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Borosage writes: "Yesterday Attorney General Holder stated openly what was already apparent. The Justice Department believes that Too Big to Fail Banks are Too Big to Jail. Criminal indictments against banks or leading bankers might endanger the economy and thus were too big a risk."

Attorney General Eric Holder testifies on Capitol Hill in Washington, March 6, 2013, before the Senate Judiciary Committee hearing: 'Oversight of the U.S. Department of Justice.' (photo: Evan Vucci/AP)
Attorney General Eric Holder testifies on Capitol Hill in Washington, March 6, 2013, before the Senate Judiciary Committee hearing: 'Oversight of the U.S. Department of Justice.' (photo: Evan Vucci/AP)



Eric Holder: 'Some Banks Are Too Big to Prosecute'

By Robert Borosage, AlterNet

07 March 13

 

or years, the Obama Administration has been pummeled for failing to bring criminal charges against a single major Wall Street bank or a single leading Wall Street banker for what the FBI termed an "epidemic of fraud" that blew up the entire economy.  Investigations revealed the banks committed routine fraud in peddling mortgage securities they knew were garbage, trampled basic property laws, laundered money from Iran, Libya and Mexican drug lords, conspired to game the basic measure of interest rates and more.  Yet, time after time, the Justice Department and regulatory agencies settled for sweetheart deals, with no admission of guilt, no banker held accountable, and fines that were the equivalent in earnings of a speeding ticket to the average family.

Yesterday Attorney General Holder stated openly what was already apparent.  The Justice Department believes that Too Big to Fail Banks are Too Big to Jail.  Criminal indictments against banks or leading bankers might endanger the economy and thus were too big a risk.

Here's what 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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy," he said. "And I think that is a function of the fact that some of these institutions have become too large."

Holder was responding to questions by Republican Senator Charles Grassley about why the Justice Department brought no criminal charges against the large British bank HSBC after it admitted laundering money for parties in Iran, Libya and Mexican drug lords.  The Attorney General acknowledged that the sheer size of the big banks "has an inhibiting impact on our ability to bring resolutions that I think would be more appropriate.  That is something you (members of Congress) all need to consider."

Foam the Runway

Allowing the big banks to operate above the law is at one with the philosophy that guided both the Bush and the Obama administrations during the financial collapse.  Tim Geithner, former head of the New York Federal Reserve bank under Bush and Treasury Secretary under Obama, would preach that it was necessary to "foam the runway" to protect the banks from total crackup.  That "foam" included literally trillions in the backdoor bailout of banks organized by the Federal Reserve, abandoning the underwater homeowners who were victimized by Wall Street's wilding, while neutering any regulatory or criminal accountability.

Above the Law

Holder's outrageous admission means that bankers operate - and know they operate - above the law.  That renders all the argument about regulations and legal limits risible.  Bankers spend tens of millions lobbying to weaken regulations and starve regulators of authority and resources.  But when the action gets hot, the bubble starts to build, the music keeps playing, they can trample the laws, mislead the regulators and defraud their customers, bolstered by the confidence that the laws will not apply to them.

Holder's argument, however, is indefensible.  There is no reason a bank with billions of assets could not survive the indictment of its CEO or CFO.  If the Fed and Treasury can "foam the runway" to protect otherwise insolvent banks from collapse, they surely could insure that a bank survives while its executives are held personally responsible for their crimes.  Putting a few bankers in jail and holding them personally accountable for their frauds would do much to bring sobriety back to Wall Street.

The Campaign for a Fair Settlement, of which the Campaign for America's Future is a partner, has called on the president to repudiate Holder's statement, and to direct the Justice Department to prosecute those who violated the law.  But Holder's position forces a bigger issue.

Too Big to Be

So big banks operate above the law.  And as the conservative head of the Dallas Federal Reserve Bank Richard Fischer and many others have argued, they are not disciplined by the market.  They know their losses are covered, while they pocket their winnings.  They have multi-million dollar personal incentives to leverage up, use other people's money to make big bets on high risk operations that offer big rewards.  Their excesses blew up the economy, but they got bailed out and emerged bigger and more concentrated than ever.

And, of course, since investors know the big banks can't fail, the big banks can attract money at much lower rates than smaller banks, a subsidy worth about $83 billion a year according to recent calculations by Bloomberg News.

