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Democrats periodically faulted Holder, though less frequently and with less fervor than did Republicans. Some liberal lawmakers thought Holder’s department was too lenient with Wall Street firms after the financial crisis. Sen. Jeff Merkley, D-Ore., once complained to Holder, a former partner in the elite Covington & Burling law firm, that, “We have a prosecution-free zone for large banks in America.”
The number of financial-institution fraud prosecutions fell to 1,365 in fiscal 2011, down from more than 3,000 in 2001, according to documents analyzed by the nonpartisan Transactional Records Access Clearinghouse.
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