"While serving on the House Banking Committee, Toomey, in 1999, helped write House Resolution 10, which led to the repeal of parts of the Depression-era Glass-Steagall Act. The repeal of the Act, which had regulated the separation of banks and investment firms, allowed the creation of huge companies that combined banking and investment operations. President Barack Obama and others have pointed to the repeal of Glass-Steagall as a significant cause of the current global financial crisis, on the grounds that it opened up the door for the financial sector to form so-called too big to fail financial services giants like AIG. "
“Now we’re witnessing another round of this shameful routine. President Obama and Attorney General Eric Holder Jr. have said they would hold Wall Street accountable for the crash, warning “unscrupulous executives,” in Holder’s words, that “we will investigate you, we will prosecute you, and we will incarcerate you.” But despite fraud on a scale possibly unmatched in history, the Justice Department has not charged a single executive or firm.”
The banks, say three federal judges, are getting ‘a free ride.’ The justice is ‘half baked.’