Clearly, institutions that are above the law and beyond the discipline of the market cannot exist in their current form.  The Congress has only two choices.  The big banks can be nationalized and treated as public utilities.  The public would pocket their profits and cover their losses.  Or the big banks can be broken up, and be accountable to both the law and the market.

Senators Sherrod Brown and Jeff Merkley have spearheaded the drive to break up the big banks.  This takes remarkable courage.  Brown had to overcome torrents of big money poured into the effort to defeat him when he ran for re-election last year.

Now they are gaining unlikely allies.  George Will has called on conservatives to follow Brown to the barricades.  Republican Senator David Vitter has joined in calling for study of the subsidy big banks enjoy.  Retired bankers like John Reed, former president of Citibank have joined with Dallas Fed President Fischer and others to call for breaking up the banks.

Can the big banks be held accountable?  Wall Street is a leading source of funds for both parties.  The revolving door between Wall Street and Washington spins no matter what administration is in power.  The Obama administration has opposed every effort to break up the big banks.  Republicans in Congress have shamelessly offered themselves as Wall Street's protectors in exchange for campaign money.

But Holder's admission makes action - however improbable - imperative.  A nation of laws and markets cannot abide huge private financial institutions that are accountable to neither.

 

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+55 # chatrabbi@aol.com 2013-03-07 12:31
Great article, that everyone should read and then support Senators like Brown and Merkeley. Phil Posner,chatrabb i @aol.com
 
 
+9 # crispy 2013-03-09 01:44
Sign moveon.org petition Now
"Tell President Obama to end the Administration' s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy...
I had to cut the e-mail was too long sorry!
"Stand up and add your voice in demanding the Administration end the policy of "too big to fail/jail".

That's why we're demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama's second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he'll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It's break up time. Now or never.
 
 
+83 # fredboy 2013-03-07 12:32
This is hilarious in its ignorance and wimpdom. By granting these financial monsters carte blanche on our economy, Holder and company have enshrined the pirates as national saints--protect ed forever, and free to plunder.
 
 
+53 # Eldon J. Bloedorn 2013-03-07 13:54
If Holder could tell his message to FDR, FDR would be laughing (and crying) in his grave. Holder is simply a Plutocrat wimp. When Republicans say, "we are against big government" what they are really saying is we do not like strong, intelligent, government. Why do you need an intelligent, protective government when you have 'us' the wealthy to make the laws 'for you?"
 
 
+40 # Working Class 2013-03-07 13:57
Quoting fredboy:
This is hilarious in its ignorance and wimpdom. By granting these financial monsters carte blanche on our economy, Holder and company have enshrined the pirates as national saints--protected forever, and free to plunder.

What do you expect from a lawyer who in his previous job defended the bastards?
 
 
+13 # Eldon J. Bloedorn 2013-03-07 15:27
I'm an Independent. I did Vote for Obama. At the time I voted, Holder I heard, was in the trunk of someone's car screaming, "let me out, let me out. I'll do anything for you." Car was parked in front of the New York Stock Exchange and also next to a major bank.
 
 
+3 # Eldon J. Bloedorn 2013-03-09 00:59
When Holder states that to rid the system of banking cancer, "it would not save, but rather kill the patient," he is saying "I, Holder, am morally bankrupt." Sends a very bad message
to Americans and the rest of the world. Still, I like George Bernard Shaw: "the longer I'm here,the more I think this planet is used as an asylum for the insane,"
 
 
+29 # MainStreetMentor 2013-03-07 14:08
Then we have to embrace the economic chaos prosecution will bring – because when money trumps justice and truth, there is neither. Without justice and truth, there is no country, there is no existence save that of greed. This Attorney’s General must be legally removed and replaced with a person of the law, not of Wall Street convictions. If Obama won’t do it, then we need to legally replace Obama, too.
 
 
+14 # wantrealdemocracy 2013-03-07 15:21
We need to follow the behavior of our arch enemy, Iran. In Iran they charger the banksters with embezzling money and found them guilty. Four bankers will be put to death, twenty five of them got life in prison and many got twenty five years in jail. What they guys got is only chump change in comparison to what happened here in the land of the free and home of the brave. And we DEFINITELY need to toss out Obama and the whole bunch of 'honored members of Congress'. It is time to call for a Constitutional Convention to rewrite a Constitution. The one we have has been deleted to death.
 
