Jesse's Café Américain

Corzine, MF Execs and JPM Named in RICO Lawsuit


Privately sponsored RICO lawsuits have a difficult time obtaining the types of information that are required to make a conspiracy case unless they get lucky in the discovery process or find a willing whistleblower. The defendants generally lawyer up and stonewall, using the types of court maneuvers that prove so effective in mortgage fraud cases, theft of customer funds, and mass foreclosures based on forged documents.

The chances of an Obama Administration investigation with teeth seems unlikely. Their Justice Department has strong ties to the big banks and mortgage companies and a very poor record of prosecuting fraud cases.

Of course there is little reason to hope for anything different from any Republican administration. Ron Paul would be honest enough, but it is hard to tell which laws he would choose to enforce and which ones would be considered an intrusion on free markets.

It might be more effective for the public to demand the appointment of a special prosecutor with a proven record of effective investigation of the big banks. Too bad Eliot Spitzer was taken out of the picture in a bank sponsored 'investigation' into his sex life by the Bush Justice Department.

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