Based on how the banks and rating agencies screwed up on mortgages, the SEC has the power to close the banks down on the grounds of being technically incompetent. During the Savings and Loans crisis of the 1980’s, the fed bank reg closed banks down first, then investigated the bank execs, staff and accountants for legal violations.
Unfortunately ever since the banking industry got many of the laws changed so many Savings and Loans prosecutions are not possible. That is what many state prosecutors discovered after the financial meltdown in 2008!!! However the SEC still has the power to close rating agencies such as Moody and many mortgage divisions in the major banks. They did not.
I said it then and I will say it now. These folks are going to get away with the biggest crime in history because our elected and appointed leaders are in on it.
Fact - Franklin Raines, Jamie Gorelick, and other elite leftists were hired to run Freddie and Fannie. Fact - They cooked the books in order to receive huge multi-million dollar bonuses. Fact - The statute of limitations will be up soon and they can never be charged. Fact - Freddie and Fannie make Enron look like chump change and instead of investors our children are responsible for the debts.
Why did’nt Acorn picket in front of Raines home to have the bonuses (over 100 million I believe) returned to the taxpayers? Rhetorical question of course...........