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<h2 class="entry-title"><big>Only Obama and Wall Street Criminals
will Love Loretta Lynch as AG</big></h2>
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<li><big><span class="posted-on">Posted on <a
href="http://ringoffireradio.com/2014/11/only-obama-and-wall-street-criminals-will-love-loretta-lynch-as-ag/"
rel="bookmark"><time class="entry-date published"
datetime="2014-11-11T10:26:30+00:00">November 11,
2014</time></a></span><span class="byline"> by <span
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<p><big><em>Reposted with permission from <a
href="http://readersupportednews.org/opinion2/277-75/26860-focus-the-republican-senate-will-love-loretta-lynch"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://readersupportednews.org/opinion2/277-75/26860-focus-the-republican-senate-will-love-loretta-lynch',
'Reader Supported News']);">Reader Supported News</a>.</em></big></p>
<big>
</big>
<p><big>After the news broke of Eric Holder’s departure from the
DOJ, I called on President Obama to nominate <a
href="http://readersupportednews.org/opinion2/277-75/26088-focus-jim-hood-an-attorney-general-who-would-jail-the-bankers"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://readersupportednews.org/opinion2/277-75/26088-focus-jim-hood-an-attorney-general-who-would-jail-the-bankers',
'Mississippi Attorney General Jim Hood']);" target="_blank">Mississippi
Attorney General Jim Hood</a>, based on his exemplary record
of defending consumers and citizens from predatory banks, big
oil, insurance companies, and the pharmaceutical industry. My
more cynical readers commented that Obama was too much of a
corporatist to nominate Hood, and that whoever Holder’s
successor would be, they would be completely subservient to
the banks. And after the news of Lynch’s nomination and
looking into her past, I can say with confidence that those
readers were right.</big></p>
<big>
</big>
<p class="indent"><big>Right after graduating from law school,
Lynch went to work as a litigation assistant for the
prestigious New York-based law firm Cahill Gordon &
Reindel between 1984 and 1990. CG&R attorneys represented
some of the more notorious figures behind the Savings and Loan
Scandal of the 1980s and 1990s, including a man who had <a
href="http://openjurist.org/935/f2d/475/alfadda-v-a-fenn-nv-sa-nv-sa"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://openjurist.org/935/f2d/475/alfadda-v-a-fenn-nv-sa-nv-sa',
'personal dealings with Charles Keating']);" target="_blank">personal
dealings with Charles Keating</a>. In its profile of Lynch,
the DOJ’s own website describes her as someone with extensive
experience in <a
href="http://www.justice.gov/usao/biographies/lynch.html"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.justice.gov/usao/biographies/lynch.html',
'“white collar criminal defense.”']);" target="_blank">“white
collar criminal defense.”</a> It’s very likely that Lynch
went from Harvard straight to defending some of the worst
financial criminals the country had ever seen at the time. On
CG&R’s website, the <a
href="http://www.cahill.com/practices/litigation-securities-white-collar-defense"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.cahill.com/practices/litigation-securities-white-collar-defense',
'“securities litigation and white collar defense”']);"
target="_blank">“securities litigation and white collar
defense”</a>section describes the kind of crooks the firm
defends:</big></p>
<big>
</big>
<blockquote>
<p><big>Recent matters include the alleged manipulation of the
US Dollar London Inter-Bank Offered Rate (“LIBOR”) and
multi-billion dollar federal and state court class and
individual actions involving subprime and structured finance
products.… We have handled some of the most significant
investigations arising from existing and emerging regulation
in the white collar arena, including for some of the largest
transnational companies and banks as well as the largest
securities rating agency.… Our securities litigation and
white collar defense practice is top-ranked by Chambers USA,
The Legal 500 and Benchmark Litigation.</big></p>
<big>
</big></blockquote>
<big>
</big>
<p class="indent"><big>Lynch basically got her first six years of
white collar criminal defense experience working at the firm
that is currently responsible for keeping the bankers behind
the great subprime mortgage grift out of jail. CG&R is
also defending the financial institutions that jacked up
interest rates on everything from student loans to home loans
out of greedy self-interest. They even defended the agencies
that knowingly rated worthless mortgage-backed securities as
AAA, setting up millions to lose their retirement savings in a
snap.</big></p>
<big>
</big>
<p class="indent"><big>After six years of exemplary work at this
soulless law firm, Lynch walked through the revolving door to
the U.S. Attorney’s office in the Eastern district of New
York, which plays a major part in investigating financial
crimes. She gradually <a
href="http://www.mainjustice.com/2010/02/12/meet-loretta-e-lynch/"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.mainjustice.com/2010/02/12/meet-loretta-e-lynch/',
'worked her way up the ladder']);" target="_blank">worked
her way up the ladder</a>, going from an assistant U.S.
attorney in 1990 to becoming the unit’s Deputy Chief of
General Crimes in 1993. She was chief of the office’s Long
Island division by 1998, and was tapped as U.S. Attorney by
June of 1999, where she remained until 2001. Then, Lynch
walked back through the revolving door to return to defending
the worst of America’s worst corporate criminals.</big></p>
<big>
</big>
<p class="indent"><big>Lynch couldn’t wait to get started at the
Hogan & Hartson law firm (now known as Hogan Lovells).
