Barney Frank Calls For Financial Crimes Prosecutions

For those of us who have been looking for "justice" in the numerous cases of bank fraud perpetrated by the banksters themselves here is a small glimmer of hope from Congressman Barney Frank.

December 20, 2012

Congressman Barney Frank today released a copy of a letter to Administration officials calling for increased prosecution of individuals in the financial industry who have violated the law.  In conjunction with the release of the letter Frank released the following statement: “Officials of the Administration have argued with some basis that instituting criminal proceedings against financial institutions can be destabilizing, and have instead opted for civil proceedings against acknowledged violators of laws that are important for the maintenance of the stability and integrity of our financial system.  But these constraints do not apply to prosecution of the individuals who have perpetrated these acts, and this should be vigorously pursued.  From the standpoint of deterrence, prosecuting individuals is preferable as this raises few if any questions about institutional stability.  Despite the Supreme Court’s conservative majority decision to confer certain human rights on corporations, they are still incapable of acting without human agents, and I cannot conceive of a situation where a corporation is in fact guilty of violating the law where no individuals can and should be held accountable.” The letter to Attorney General Holder is attached. Letters were also sent to Treasury Secretary Timothy Geithner, Chairman Gary Gensler of the Commodities Futures Trading Commission, Chairman Elisse Walter of the Securities and Exchange Commission, Chairman Ben Bernanke of the Federal Reserve Board of Governors, and Thomas Curry, Comptroller of the Currency. Here is the letter sent to Attorney General Holder:

2012-12-18 Letter to Attorney General Holder Re Criminal Convictions