What if I told you a group of thieves, responsible for billions of dollars in lost wealth to innocent victims, were going to be judged and regulated by their paid-for lawyer, how do you believe the outcome would turn out?
Would the lawyer/judge be completely objective, even though lavish employment awaits this lawyer/judge by the thieves in the near future, or will this lawyer/judge play favors? I would bet my life that this lawyer/judge will play favors to the thieves, and that is exactly who President Obama has chosen to head the Securities and Exchange Commission (SEC), with his nomination of Mary Jo White.
Mary Jo White and the firm she works with, Debevoise & Plimpton, represent Bank of America, Deutsche Bank, Goldman Sachs, JP Morgan, and HSBC; which are the same JP Morgan, Goldman Sachs, Deutsche Bank, Bank of America, and HSBC that destroyed our economy, and literally put millions of people out of their homes.
I'm sure Mary Jo White will talk about her days as a Prosecutor in the state of New York, and how she's one tough cookie, and she'll be completely objective, because she's an outsider'wink, wink.
As a possible future revolving door addict, Mary Jo White left her public prosecutor post to represent many financial firms that received government bailouts during the 2008 economic crisis. Her name appears in a SEC report, which alleges she withheld critical information relevant to the public cases our government was pursuing against Wall Street illegalities.
She has made a living during the past 10 years milking her government connections to get white collar criminals out of facing any jail time. The results have been fantastic, as no CEOs or even mid-level managers of any of the financial institutes represented by White and her law firm, have been sent to prison for committing fraud that cost billions of dollars to tax payers, and have crippled our economy.
We are to believe she is going to be tough on Wall Street because she put John Gotti behind bars in the early 1990s. That must have been a real hard case to figure out. She also sentenced Ramzi Yousef and other terrorists who admittedly participated in the 1993 World Trade Center attack. Yet, I don't see any financial crime prosecutions by Ms. White that involve anyone on Wall Street, so I'm not sure how she is qualified for this post.
I did find that Ms. White was the defense attorney for Kenneth Lewis, the former head of Bank of America, in charge of Bank of America when it was deceiving investors and went bankrupt; Lewis was cleared of all charges.
White also showed just how objective she could be, when she had to prosecute her former boss in a federal trial. That boss was Bill Clinton, the federal case investigated the Marc Rich pardon, and Ms. White ended up stepping down (still cannot find the reasons why). Unfortunately Ms. White will not be able to step down if the SEC investigates the many financial firms White represents. This leads me to believe as Chairwoman of the United States Securities and Exchange Commission, she will be extremely favorable to white collar criminals ' a great sign to the thieves that business is back to normal.
Instead of Mary Jo White, the nominations of Brooksley Born, Neil Barofsky, or Damon Silvers would have all been infinitely better than Mary Jo White, and made a lot more sense.