 
+9 # in deo veritas 2013-03-07 17:22
Iran has the right idea for dealing with these thieves and traitors. Indeed Obama and all the other DC puppets need to be impeached for their criminal sins of omission if nothing else.Just about everyone associated with the White House comes from a corrupt company or career and you are judged by the company you keep. Too many airhead voters have chosen to ignore this positive truth.
 
 
+5 # AMLLLLL 2013-03-07 19:41
Holder just hasn't heard of the '3 strikes' law..
 
 
+8 # RLF 2013-03-07 18:34
Thanks to our right wing friends in the supreme court we now need to have a revolution.
 
 
+6 # j.a.o 2013-03-07 22:49
Revolution must sometimes be done, to bring the balance of power back to the people. Are we going to be there soon?
 
 
+4 # crispy 2013-03-09 01:47
ABSOLUTELY AND let's build a BIG Jail w small cells and windows, no TV or exercise facility: water-boarding and torture rooms instead.
Finally a project bringing construction jobs and personnel for life
 
 
+1 # crispy 2013-03-08 01:36
see my comment way below
Economic chaos: unlikely: political chaos and massive jailing U Bet!!
 
 
+6 # MainStreetMentor 2013-03-08 06:18
… and some Attorney’s Generals are too conceptually brain-washed to hold their office. Economic considerations are important, but must not be allowed to undermine the foundation of jurisprudence and our entire justice system.
 
 
+1 # A_Har 2013-03-08 22:34
Quoting MainStreetMentor:
Then we have to embrace the economic chaos prosecution will bring – because when money trumps justice and truth, there is neither. Without justice and truth, there is no country, there is no existence save that of greed. This Attorney’s General must be legally removed and replaced with a person of the law, not of Wall Street convictions. If Obama won’t do it, then we need to legally replace Obama, too.


WE??

This assumes the system will work for the people. If that were actually true, this whole thing would never have come to pass in the first place. There will be no intervention outside of a full on collapse to stop it. If you think otherwise you are dreaming.

Legally removed? And how do you propose to bring this about??
 
 
+2 # crispy 2013-03-09 01:45
POLITICAL CHAOS FOR SURE ECONOMICAL CHAOS? NO.
Sign moveon.org petition Now
"Tell President Obama to end the Administration' s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy...

I had to cut the e-mail was too long sorry!

"Stand up and add your voice in demanding the Administration end the policy of "too big to fail/jail".

That's why we're demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama's second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he'll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It's break up time. Now or never.
 
 
+5 # DakotaKid 2013-03-07 14:39
Yes, and for "Holder and company" read Obama and his Cabinet...
 
 
+8 # RLF 2013-03-07 18:32
It effects the economy when you prosecute a big drug dealer or kingpin but they still do it. The effects of prosecution have no place being considered here. This is all smoke and mirrors so that he doesn't have to say "My boss told me to leave them alone because they are my pals and give me lots of money".
 
 
+3 # Doubter 2013-03-07 22:29
Sounds to me that for all practical purposes: they own everything; including us (as long as we are complicit)
 
 
+59 # Gnome de Pluehm 2013-03-07 12:33
In other words, the big banks own America; they are another mafia and we have to bend to their will or suffer the consequences.

It would be worth the financial collapse to destroy them and actually regulate the banking industry. If that seems drastic, the road they are taking us down will ruin us anyway.
 
 
+21 # MEBrowning 2013-03-07 14:08
Make that RE-regulate. Once upon a time, the banking industry was regulated. Then along came the Reagan era of deregulation. And by the way, most deregulation had bipartisan support.
 
 
+13 # in deo veritas 2013-03-07 17:27
The repeal of Glass-Steagall took place during the Clinton administration with bipartisan support. A crucial error in judgment that put us in our present predicament!
 
 
+1 # forparity 2013-03-08 01:11
That was a part of it - -but it followed dozens of historic massive regulations like this:

July 29, 1999 - CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
http://archives.hud.gov/news/1999/pr99-131.html

Such changes in lending rules, combined with massive fueling of the housing bubble created the environment.

