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It's often been suspected, but now the Attorney General confirms the country's largest banks are...

It's often been suspected, but now the Attorney General confirms the country's largest banks are too big to effectively prosecute. Eric Holder testifying before a Senate committee: "It does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the (economy)."
Comments (18)
  • Yep, that would be a problem.
    6 Mar 2013, 03:28 PM Reply Like
  • All the major US banks need to be broken up ala ATT. Too big to fail and now too big to prosecute?? Lord help us....
    6 Mar 2013, 03:29 PM Reply Like
  • The issue with it is, the government had a huge hand in allowing the banks to get this big. Clinton allowed investment banks and commercial banks to merge. Then during the financial crisis, the government helped J.P. to take on Bear, BofA to take on Merrill, Wells Fargo/Wachovia, etc. Essentially, the government made these banks bigger in order to absorb a hit from toxic assets.
    6 Mar 2013, 03:33 PM Reply Like
  • what a puss this guy holder is.
    6 Mar 2013, 03:32 PM Reply Like
  • perfect representation of him.....what a joke
    6 Mar 2013, 05:19 PM Reply Like
  • As usual the explanations are all bogus. It is not at all clear why a prosecution against one or more individuals at a financial institution would bring down the whole company and the whole known universe as a result. It is just fear mongering - we should learn to laugh at these absurd, condescending techniques after the steady stream of such BS that has streamed out over the past decade.
    6 Mar 2013, 03:33 PM Reply Like
  • i disagree entirely. it's a crying joke at this point how much banks (and plenty of other out-sized institutions) have co-opted this country. HSBC gets busted for money laundering out in the open and no criminal charges are filed... let alone just how powerful Government Sachs is these days and the sway they have. Every Treasury Secretary since Clinton has been a protege or associate of Robert Rubin. There's now bipartisan agreement (or at the very least, recognition) that banks have reached critical mass with respect to their influence and power in American politics. This country needs to do something before we become the Conglomerated States of America
    7 Mar 2013, 05:07 AM Reply Like
  • Big banks = systematic risk

     

    ...and therefore must be broken up.
    6 Mar 2013, 03:35 PM Reply Like
  • This whole TBTF thing is itself a misdirection. It is individual executives who make decisions. If such decision are illegal the justice system needs to go after these individuals . It has nothing to do with the size of the entity.
    6 Mar 2013, 03:38 PM Reply Like
  • <"It does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the (economy)." >
    I say bring it on...either he is aware of some SERIOUS undisclosed dealings within the banking system or he is afraid to bite the hand that feeds him. But the gov't will pull out all the stops to prevent a 10 year old from setting up a lemonaide stand.
    We are fooked....
    6 Mar 2013, 03:48 PM Reply Like
  • I think what Eric is saying is that we have a criminal banking system.
    6 Mar 2013, 03:51 PM Reply Like
  • He is also saying he doesnt care; or cant be bothered to do anything about it
    6 Mar 2013, 05:18 PM Reply Like
  • I have a suggestion. Since Mr. Holder is too scared to prosecute anything - perhaps he can simply release any information he has of particularly illegal activities they have discovered and let the "markets" deal with it.
    6 Mar 2013, 04:06 PM Reply Like
  • An AG of the USA saying someone is too big to prosecute.pretty much shows you whose running the show. Bernanke and current GS CEO Blankfein were college roommates and frat brothers at Yale hard to prosecute people you lived with and work with. if only al Capone had known
    6 Mar 2013, 04:33 PM Reply Like
  • The current crop of Banksters make Al Capone look like a small time hood.
    6 Mar 2013, 04:44 PM Reply Like
  • They are too big to fail because thats the way the power brokers set it up.......worse than prior to the great recession.

     

    Put a couple of these guys in jail and it would free up the over hang of a rigged system; cleaning it up is never a bad thing. Basically what Holder told Wallstreet is keep on scamming...no worries here
    6 Mar 2013, 05:17 PM Reply Like
  • < Basically what Holder told Wallstreet is keep on scamming...no worries here >
    Like they needed additional encouragement....
    6 Mar 2013, 05:25 PM Reply Like
  • Gives Banks a free pass to do pretty much anything they want without consequences. Nothing could ever go wrong with that system......
    6 Mar 2013, 05:53 PM Reply Like
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