The White House may very well have pushed for this suit to be filed two weeks before the November 6 election to boost its absurd pretensions to taking Wall Street to task. It is the third federal action against a major bank announced this month, following civil suits against JPMorgan Chase and Wells Fargo.

But the record speaks for itself. Not a single high-level banker has been prosecuted, let alone jailed, since the Wall Street crash of September 2008. Not one major civil case has actually been brought to trial. Instead, the government has allowed the culprit banks to work out settlements in which they paid token fines and admitted no wrongdoing.

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