Why Is Eric Holder Stepping Down?

It looked like Eric Holder was set to be Obama’s “guy” running the Justice Department until Big O’s term expires.  But he suddenly stepped down yesterday without a meaningful explanation.

It looks like the immediate trigger is a judge’s ruling denying the Obama Government’s motion to delay the Fast and Furious documents, which document Eric Holder’s approval of a gun-running operation that was funneling guns ultimately to drug cartels. The guns were used in the murder of U.S. citizens.

The ruling was handed down yesterday (Sept 25) and shortly thereafter Holder resigned from the Justice Department:

The Obama administration failed to game the courts and now will have to account for its Fast and Furious lies. Two federal courts have now rejected Eric Holder’s election-related ploy to keep this information from the American people,” Judicial Watch President Tom Fitton said in a statement in reaction to the ruling. “This is a battle that put Eric Holder in contempt of Congress, saw Nixonian assertions of executive privilege by Barack Obama, and a hapless Congress in the face of all this lawlessness (article link).

While this may be the best “cover” story under which Holder is resigning, his greater crimes were his aiding and abetting of the greatest escalation in banking criminality and fraud in the history of the world.  Holder’s appointment to AG was seeded in extreme conflict of interest from the beginning – as are all of Obama’s cabinet appointments.  Prior to being appointed AG, Holder was a senior partner at Covington Burling

Covington Burling is the real life version of John Grisham’s “The Firm.”  Only the mob racketeering interests that Covington Burling represents and keeps out of harm’s way are the crime families of Too Big To Fail Wall Street Banks.

While head of the Justice Department, Holder’s reign helped usher in financial system fraud and criminality of unprecedented proportions.  Yet, financial industry investigations and prosecutions declined precipitously under Holder’s watch to levels that were below even that  of the Bush Administration, itself extraordinarily lenient in its tolerance of Wall Street fraud.

Our entire financial and economic system is on the precipice of major collapse.  It is no coincidence that Holder is leaving the mess he helped create before the napalm ignites. It’s similar to Bill Gross’ timely exit at Pimco, where his “famed” Total Rate of Return flagship bond fund is nothing more than a viper’s nest of dangerous derivatives.

For me, the departure of both of these people signify that the flames of Rome are about to engulf our system.

8 thoughts on “Why Is Eric Holder Stepping Down?

    1. LOL – great nickname! Holder won’t disappear but that chick who just exposed the Goldman/Fed tapes
      might have an “accident” in her bathtub sometime soon.

    1. Justice Denied

      GTCR’s founder was Rahm Emanuel’s mentor, setting him up for his first investment bank gig which gave Rahm $18 million. With his core wealth established Rahm could return to politics and work on behalf of the landed gentry. Dealbook noted:

      Mr. Emanuel represented GTCR Golder Rauner, a Chicago private equity firm that was buying the business for an affiliate. Bruce Rauner, the firm’s chairman, had first met Mr. Emanuel when he was still exploring job prospects in Chicago after getting a call from Mr. Bowles, an old friend.
      Instead of private equity, Mr. Rauner advised Mr. Emanuel to pursue investment banking, where his political experience might be more valuable in landing deals in regulated industries.
      Mr. Emanuel called him back after starting at Wasserstein and asked if he could take over coverage of GTCR for his new employer. That eventually led to the nearly $500 million SecurityLink deal.

      Obama, of the fiery rhetoric, brought Rahm the rich asshole into the Oval Office. Really, Obama showed his hand right away with his appointments, one of which announced he’s leaving. Eric Holder will do well in private equity or on Wall Street. He’s earned a cushy spot after six years of “Just Us.”

      It’s a PEU world, where politicians Red and Blue love PEU…


  1. William R. Black on Prosecuting Criminal Banker CEOs: Obama and Holder Don’t Even Care Enough to Fake It

    And now to the whistleblowers, perhaps even more vicious and reprehensible than the administrations refusal to prosecute banker CEOs for accounting control fraud, because the message it sends is that even if you see your company or agency controlled by criminals, you’ll get no help from government:

    [BLACK: ]On top of that, if you’re not going to have criminal referrals from the agencies, the only other conceivable way that you’re going to learn about elite criminal misconduct of this kind is through whistleblowers. And as you mentioned, this administration, and Eric Holder in particular, are known for the viciousness of their war against whistleblowers. What the public doesn’t know–and it doesn’t know because of Eric Holder–is that in the three biggest cases involving banks–again, none of them, not a single prosecution of the elite bankers that drove this crisis–all three of those cases, against Citicorp, against JPMorgan, and against Bank of America, were made possible by whistleblowers. Eric Holder was the czar at the Department of Justice press conferences in each of these three cases, and he and the Justice Department officials, the senior Justice Department officials, at those press conferences, never mentioned the role of the whistleblowers–never praised the whistleblowers and never used those press conferences as a forum for asking whistleblowers to come forward. And so your viewers should take a look at the Frontline special on this, where the Frontline producers made clear that as soon as word got out that they were investigating the area, dozens of whistleblowers came forward, and each of them had the same story: the Department of Justice had never contacted them.

    So, instead of going after the big guys–by the way, they didn’t go after the small CEOs either. I keep talking about elite CEOs, for obvious reasons: they cause far greater damage. But there are all these CEOs of the not very big mortgage banks who are not prestigious, who are not politically powerful, and Eric Holder refused to prosecute them as well.



    what a disgrace

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.