Look at what they created - and now, where it ended up:

1994 forward.
http://www.aei-ideas.org/wp-content/uploads/2012/11/homeowner.jpg
 
 
+12 # in deo veritas 2013-03-07 17:26
The only way to bring them to justice is to reinstate Glass-Steagall and force the separation of legit commercial banks from the reckless investment banks. Support for this is growing by Obama will do everything he can to oppose it. Get on your members of Congress and force them to support it!
 
 
+9 # RLF 2013-03-07 18:37
We also need to make bank (and other CEOs) responsible personally for the behavior at their company unless they turn it in to justice, and be prosecuted. Won't necessarily put the bank (Co.) out of business, so it doesn't sink the economy, but it will certainly make a difference.
 
 
+58 # madmainer 2013-03-07 12:33
It really comes down to a simple question, "Who does the United States of America belong to?" Does it belong to all its citizens, or only to those who have manipulated their way to absolute control over our key economic institutions and our supposed representatives in Washington, D.C.?

Until and unless we answer this question, whether at the ballot box (preferable) or in the streets with civil unrest (possible and even likely), we, as a nation, are going only downward in living up to our professed core value of an equal and fair playing field for all.
I am not hopeful about a peaceful outcome to all this.
 
 
+13 # HowardMH 2013-03-07 13:46
Peaceful outcome my ass, get out your 2 x 2 and go pound on your elected crook’s desk. Tell him next time you will not be pounding on the desk and you will not be alone.
 
 
+16 # Eldon J. Bloedorn 2013-03-07 14:46
The French Revolution taught the French government, "don't push the citizens beyond human decency." The French government today understands what the Revolutions was all about. Time for the U.S. government to "understand its citizens."
 
 
+7 # in deo veritas 2013-03-07 17:30
The French had the right idea when they brought down the corrupt empire.Vive Les Miserables!
 
 
+3 # in deo veritas 2013-03-07 17:29
There can be no peaceful way to deal with the consummate greed and evil we are being subjected to.
 
 
+2 # DRPJJ 2013-03-08 17:20
It appears to me that the country is run by the 1% who own everything. ATT became "too big" and was broken up, why are banks sacrosanct, BECAUSE that 1% want it that way. Obama is nothing but a figurehead, and Boehner a mouthpiece for them. Holder won't do anything to rock the boat because he wants to leave office and play with those high rollers. The joke is that while they seek , they shall never attain the riches and power of those already there.
 
 
+47 # Gnome de Pluehm 2013-03-07 12:35
Further, these banks have the same effect here as drug cartels have in South America.
 
 
+22 # Virginia 2013-03-07 13:48
They are the cartels.
 
 
+9 # in deo veritas 2013-03-07 17:31
Right on! HSBC for example (and not alone) has been shown to launder drug money but nothing is done by those pockets they line.
 
 
+51 # fredboy 2013-03-07 12:35
The bankers do not operate "above the law." They now are free to operate obeying no law at all. Total freedom to lie, cheat, steal and plunder--and to hell with the rest of us.
 
 
+29 # Walter J Smith 2013-03-07 12:36
Right now it appears the Department of Justice is too busy being blatantly sanctimonious to prosecute.
 
 
+2 # SundownLF 2013-03-09 14:08
Naaah - the DOJ is too busy aggressively pursuing states with legalized marijuana (and medical marijuana)laws to bother with the crooks that destroyed our economy once, and are working on doing it again!
 
 
+31 # thekidde 2013-03-07 12:50
What a disgusting load of horseshit. It's time for pitchforks, torches and bankers balls in a jar.
 
 
+3 # in deo veritas 2013-03-07 17:32
Except they have none.
 
 
+41 # ricardo 2013-03-07 12:54
I think Bob Dylan sums it up quite clearly. "Steal a little and they throw you in jail. Steal a lot and they make you King." From 'Sweetheart like You.'
 
 
+13 # moafu@yahoo.com 2013-03-07 13:06
Regardless of a political party's actions, Holder is an express image of the evolution of American society away from the universal standards of conduct. Don't lie, don't steal, don't murder, honor and care for the weak and the poor.....not required as a standard anymore.

It's not only the Judeo-Christian Ethic (mainly that, but not entirely rooted in the Judeo-Christian ethics). Some of those standards are recorded in the Code of Hammurabi also. What you are seeing is a throwing off standards to allow ethics of convenience. If it's not convenient, don't obey the standard.

