❝ Massachusetts Senator Elizabeth Warren is marking the eighth anniversary of Lehman Brothers’ bankruptcy with a new push to investigate—and potentially jail — more than two dozen individuals and corporations who were referred to the Justice Department for possible criminal prosecution in 2011 by the Financial Crisis Inquiry Commission, a government-appointed group that investigated the roots of the 2008 financial crisis. None was ever prosecuted. The names of the referrals — including former Treasury Secretary Robert E. Rubin, who held a top job at Citigroup, and Citigroup’s former CEO, Charles Prince — became public earlier this year when the National Archives released new documents.
In a letter to the Justice Department’s inspector general, Warren calls the lack of prosecutions “outrageous and baffling” and asks the inspector general, Michael Horowitz, to investigate why no charges were brought…
❝ In a separate letter, to FBI Director James Comey, Warren asks for the immediate release of “any and all materials related to the FBI’s investigations and prosecutorial decisions regarding these referrals.” This disclosure is warranted, she writes, by Comey’s decision in July to release a lengthy and critical statement that included previously undisclosed information about Democratic presidential nominee Hillary Clinton’s use of a private e-mail server—even though Comey decided not to recommend that charges be brought against Clinton. “Your recent actions with regard to the investigation of former Secretary of State Hillary Clinton,” Warren writes, “provide a clear precedent for releasing additional information about the investigation of the parties responsible for the financial crisis.”
❝ …She said Comey’s rationale for disclosing details of the Clinton investigation — Comey said it was warranted by “intense public interest” — creates a new precedent that obligates him to shed light on why the bankers and financial institutions referred by the FCIC to the Justice Department were never prosecuted. “Those same standards ought to apply to the worst economic crisis since the Great Depression,” Warren said. “There’s a clear public interest in finding out why none of these individuals or corporations were held responsible.”
❝ The timing of Warren’s effort, less than two months before the presidential election, aims to encourage the next administration to prosecute financial crimes more aggressively than the Obama administration has done. “The public outrage is still there,” she said. “This is about reminding our government officials who they work for.”
Warren in 2024. Or 2000. 🙂