Interestingly enough, Lynch was a partner at Hogan, working
alongside <a
href="http://www.hoganlovells.com/newsmedia/newspubs/detail.aspx?news=456"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.hoganlovells.com/newsmedia/newspubs/detail.aspx?news=456',
'John Roberts']);" target="_blank">John Roberts</a>, the
current chief justice of what is the most <a
href="http://www.nytimes.com/2013/05/19/opinion/sunday/the-corporate-friendly-court.html?_r=0"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.nytimes.com/2013/05/19/opinion/sunday/the-corporate-friendly-court.html?_r=0',
'corporate-friendly Supreme Court']);" target="_blank">corporate-friendly
Supreme Court</a> in decades. Hogan’s website doesn’t list
its past clients, but you can get a pretty good idea by
visiting the site’s <a
href="http://www.hoganlovells.com/financial-institutions/"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.hoganlovells.com/financial-institutions/',
'“financial institutions” section:']);" target="_blank">“financial
institutions” section:</a></big></p>
<big>
</big>
<blockquote>
<p><big>We represent banks, brokers, insurers, asset managers,
investment funds, regulators, and other market participants,
large and small, on the full range of legal services. This
includes corporate, competition, employment, finance, IT,
intellectual property, litigation, pensions, real estate and
tax.</big></p>
<big>
</big></blockquote>
<big>
</big>
<p class="indent"><big>As soon as Lynch joined Hogan in 2002, she
interrupted her own vacation, came to the office without pay
and immediately got to work <a
href="http://www.nationallawjournal.com/home/id=1202675892921/If-Chosen-Lynch-Faces-Dual-BattlesOn-Merits-Confirmation-Process?mcode=1202617074964&curindex=1"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.nationallawjournal.com/home/id=1202675892921/If-Chosen-Lynch-Faces-Dual-BattlesOn-Merits-Confirmation-Process?mcode=1202617074964&curindex=1',
'defending an Arthur Andersen partner who had helped cook
the books for Enron']);" target="_blank">defending an Arthur
Andersen partner who had helped cook the books for Enron</a>.
From 2003 to 2005, Lynch sat on the board of the New York
Federal Reserve, <a
href="http://www.economicpolicyjournal.com/2014/11/next-attorney-general-may-be-former.html"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.economicpolicyjournal.com/2014/11/next-attorney-general-may-be-former.html',
'working directly under future U.S. Treasury secretary Tim
Geithner']);" target="_blank">working directly under future
U.S. Treasury secretary Tim Geithner</a>. The New York Fed
has been <a
href="http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed',
'widely documented']);" target="_blank">widely documented</a>
for its incestuous relationships with the big Wall Street
banks it’s supposed to regulate. The revolving door spun once
again in 2010, when President Obama appointed Lynch to her old
job as U.S. Attorney of New York’s Eastern District.</big></p>
<big>
</big>
<p class="indent"><big>Drawing on her past experience of standing
up for white collar crooks, Lynch has spent the last four
years treating big banks with kid gloves. <a
href="http://www.newsday.com/news/nation/attorney-general-nominee-loretta-lynch-quietly-earns-respect-admirers-say-1.9599152"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.newsday.com/news/nation/attorney-general-nominee-loretta-lynch-quietly-earns-respect-admirers-say-1.9599152',
'Under Lynch’s oversight']);" target="_blank">Under Lynch’s
oversight</a>, the U.S. government allowed HSBC to pay a
fine that amounted to five weeks of profit for the bank after
they admitted to <a
href="http://www.nytimes.com/2013/01/03/opinion/how-bankers-help-drug-traffickers-and-terrorists.html"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.nytimes.com/2013/01/03/opinion/how-bankers-help-drug-traffickers-and-terrorists.html',
'laundering $800 million for Mexican drug cartels']);"
target="_blank">laundering $800 million for Mexican drug
cartels</a>. Lynch was also responsible for Citibank paying
a $7 billion settlement– <a
href="http://www.usatoday.com/story/money/business/2014/07/14/justice-citi-7-billion-dollar-settlement/12616741/"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.usatoday.com/story/money/business/2014/07/14/justice-citi-7-billion-dollar-settlement/12616741/',
'$3.8 billion of which was later billed to U.S.
taxpayers']);" target="_blank">$3.8 billion of which was
later billed to U.S. taxpayers</a> – rather than going to
jail over misleading millions of investors about
mortgage-backed securities that were doomed to fail.</big></p>
<big>
</big>
<p class="indent"><big>There’s really no question about whether or
not Lynch will survive her senate confirmation hearing.
Senator Dick Durbin once referred to his chamber as overly
subservient to the big banks, saying, <a
href="http://www.huffingtonpost.com/2009/04/29/dick-durbin-banks-frankly_n_193010.html"
onclick="_gaq.push(['_trackEvent', 'outbound-article',
'http://www.huffingtonpost.com/2009/04/29/dick-durbin-banks-frankly_n_193010.html',
'“They own the place.”']);" target="_blank">“They own the
place.”</a> Bankers everywhere can breathe a sigh of relief
knowing that the president’s pick for the nation’s top lawyer
won’t try to put any of them in jail. The senators they
sponsored in the last election cycle will likely confirm her
with haste.</big></p>
<big>
</big>
<p><big> </big></p>
<big>
</big>
<hr size="3"><big>
</big>
<p class="indent"><big><em>Carl Gibson, 27, is co-founder of US
Uncut, a nonviolent grassroots movement that mobilized
thousands to protest corporate tax dodging and budget cuts
in the months leading up to Occupy Wall Street. Carl and
other US Uncut activists are featured in the documentary
We’re Not Broke, which premiered at the 2012 Sundance Film
Festival. Carl is also the author of How to Oust a
Congressman, an instructional manual on getting rid of
corrupt members of Congress and state legislatures based on
his experience in the 2012 elections in New Hampshire. He
lives in Sacramento, California.</em></big></p>
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