Warren Demands Investigation Into Obama's Failure to Jail the Banksters

Though President Barack Obama is set to leave office in matter of months, Sen. Elizabeth Warren (D-Mass.) is not willing to let him go without a full explanation as to why his administration refused to jail the Wall Street banksters behind the 2007-2008 financial crisis.

In a letter sent to Department of Justice (DOJ) inspector general Michael Horowitz on Thursday, the progressive firebrand demanded an investigation into why the DOJ refused to file criminal charges against individuals despite “‘serious indications of violation[s]’ of federal securities and other laws,” uncovered by the Financial Crisis Inquiry Commission (FCIC) probe into the causes of the economic crash.

Warren said her staff reviewed thousands of documents recently made public by the FCIC, and identified “11 separate FCIC referrals of individuals or corporations to DOJ in cases where the FCIC found” such evidence. According to Warren, “Nine individuals were implicated in these referrals (two were implicated twice).”

The DOJ, she continued, “has not filed any criminal prosecutions against any of the nine individuals. Not one of the nine has gone to prison or been convicted of a criminal offense. Not a single one has even been indicted or brought to trial.”

Further, she notes that her staff review “identified potentially illegal activity at 14 corporations (including five that were implicated in multiple referrals).” Though there were five corporations that reached a settlement with the DOJ, not one was criminally indicted or brought to trial.

Summarizing the letter, financial reporter David Dayen noted that the corporate criminals examined in the FCIC documents included