I want to added a brief addendum to Pete’s post. Quite frankly, I was astonished when I read the plain language and direct blame of the Senate report. Why? Well under international law there are clear provisions that require countries to prosecute said crimes, and the failure for the host country to do so opens up the way for any signatory to.
If President Obama does not open an inquiry into the matter I can guarantee that other countries — including many of our closest allies — will and it will become an international political struggle. The United States is already being blamed for being the cause of the current economic woes, and as things get worse we are going to become a target for all slights perceived or real. The truth of the matter is that our economic fate is tied directly to the good will of our trading partners, and they could easily bring us down to size if they were willing to suffer as well. It need not even be deliberate, as massive coordination will be needed to prevent major collapse and economic cooperation could easily be derailed over this issue.
If we refuse to clean house, then don’t be surprised when other governments face pressure to punish us and then scramble to claim credit for holding the world’s most arrogant nation to account. I can’t say I’d blame them.