Tuesday, March 12, 2013

Wall Street banks: too big to fail, too big to go to jail...

In testimony before the Senate Judiciary Committee last week, US Attorney General Eric Holder made an extraordinary admission.

Responding to questioning from Republican Senator Chuck Grassley, who noted that there had been no major prosecutions of financial institutions or executives by the Obama administration, Holder said: “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them, when we are hit with indications that if we do prosecute—if we do bring a criminal charge—it will have a negative impact on the national economy, perhaps even the world economy…”

In other words, major banks are so economically important that, according to Holder, it is impossible to prosecute them for criminal activity. They are above the law.

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A stench of corruption hangs over the whole process. There is hardly a single Obama administration official in a position important to the banks that does not have previous ties to Wall Street. These include: Full story...

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  2. 'Wall St. bonus bonanza must end or banksters will wreck economy'
  3. How Iceland goes after the bankers that brought down its economy...
  4. Jailing bankers is the best way to curb market abuses...
  5. Tony Robinson: Are bankers human at all?
  6. Why I am leaving Goldman Sachs...

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