GAI argues that the Obama administration’s decision to not go after Big Finance is due to senior DOJ leadership — Holder, Associate Attorney General Tom Perrelli, Associate Attorney General Tony West, Assistant Attorney General Lanny Breuer, Deputy Attorney General James Cole and Deputy Associate Attorney General Karol Mason — who “all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate.”
The report details how Holder and Breuer both came to the DOJ from Covington & Burling, a “top-tier Washington law firm” with a client list that includes financial firms like Wells Fargo, J.P. Morgan Chase, Bank of America, CitiBank, Deutsche Bank, Goldman Sachs, ING, Morgan Stanley, UBS and Wilmington Trust.
Cole, the report outlines, was with Bryan Cave LLP — “a white-shoe firm with A-list clients” — before becoming Holder’s right-hand man at the DOJ. One of Cole’s clients while at Bryan Cave LLP, the GAI report shows, was insurance and financial giant AIG. Cole had done $20 million worth of work for AIG between 2004 and 2008.
GAI points out how West — the DOJ’s no. 3 official — worked as a white-collar defense attorney for Morrison and Foerster before he came to the DOJ. Morrison and Foerster is currently providing legal representation to MF Global. Holder and Breuer’s old law firm — Covington & Burling — provided legal services to MF Global too, before MF Global sought bankruptcy protection.
“Five senior Goldman Sachs executives wrote more than $130,000 in checks to the Obama Victory Fund,” GAI continued.