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August 10, 2012

Press Statement on DOJ and SEC dropping the Goldman Investigation


There should be no double standard and the law should be enforced on Wall Street just as it is everywhere else in America

Washington DC, August 10th, 2012- The too big to fail banks on Wall Street caused the financial collapse in 2008 and inflicted the worst economy since the Great Depression on our country.  Yet Wall Street was unconditionally bailed-out and then stuffed their pockets with hundreds of billions in bonuses while sticking Main Street with the bill for their recklessness and greed.

“Not prosecuting yet another big Wall Street bank is just more of the same no-accountability double standard.  This is why the American people are so disgusted with public officials and institutions. They see that the law is enforced on Main Street, but not Wall Street.  They see the scandals and lawlessness and know that Wall Street is a high crime area where there are no cops on the beat,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.

“The ongoing failure to enforce the law against the rich, powerful and well-connected of Wall Street only rewards and incentivizes more crime, which is why there are and will continue to be more scandals,” said Mr. Kelleher.  “Much worse, however, is that this ongoing double standard erodes the belief in the American justice and political systems, which threaten the very foundation of our democracy.” 

“Yes, criminally charging and convicting executives and firms of financial crime are difficult and can’t always succeed.  But, to never even try is an abdication of responsibility and a disservice to the American people, who continue to suffer from the economic wreckage Wall Street created across our country.  It is long past time to end the double standard and to start enforcing the law on Wall Street.”

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