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Geithner Says Wall Street Prosecutions Coming

Geithner Says Wall Street Prosecutions Coming

As protests against Wall Street malfeasance spread, Treasury Secretary Timothy Geithner said Americans should be prepared for a new round of “dramatic enforcement actions.”

The statement came Friday on CNBC after Geithner was asked about the Occupy Wall Street movement. Geithner said he understood the frustrations fueling the movement and pointed to the challenges the Obama administration has faced in getting Congress to act on Wall Street Reform.

“We moved very quickly to put in place a much stronger set of rules of the game across the financial sector. Now, we’re now facing a lot of resistance to those rules, but we’re going to make sure that we deliver the promise of those reforms, which is a much tougher set of rules across the system against risk-taking and much stronger protections for consumers,” he said.

Geithner’s promise of a new round of “enforcement actions” comes on the heels of the Raj Rajaratnam 11 year prison sentence for insider trading, the strictest sentence ever for that crime and after an initial round of historic SEC settlements with big banks over claims they misled investors when pushing bundled subprime mortgage investments.

So yes, Geithner is right that they’ve taken action. But we all know it’s not enough. Between the foreclosure fraud crisis and the other fallout from the consumer debt bubble there is room for a few criminal charges. American’s want someone to take responsibility, and they don’t feel like that’s happened yet.

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Photo from world economic forum via flickr.

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119 comments

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6:45PM PDT on Oct 21, 2011

another thing diane, when you have a banker you are supposed to be able to trust telling you that that clause is only in there to protect the bank if inflation rises drastically and that the mortgage rate rarely if ever rises that is deception. like i said it is a lot more complex than the simple minded daily talking points you you are provided with. the criminality goes further than sub prime mortgages.

6:30PM PDT on Oct 21, 2011

Diane O. said: Yep, that's what this country needs alright, more massive government control. We can all see how that is playing out.

, I believe those who signed on the dotted line without reading what type of loan they were buying into are the ones responsible. People were put into homes they were never going to be able to afford. They knew it. Yet, they took the risk. There were also people who refinanced and pulled every dime of equity in their homes to buy new furniture, cars, trucks, TV, vacation homes and left themselves more than vulnerable....they took a risk....and we all know what that involves when you take a risk...you will either win or lose. And when you lose, who are you going to blame? Not your next door neighbor, not your banker, not your mortgage lender....you have to blame yourselves for taking the risk.

yes diane, when it comes to criminal action and con scams that's exactly what we need is more government control, especially when it comes from these institutions that we are supposed to trust. if a burgalur breaks your window and robs your house does that put you at fault because you don't have bars on your windows? you always try to make complex issues sound so simple. it's not as simple as your daily talking points make it out to be. yes people should read the small print, but that still doesn't exempt the lenders from their unethical and criminal behavior.

9:01PM PDT on Oct 17, 2011

Can't wait to see the crooks brought into court in handcuffs. Just because they are rich does not mean that they are above the law. Give them a fair trial.

5:49PM PDT on Oct 17, 2011

About time; or possibly, 'Yeah, right!'

Anyone who thinks the real crooks, like Geithner, and Obama, will swing, stand on your head!

5:47PM PDT on Oct 17, 2011

Yeah, Leslie. Blame the victim. Blame the 99%, of whom I have no doubt you're one.

10:26AM PDT on Oct 17, 2011

The government needs to realize that this time most people are not happily ignoring these issues. This time most people are unhappy with the economy and the government and to go further more and more people are making talk that indicates that they feel like NOBODY in Washington is working for them. Being from a blue state I tend to have more confidence in my congress people but what about the rest of the country? As the signs and t shirts indicate, what about the 99% of the country that are paying too much for taxes only to have our money work to take more of our national viability invested in other nations instead of our own.

Wall Street is no longer functional in terms of benefiting the country, its as simple as that. It is no longer working for us, but for the 1% who think of them selves as global citizens and the world as their resource. It should be pretty obvious by now that loyalty to The US as a homeland was abandoned at least a generation ago.

6:37AM PDT on Oct 17, 2011

Nothing of any consequence will come of this. They will throw out a few minor players to take the fall, but nothing will happen to the big men who stole the majority of our money. Let's face it; Geithner's not going to take his top 1% friends to task for anything. In his earlier jobs he worked arm in arm with the greedy and served them as his masters. He will continue to be their puppet now.

The other 99% are going to have to do the job. When the top 1% are finaly held accountable for the damage caused by their self serving greed, Geithner needs to be held accountable for helping them.

3:31AM PDT on Oct 17, 2011

I'll add mine but flip it - "I'll see it when I believe it". I may not believe Geithner, but I am encouraged to visualize what a financially balanced government that cares more about it's people, environment and children than it's corporations.

1:54AM PDT on Oct 17, 2011

I think those on Wall Street should be tried, and hanged as traitors.

They are directly responsible for the suffering and deaths of millions, so I think that's fair.

1:49AM PDT on Oct 17, 2011

A message to those hating on entitlement recipients:

A business will only hire what they need to get a job done regardless of what their profits are.

Unemployment will continue to grow as the job pyramid shrinks.

People with no income cannot buy stuff because they have no money.

The economy will die because people can't buy anything.

Rich people will end up broke because their money/investments will be worthless after the economy dies.

Stop believing the lies of greedy stupid people. Giving more money to the rich will NOT solve Americas problems. It will just make things even worse.

People who are on government assistance are not losers. I don't know what kind of over privileged distorted reality you live in, but it obviously has no basis in this reality. The "losers" as you so kindly put it are made up of people whom circumstance has dealt a bad hand.

These days all it takes is one natural disaster, one accident, one hospital bill, one bounced check, one anything happening to a family struggling to get by to end up as one of the people you so heartlessly label as being a "loser."

I really hope you have the opportunity to become a victim of your own narrow mindset someday soon.

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