On Wednesday, March 6, US Attorney General Eric Holder testified before the Senate Judiciary Committee, admitting that the Department of Justice believes that Wall Street financial titans are too big to jail. According to the American Banker,
Holder told the Senate Judiciary Committee that the size and interconnectedness of some institutions has “made it difficult for us to prosecute” in some cases, in response to a question from Grassley, the panel’s lead Republican, about the HSBC deal.
“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,” said Holder, who cautioned he was speaking generally and not about the HSBC case specifically. “I think that is a function of the fact that some of these institutions have become too large.” (Italics added by BuzzFlash at Truthout.)
Addressing bank size is something lawmakers in Congress would “need to consider,” he added.
In essence, the chief law enforcement officer of the United States conceded that he cannot uphold laws governing financial fraud and manipulation in regards to those who run large financial entities. His argument is that holding individuals criminally accountable for imploding the economy would endanger the economy. Say what? Isn’t Holder just giving them further license to plunder away?…