(Attorney General Holder,) with these settlements you’ve reached, the Justice Department has massively distorted and perverted the notion of accountability until it no longer has meaning. Your recent actions, seen by many observers as reflective of a bold and aggressive new stance, amount to little more than a public relations vehicle. The actual victims of the fraudulent conduct being settled will see no relief. Homeowners will get hurt rather than helped. The perpetrators will not be forced to expose their crimes to the world. Just about the only thing these actions accomplish is a reduction in the national debt, which you can more responsibly achieve by taxing bank executives rather than subjecting their shareholders to penalties.

Worst of all, these PR moves masquerading as crackdowns do violence to the very concept of justice. In this case, the illusion of accountability is far worse than no accountability at all. 

(full article here)

Tags: Attorney, Eric, General, Holder, fraud, mortgage-backed, securities

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