up in millions of pages of camouflaging verbiage.
Or, even more often, the crimes have also been sanctified in advance by “reputable” law and accounting firms, who (for huge fees) offered their clients opinions that, if X and Y are signed in accordance with Z, and A and B are stipulated by the parties, and everyone’s sitting Indian-style and facing the moon when the deal is agreed to, then it’s not fucked up and illegal when Goldman Sachs tells you it’s a co-investor in your deal when it’s actually got $2 billion bet against you.