Holder is an example with the Head Monkey. The administration before the Department of Monkeys took over the White House had its "conveniences" also.

The end result of throwing off the restraints of universal standards is chaos, despair, lack of resources, and oppression.

"Where there is no standard, the people cast off restraint; But he that keeps the law, happy is he.
 
 
+30 # Virginia 2013-03-07 13:07
Let's face the facts. No President wants the economy to collapse on his watch. But to allow such corruption is aiding and abetting the crime syndicate. We have a bought and paid for Congress that has failed to even reinstate Glass-Steagall which would at least bring back some much needed regulation. We have judges and legislators that have stock portfolios that mirror Rockefeller. They'll be ruined when these banks collapse. The dollar has severely declined and apparently it's just a matter if time.

According to The Daily Sheeple: "It seems that the Fed has everything figured out and that the collapse of the dollar will not come as soon as some economists have predicted, but the reality is very different. According to a study conducted by four prominent economists, it is almost crunch time for the Fed and the U.S. government."

At this point, with this government, only the people can take down corrupt financial institutions by withdrawing their money. Get it out of Wall Street stocks, bonds and mutual funds and invest in something tangible...now. Remember: First come, first served.
 
 
+17 # Rita Walpole Ague 2013-03-07 13:29
And, Virginia, I'll make you a bet - that no ban on selling short is put into place prior to the collapse. The evil greed and power addicted villainaires have to make their egregious profits, do they not?

A new mantra of mine: Deliver Us From Evil...WALL STREET VILLAINAIRES
 
 
+8 # wantrealdemocracy 2013-03-07 15:30
Yes!! We can starve the beast that is devouring us by cutting off their food supply. They live on liquidity, the constant flow of money. The banksters take a chuck out of every dollar we let them touch. Take your money OUT OF THE BANKS! Pay your bills with cash. Buy stuff of lasting value. It is also time for you to plant some veggies in your yard or on the roof tops. Food is better tasting and better for you than fiat currency which will fall in value to what it is really worth--a piece of paper. And not absorbent enough to be used as toilet tissue.
 
 
+2 # in deo veritas 2013-03-07 17:35
The Fed must be shut down before it can print more worthless paper!
 
 
+3 # forparity 2013-03-08 01:14
I like your opening line. I had this exact conversation with Dean Baker, a number of years ago - in regards to the dot.com bubble economy, and the housing bubble - both collapsing in the last year or so of a President's 8-yr term.

Certainly both Clinton and Bush, understood what was due - yet, who would willingly pull the plug?

Rather both hid in the shadows praying that the darn thing collapsed on the next guy.
 
 
+12 # wwway 2013-03-07 13:09
The Dragon needs to be cut into little Lizzards!
 
 
+26 # Working Class 2013-03-07 13:15
Then lets put Glass- Steagall back in place. Separate Investment and Commerical banking so we don't repeat 1928 and 2007. If they are too big to jail, then break them up. A democracy can not have two legal systems, one for the big dogs and one for everyone else.
 
 
+4 # in deo veritas 2013-03-07 17:38
The only force pushing to get Glass-Steagall back in place is the Lyndon Larouche organization that is enlisting more state governments and members of Congress as sponsors. Without it the system is dead. Obama knows it but will fight reinstatement of this vital measure by whatever means he can.
 
 
+2 # DRPJJ 2013-03-08 17:56
It appears to me that the country is run by the 1% who own everything. ATT became "too big" and was broken up, why are banks sacrosanct? BECAUSE that 1% want it that way. Obama is nothing but a figurehead, and Boehner a mouthpiece for them. Holder won't do anything to rock the boat because he wants to leave office and play with those high rollers. The joke is that while they seek, they shall never attain the riches and power of those already there and they sold their souls for nothing. How then do we retake our government and the ideology under which it was formed? No one in office now appears to have any conscience except for a few like Senators Warren and Sanders who should be doing the filibustering instead of Paul Rand. How do we get US off our buts and help get us back on track???
 
