Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Preet Bharara: Big Bark, But Where’s The Bite?

Posted by Larry Doyle on July 19, 2013 9:19 AM |

The US Attorney for the southern district of New York, Preet Bharara, certainly occupies one of the most powerful positions within law enforcement in the nation.

Yet here we sit 5 full years from the outset of what any reasonably intelligent individual knows is a fraud-induced and executed crisis, and what do we have to show for meaningful justice?

Aside from the prosecution of a handful of ne’er-do-well hedge fund nitwits and an array of shareholder paid fines, the record books to date have very little to show for justice.

I found myself thinking of this track record as I listened to Bharara inform CNBC’s Jim Cramer that nobody and no institution is or should be too big to jail. I am not saying Bharara’s job is an easy one but there comes a point in time when it is put up or shut up. I think most in America would say we have passed that point. 

The following 32 minute clip is filled with a host of topics this blog addresses regularly but it is often tough to listen to Bharara’s big bark given that there has been little to no meaningful bite.

Navigate accordingly.

Larry Doyle

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery you can access the video clip here. Please visit the blog and comment on this piece of ‘sense on cents.

Please subscribe to all my work via e-mail, an RSS feed, on Twitter, or Facebook.

I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Blythe

    Mr. Bharara should chew on this when he comments that he will hold senior bank executives accountable:

    Even as the nation’s top energy regulator is poised to extract a record settlement from JPMorgan Chase over accusations that it manipulated power markets, the agency is expected to spare a top bank lieutenant who federal investigators initially contended made “false and misleading statements under oath,” according to people briefed on the matter.

    Blythe Masters, a seminal Wall Street figure who is known for developing exotic financial instruments, emerged this spring at the center of an investigation by the Federal Energy Regulatory Commission into accusations of illegal trading in the California and Michigan electricity markets.

    The regulator found that JPMorgan designed trading “schemes” that converted “money-losing power plants into powerful profit centers,” a commission document said.

    While the commission and JPMorgan are negotiating a settlement for about $500 million, the people briefed on the matter said, Ms. Masters is not expected to face a separate action. The move signals a pivot for the agency, which has been increasingly flexing its enforcement muscle, according to the people briefed on the matter, who spoke on the condition they not be named.

    Months earlier, investigators planned to recommend that the regulator find Ms. Masters, who holds a powerful position within JPMorgan as the head of its commodities business, “individually liable.”

    JP Morgan Executive May Escape Penalty

  • Matt

    This is how it works–evidently no actual human being does anything wrong that warrants punishment. The corporation is fined, which fine comes out of the stockholders pockets, and management continues on its merry way.
    Some people pay for their misdeeds; evidently top management is immune.

Recent Posts