Shows & Panels
Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- The New Generation of Database
- Reimagining the Next Generation of Government
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Barlow Herget Commentary
Barlow Herget is a commentator and host on State Government Radio at Curtis Media. He has been a commentator on UNC public radio and an instructor in continuing education at Duke University. Herget was a Nieman Fellow ('70) at Harvard University, has worked for the Daily Press of Paragould, Ark., the Detroit Free Press, and the News & Observer of Raleigh. His articles have appeared in The Atlantic, The New York Times and numerous other publications. Contact him by email.
Bailed out and unpunished
Tuesday - 5/17/2011, 4:53pm EDT
The best line from this year's Oscar awards did not come from a big-time movie star but from a guy named Charles Ferguson. He and Audrey Marrs made the Oscar winning documentary "Inside Job" about Wall Street's role in the crash of 2008.
Mr. Ferguson said, "Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that's wrong."
The quote came rushing back when President Obama announced that he was running for re-election. The President has since underscored his seriousness with fund raisers in Chicago and elsewhere and a fresh show of backbone toward Congressional Republicans in campaign remarks.
As a former elected official, I know that a good time to make a case with candidates is when they're asking for your vote.
This is that time.
It's only nine and a half months from the New Hampshire Primary, Feb. 14. So, join me in my own demand for Mr. Obama and his Republican challengers: Prosecute a Wall Street banker.
Mr. Obama promised in 2009 to clean up Wall Street. He said then, "It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation and punishes short-cuts and abuse."
Some rules have been changed in the Dodd-Frank Wall Street Reform Act, but still no punishment.
Eliot Spitzer is a flawed source, especially when it comes to marriage, but his record as a federal prosecutor in New York and Wall Street is far more substantial than Mr. Obama's Justice Department. Spitzer repeatedly has outlined what the prosecutor's office can do, how to do it, and who to do it to.
The emails and evidence are there and now on film. As investigative reporter Matt Taibbi says of the bankers, "They did not get punished. They got bailed out."
Mr. Obama will have to investigate some of his biggest contributors: Goldman Sachs executives were his second largest group of donors, $994,000; Citigroup, $701,000; JP Morgan Chase, $695,000.
Republicans, despite Tea Party outrage at Wall Street, show no stomach for punishment. Indeed, Representative Spencer Bachus of Alabama, chairman of the House Financial Services Committee, says, "My view is that Washington and regulators are there to serve the banks."
But Mr. Obama is in charge of the Justice Department, and he should know that the absence of justice for billionaire Wall Street frauds affects economic recovery and public confidence.
And if he doesn't know, the public should ask him, again and again: When will you prosecute a Wall Street banker?