Write a cookbook, go to jail?
David Dayen points out the absurdity and hypocrisy behind the Obama/Holder Justice Department's decision to indict two stars of The Real Housewives of New Jersey on charges of mortgage fraud while Wall Street's crooked bankers still go unpunished.
Dayen points out that Wall Street bankers illegally foreclosed on 244,000 customers, for a total he estimates at $48 billion, and provides more detail on the scope of bankers' foreclosures crimes.
But that's barely scratching the surface. Bankers also defrauded mortgage investors, manipulated energy prices, and fraudulently tampered with lending rates, at a total cost that may well run into the trillions.Does the Obama/Holder DoJ indictment count reflect the magnitude of criminality committed by the respective parties? Let's look at the record.
Indictments for reality TV stars who accused of defrauding banks in order to obtain approximately $2.4 million in loans:2.
Indictments of bankers who falsified millions of loan documents, defrauded homeowners and investors, evaded local property sales taxes, and committed multiple other frauds large and small:0.
In 2010 I said that, the way things were going on Wall Street, Obama and Holder were going to have to indict Martha Stewart again.
That just shows how culturally out of touch I've been. Sure, they still need scapegoats they can indict instead of Wall Street executives. But America doesn't want to see television's too-good-to-be-true housewife take the fall anymore -- not when it can get a caricaturishly bad one instead. Enter Teresa and Joe Guidice, our newest celebrity defendants.