FBCStaff-We know why Loretta Lynch was chosen to replace Atty Gen Holder, she brokered an $8 million settlement against Mayor Giuliani and the NYPD.
But what will Atty Gen Holder’s legacy be? We know he was impeached by the US House. But do we know about the Wall Street coverup he managed while Atty General?
A brief synopsis on the financial scandal Holder covered up to protect democrats. President Clinton’s financial advisor Lawrence Summers and Sec Of Treasury Rubin convinced him to disband Brooksey Borne’s department. Borne’s department had oversight on derivative trading done by Wall Street. A little about why this was needed. President Carter created a vehicle called the Community Reinvestment Act to give loans to those who could not meet minimum requirements. The tax payers would then pay the interest on the loans while the home owners would pay the principle.
President Clinton used the Act to put pressure on the government backed loans of quasi-private lenders Fannie Mae and Freddie Mac to give more home loans. When Borne’s department started questioning the integrity of these unstable loans being bundled and sold as derivatives, Borne’s department was history.
When GW Bush’s administration questioned the stability of Fannie Mae and Freddie Mac’s loans he was blocked by Mass. Sen Barney Frank and other democrats. The Clinton administration used the two agencies to reward employees by sending them there and awarding them large bonuses. Clinton Budget Director Franklin Raines, had to return almost all of a $20 million bonus he received, after a Bush administration investigation.
Atty Gen Holder’s work is done after brokering settlements w/o court approval, with Wall Street for settlements far less than reported by the MSM:
” The banks finally settled with Holder’s Justice Department. After unnerving behind the scenes direct communications between the bank and senior Justice officials, a record fine was reached but the real details of what transpired remain a secret. The bank signed a watered down statement of facts that didn’t detail the facts.”
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Atty Gen Holder has been cleaning up the democrat’s mess that caused the financial melt down in 2008. It has not been reported by the media and involved some of the largest looting of tax dollars in our history. It has been estimated by some that the toxic loans sold as derivatives totaled $700 Trillion.
Atty Gen Holder’s legacy will be he was a good soldier, he protected the democrat party and their friends on Wall Street.
The question is will republicans prosecute him? If they don’t, it will appear that they don’t have the courage to stand up and represent the American people. They will lose any credibility they may have left with the American people.