When Nicky Scarfo got into investment banking it should have been a red flag

The content of the New York Times article below outlines one of the reasons that I feel Eric Holder is by several lengths the most important horse in Obama’s stable.

When Nicky Scarfo (the son of Nicodemo "Little Nicky" Scarfo) got into the investment banking / mortgage derivative business it should have been a red flag. The Bush Administration Department of Justice pulled the FBI away from that investigation. They are back on it now.

Some of Scarfo’s companies:
FirstPlus Financial Group Inc, Globalnet Enterprises, Learned Associates of North America and Rutgers Investment, a FirstPlus subsidiary with offices in Wayne, PA.

January 29, 2009
What Red Ink? Wall Street Paid Hefty Bonuses
By BEN WHITE

By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived.

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.

That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.

While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high.

Some bankers took home millions last year even as their employers lost billions.
More at:
http://www.nytimes.com/2009/01/29/business/29bonus.html?_r=1&hp