 
+21 # Todd Williams 2013-03-07 13:29
It's way past the time to get rid of private banking and initiate a government-run, public bank which will issue notes and make loans at very low interest rates directly to the consumer. Financial transaction fees would be charged and would replace the outmoded income tax system. By eliminating private banks, we would cut out the middleman and allow more cash to flow directly to the citizens. As the public bank issued more money, it would be absorbed into the economy. Inflation would most likely never occur, but if it did, a small income tax could be levied for a short period. Throughout Colonial times and into the 19th century, this is how our financial system worked. It wasn't until the robber barons and their private banking system came along, did our economy experience major financial woes.
 
 
+8 # Working Class 2013-03-07 15:19
Quoting Todd Williams:
It's way past the time to get rid of private banking and initiate a government-run, public bank which will issue notes and make loans at very low interest rates directly to the consumer. Financial transaction fees would be charged and would replace the outmoded income tax system. By eliminating private banks, we would cut out the middleman and allow more cash to flow directly to the citizens. As the public bank issued more money, it would be absorbed into the economy. Inflation would most likely never occur, but if it did, a small income tax could be levied for a short period. Throughout Colonial times and into the 19th century, this is how our financial system worked. It wasn't until the robber barons and their private banking system came along, did our economy experience major financial woes.

I totally agree. See: www.publicbankinginstitute.org
 
 
+23 # Old Uncle Dave 2013-03-07 13:33
In monarchic times past, members of the aristocracy were considered above the law.
It took the guillotine to fix that.
 
 
+9 # heraldmage 2013-03-07 16:51
Only in France,
Our privileged are English aristocrats who are still above the law
 
 
+4 # in deo veritas 2013-03-07 17:40
Of course we are more civilized now-it would be a laser guillotine! Ain't technology great!?
 
 
+14 # Mrcead 2013-03-07 13:34
"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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy," he said. "And I think that is a function of the fact that some of these institutions have become too large."

Ah, slow on the uptake but I do believe he finally arrived at the true intentions of the bankers.

Can't rip out a parasite without tearing out your liver in the process? Crafty buggers those bankers are. Best not to let it get to that point in the first place but hindsight doesn't exactly comfort now does it? What are we to do?

This man basically shrugged his shoulders and lit one up.
 
 
+24 # Toby Touby 2013-03-07 13:39
Secretary Holder, Excuse me, sir but you are violating your oath of office.
If prosecuting the big banks is going to wreck the economy, it is time to bite that bullet!
When you get a prosecution started on four or five of these 'banksters' the rest will realize their imunity is gone, and they will modify their behavior.
And should any lawyers jump on their "gravy train," they should be disbarred.
 
 
+7 # heraldmage 2013-03-07 17:48
The only way the banks are going to operate under the law is to punish all of them. Not with sending an executive to jail but with an extremely large fine and prohibiting them from recouping the loss in other area. Since their crime effected the people & they still haven't recovered from their losses. The banks should be required to give every household with a net income of less than $250,000/yr a tax paid $250,000 to repay debt, save(limited to 10%)& purchase goods & services.
The loss to banks would only be the interest & peoples taxes. The people by repaying the principle receive their deeds. The economy gets the lift it needs clearing shelves of inventory, increasing demand, creating jobs. The government gets income it needs: tax revenue paid by banks on behalf of the people. Everyone wins even the banks who lose interest & cost of taxes paid for the people save the administrative cost of loans & managing foreclosed property. The housing market even gains with a massive influx cash buyers.
The banksters must be used as an example to ensure the wealthy play rules.
Why shouldn't the criminal bankster be treated the same way drug dealer are? They lose all their wealth & property that was gained in the commission of a crime. This solution wouldn't take it all away but enough to remind them of the consequences of their actions. We have require wealthy celebrities to follow the law, wealthy corporation shouldn't be excluded.
 
 
+5 # Todd Williams 2013-03-08 06:56
How about big fines and loss of the right to work in any financial institutions?
 
 
+4 # crispy 2013-03-09 01:51
Punish them all AND POLITICIANS Who helped them and terrorized nations and our Congress into giving them billions legally PLUS trillions under the table!
Sign moveon.org petition Now
"Tell President Obama to end the Administration' s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy...
I had to cut the e-mail was too long sorry!
"Stand up and add your voice in demanding the Administration end the policy of "too big to fail/jail".

That's why we're demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama's second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he'll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It's break up time. Now or never.
 
 
+21 # fishmother 2013-03-07 13:47
Oh I get it, America is no longer a nation of the people by the people and for the people; we've transformed into a nation of the banks, by the banks, and above all, for the banks.
 
