Obama’s nomination of Mary Jo White reveals the president still isn’t serious about cracking down on big banks

, Salon

If your first reaction to this morning’s news about President Obama nominating Mary Jo White to head the Securities and Exchange Commission is positive, that’s understandable. She’s a former prosecutor and, as such, much of the elite media has simply concluded that must mean the Obama administration is going to get tough on Wall Street crime.

Case in point is the framing from the New York Times’ Dealbook — a publication that has literally been financially sponsored by Goldman Sachs. Not surprisingly, the Wall Street stenographers at Dealbook insist that since White is a prosecutor, it means the White House is “send(ing) a signal about the importance of holding Wall Street accountable for wrongdoing.”

It is designed to sound reassuring: A day after the airing of PBS Frontline’s damning indictmentof the Obama administration’s refusal to prosecute Wall Street crime, we are all expected to breathe a sigh of relief and believe that the Too Big to Jail paradigm is finally going to change because now a prosecutor is in charge.

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