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Realities Behind Prosecuting Big Banks
Key Excerpts from Article on Website of New York Times
Posted: March 19th, 2013
http://dealbook.nytimes.com/2013/03/11/big-banks-go-wrong-bu...
Are banks too big to jail? If there was any doubt about the answer to that question, Eric H. Holder Jr., the nations attorney general, last week blurted out what weve all known to be true but few inside the Obama administration have said aloud: Yes, they are. 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, Mr. Holder told the Senate Judiciary Committee. I think that is a function of the fact that some of these institutions have become too large. Mr. Holder continued, acknowledging that the size of banks has an inhibiting influence. To put this in the proper perspective, Mr. Holder said, for the first time, that he has not pursued prosecutions of big banks out of fear that an indictment could jeopardize the financial system. Does this mean that our banks are still too big to fail? Should we prosecute corporations? Should the size of an institution or its systemic importance influence the decision of prosecutors? It has been almost five years since the financial crisis, but the big banks are still too big to fail, [Senator Elizabeth] Warren, a Democrat, said in a statement. Attorney General Holders testimony that the biggest banks are too-big-to-jail shows once again that it is past time to end too-big-to-fail.
Note: For deeply revealing reports from reliable major media sources on the collusion between government and finance, click here.
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