 
+21 # BMoldow 2013-03-07 13:53
What Holder is saying is that there are people who are above the law. After all, banks are corporations and corporations are people, very privileged people.

I don't buy his argument. Certainly the management of the bank bears responsibility for the actions of the bank so the bank management and board should bear the responsibility and be punishable. Perhaps jail terms will alert other corporate boards to get serious about their responsibilitie s to assure the bank stays honest. To punish no one is to say,"don't worry about anything. You are free to steal the customer's money with immunity."
 
 
+28 # jbell94521 2013-03-07 13:53
Well, anyone who buys Holder's statements on this is either extremely naive, or so deeply submerged in denial it is a wonder they can breathe.

Prosecuting bankers and subjecting the largest banks to the rule of law poses ZERO threat to the economy. The accepted maximum interest that the financial institutions of any economy can extract from that economy without ruining it is 7%. This is one of the very few figures that almost all economists agree on. Yet, through outright fraud, theft and "gaming the system", it is estimated that the present major financial institutions in our economy rake off more than 30%.

That is the real threat to the economy - allowing this massive theft and fraud to continue. That is guaranteed to destroy what is left of our economy. The only threat that prosecuting these exremely rich and powerful institutions and bankers poses is to those who prosecute them. Doing so may very well end their careers, any political future they may have, and possibly even their very lives. People have been assassinated for a lot less. This is the real reason why none of those charged with maintainiing the rule of law has taken any substantive action on this - too dangerous to themselves! Might as well be honest about this.
 
 
+7 # Toby Touby 2013-03-07 14:10
Thank you for a more civilized reply. have a short fuse and tend to bluster.
Mr. Holder must act, or resign.
 
 
+11 # cmp 2013-03-07 14:05
Obama, back in 2009 at the White House summit with the finance titans warned them, that only he was standing "between them and the pitchforks"

He never did understand, that it was his job not to stand "between Americans and democracy."
 
 
+10 # motamanx 2013-03-07 14:14
No one or no thing should be "too big" to prosecute. This has never happened in our history. All it takes is the will for Holder to do it. Perhaps he's not the right guy for the job. I also wish that 9/11 had been scrutinized more thoroughly. Obama's "looking forward" instead of finding 9/11 culprits was ill-advised.
 
 
+5 # wantrealdemocracy 2013-03-07 15:36
Worse than "ill-advised". Let the people know the truth of what really happened that day, and we would be ready to punish the guilty and remake our government.
 
 
+13 # Citizen Mike 2013-03-07 14:17
If they are ABOVE THE LAW, then they are DUKES AND PRINCES and we are peasants. In this Republic, we are supposed to have renounced royalty and nobility, and placed everyone under the same rule of law.

That is WHAT THE FOUNDING FATHERS SET OUT TO DO, and to prosecute these would-be barons, we must appeal to the Founding Fathers. And act on the principles they established, REGARDLESS OF WHERE THE CHIPS MAY FALL.

If we fail to do this,then WE HAVE AGREED TO BE PEASANTS and live under the rule of CORPORATE ROYALTY.
 
 
+11 # Working Class 2013-03-07 15:24
Quoting Citizen Mike:
If they are ABOVE THE LAW, then they are DUKES AND PRINCES and we are peasants. In this Republic, we are supposed to have renounced royalty and nobility, and placed everyone under the same rule of law. That is WHAT THE FOUNDING FATHERS SET OUT TO DO, and to prosecute these would-be barons, we must appeal to the Founding Fathers. And act on the principles they established, REGARDLESS OF WHERE THE CHIPS MAY FALL.

If we fail to do this,then WE HAVE AGREED TO BE PEASANTS and live under the rule of CORPORATE ROYALTY.


you mean something like this?

Declaration of Independence, 1776
"Governments are instituted among Men, deriving their just powers from the consent of the governed, - That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."
 
 
+13 # engelbach 2013-03-07 14:20
I'm surprised down to my toenails that Holder has openly admitted this damning fact.

Not that we didn't know it already. The Justice Department's inaction was information enough.

The administration is doing just the kind of thing Bradley Manning exposed: engaging in questionable conduct to the detriment of all Americans.

