Democrats’ failure to punish CEOs for 2008 crash contributed to Trump’s rise, accuses Obama aide | EUROtoday

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The Democrats’ failure to punish “greedy” CEOs for the 2008 monetary crash contributed to the rise of Donald Trump, argues Obama’s former White House chief of employees.

Rahm Emanuel, the outgoing U.S. ambassador to Japan, criticized the social gathering for being “blind to the rising sea of disillusionment” that has been simmering for years in America, he wrote in a column for the Washington Post titled “The road back to power for Democrats,”

Emanuel, who was Obama’s White House chief of employees from 2009–2010, the disillusionment started in 2003 with the Iraq War and rumbled on into 2008, the place “unchecked greed led to the collapse of the global financial system.”

“Not only was no one held accountable, but the same bankers who engineered the crisis were aggrieved at the suggestion of diminished bonuses and government intervention,” Emanuel mentioned. “It was a mistake not to apply Old Testament justice to the bankers during the Obama administration, as some called for at the time.”

The former Chicago mayor mentioned Trump managed to “channel a nation’s fury” over these years. He pointed to the taking pictures of UnitedHealthcare CEO Brian Thompson for instance of how livid the nation has turn out to be.

“The online cheerleading for the killer of a health-care insurance CEO in New York City is just more evidence of this seething, populist anger,” he mentioned.

The solely prime financial institution to obtain a sentence was Kareem Serageldin, a former Wall Street financial institution at Credit Suisse.

The Obama administration was closely criticized for not going after the architects of the 2008 crash, which was triggered by shaky subprime mortgage schemes that made banks and their executives fortune till all of it got here toppling down with penalties world wide.

The solely prime financial institution sentenced for wrongdoing within the disaster was Kareem Serageldin, a former Wall Street financial institution at Credit Suisse. Eric Holder, the previous lawyer common, beforehand insisted that the Department of Justice didn’t have the proof it wanted to prosecute.

“I think you have to understand, if we could have made those cases, we certainly would have,” Holder advised NBC’s Seth Meyers again in 2016. “These are the kind of things that are career-defining. People come to the Justice Department to make these kind of cases. But given the statutes we had to work with and the burdens of proof we had to meet, we were simply unable to do that.”

In his column, Emanuel additionally made a refined dig at Kamala Harris when he wrote how “campaigns of joy in an era of rage” don’t win elections.

“November was a jarring reminder that misjudging the mood of a nation can be catastrophic,” he concluded.

There is theory that Emanuel, reportedly within the working to steer the Democratic National Committee, could run for president in 2028, Politico’s Playbook reported. Emanuel has not responded to the rumors.