As for Mr. Bernanke, although he was a career academic, as soon as he entered politics / government, he began to show himself as a very astute political maneuverer – not aggressive, always ready to please those above him – first Bush, then Paulson, then Obama, now perhaps looking even beyond Obama…
Bill Black on how investigations became reality after the S & L crisis: There was very little outrage originally about S&L fraud and neither the agency nor DOJ originally (until 1984) made such frauds a priority. By bringing over 1,000 successful “major” prosecutions, approx. 800 civil suits, and 3,000+ administrative actions we (1) put facts in the record that journalists could cite with[out] fear of libel actions, (2) demonstrated over time that there was a pattern to the frauds and that they were led out of the “C” suite, and (3) eventually made it politically impossible for several years not to favor strong efforts at prosecution.
We knew that we had won when Rep. Frank Annunzio (a strong ally of Charles Keating), began wearing a button, six inches in diameter, that said “JAIL the S&L CROOKS”). It was pure hypocrisy, but still telling.
Link to full textual dialogue at FDL Book Salon