ML-Implode News - The Mortgage Fraud Fraud

... not a single top executive at any of the firms that nearly brought down the financial system has spent so much as a day in jail. And that is true enough. But what is also true, and which is every bit as corrosive to our belief in the rule of law, is that the Justice Department has instead taken after the smallest of small fry -- and then trumpeted those prosecutions as proof of how tough it is on mortgage fraud. It is a shameful way for the government to act.
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In the Edwards case, the Justice Department spent tens of millions of dollars, and trotted out novel legal theories, to prosecute a man who was essentially trying to keep people from discovering that he had had a mistress and an out-of-wedlock child. Salacious though it was, the case has zero public import. Yet this same Justice Department isn't willing to use similar resources -- and perhaps even trot out some novel legal theories -- to go after the pervasive corporate wrongdoing that gave us the financial crisis and the Great Recession.
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Amazing, isn't it? George W. Bush has turned out to be tougher on corporate crooks than Barack Obama.

Relevant:

The Mortgage Fraud Fraud - Joe Nocera