The banks and brokerage houses nearly brought America down in the crash of 2008, and yet the United States Department of Justice couldn’t manage to find anyone to prosecute. Like almost anyone paying a little bit of attention to criminal law, finance or who breathed, Pulitzer Prize-winning ProPublica writer, Jesse Eisinger, was pissed. So he sought to find out how this grave injustice could have happened. And that may be the mistake, even if it’s unavoidable.
Eisinger’s new book, The Chickenshit Club, Why the Justice Department Failed to Prosecute Executives, from Simon & Schuster,* dives into the huge question with one thing certain: that the failure to prosecute anyone was a failure of justice. Eisinger doesn’t hide his politics, and that bankers and businessmen are presumed guilty permeates the book. It’s not that it’s an unfair assumption, given what happened, but that his search never seriously considers that maybe the DoJ was not merely a bunch of cowards, but could just be wrong about who’s a criminal.

If you’re interested in the feel, the smell, the sense of what inside baseball is like in federal criminal law, to some extent, and the Justice Department in general, Eisinger does a spectacular job of providing a rich and deep background. It might seem overly banal to the casual reader, but that’s only because it is in real life. Take away the gloss of the cameras and the feigned heroics pumped out by the media, and you see regular people doing their jobs. Eisinger paints a rich tapesty of the world inside Justice. For this alone, the book is one of the most insightful I’ve read. This is the real deal, no shade to clean up the nasty people for their close-up.
But I kept having to remind myself, this was not a book about whether there were crimes committed by bankers, accountants and businessmen, but about how Justice went from the over-reaching cowboys of Enron days to the lily-livered corporate apologists of Lanny Breuer’s “Breu Crew.” I kept waiting for Eisinger to question whether there might be some potential that assumptions, leaps of faith really, that a vague email didn’t conclusively prove guilt. Continue reading →