Yet Manning faces life in prison for exposing government crimes. Holder and Obama face nothing for knowingly allowing the embezzlers of America's wealth to go free.

Meanwhile, Americans in opposing political camps face each other with hostility -- each side supporting its own gang of crooks and murderers.
 
 
+11 # randi1randi1@yahoo.com 2013-03-07 14:28
This is such bullshit, there I said it, bullshit, that Holden ought to be sent packing, and anyone in Congress who doesn't get off his ass and do something about the impugnity of the people running the financial system in this country. Maybe it's time to nationalize the banking system. We the people should be running the economy, not private interests. Who is going to take a real leadership position in this country? I haven't seen anyone even try.
 
 
+10 # giraffee2012 2013-03-07 14:35
Simply overturn Citizens United.

Then we can bank on the "too big to jail" are no longer buying their freedom to get screw us by "hook" or by "crook"

Scalia/Tomas/Alito/Roberts (RATS) should all be impeached.

Citizens United allowed these monster "people" (i mean corporations) to "buy" our democracy!
 
 
0 # giraffee2012 2013-03-10 08:58
We don't prosecute banks - even though the Supremes said "corporations are people" - but we can and should prosecute the bansters and REPLACE them -

The banks are too big but the people taking the money are individuals so WHY are they not put in jail? Because the government is owned by these people
 
 
+14 # Smokey 2013-03-07 14:39
You know the saying: "If a bank is too big to fail - or too big to prosecute - then it's too big."

Oh, one other thing needs to be said...

The road to serfdom? This is how it starts. Suddenly, there's a power that's so big that it goes unquestioned and unchallenged. In ancient times, maybe it was the emperor or the church authorities. For a few decades, it was the Communist Party in Russia.

In today's America, it's the major corporations that can't be challenged.
Plus the military types and the CIA with their "secret budgets" and "hidden wars." Don't ask questions. You may get a free ride to Guantanamo.

Smells like fascism to me.
 
 
+7 # rsb1 2013-03-07 14:50
What a load of lies. The statutes exist to close them down and protect the interests of borrowers. If shareholders lose their investments because the companies (Banks) were mismanaged that is the investment risk. There is absolutely no reason not to prosecute management and Directors guilty of fraud. If this leads to 'shutdown' the BORROWERS should be protected ahead of the shareholders. This is the kind of 'consolidation' that happens in all industries as a result of accepted business principles. OH, I FORGOT, THE BANKS HAVE NO PRINCIPLES..... . SO THEY FIND THIS CONCEPT DIFFICULT TO UNDERSTAND.
 
 
+7 # MizKatz 2013-03-07 15:04
Until Citizens United is overturned and THAT spigot into the trough is shut off, nothing will happen. Just another day at Uncle Sam's ATM.
 
 
+2 # crispy 2013-03-09 01:51
TRUE BUT just to show OUR power or our awareness sign please sign:
Sign moveon.org petition Now
"Tell President Obama to end the Administration' s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy...
I had to cut the e-mail was too long sorry!
"Stand up and add your voice in demanding the Administration end the policy of "too big to fail/jail".

That's why we're demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama's second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he'll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It's break up time. Now or never.
 
 
+4 # dick 2013-03-07 15:18
I guess they better let BP execs off the hook, or we'll have no fuel. Liar, liar, pants on fire. Holder should be impeached & indicted for Obstruction of Justice, conspiracy, RICO, economic terrorism with Indefinite Detention. Obama, also.
 
 
+1 # crispy 2013-03-09 01:56
"economic terrorism with Indefinite Detention. Obama, also."
U are right they did engage in terrorism: ask Congress before they voted TARP: they were against it the day before - and so was the opinion majority - but they were THREATENED as we now know because a CAlifornia representative spoke...
SIGN MOVE-ON PETITION NOW!
PROSECUTE INDEED UNDER LAWS TO FIGHT TERRORISM : Guantanamo vacation Mr Geithner,Paulso n, and accomplices
 
 
+10 # Peace Anonymous 2013-03-07 15:20
How can Elizabeth Warren stand in front of the world and state, "The game is rigged" and then have the same administration expect us to accept too big to fail? Louis XVI thought he was too big to fail and so did some Romans. Nothing goes in a straight line forever and change will come as it always does. The only question is just how difficult do you want it to be?
 
 
+6 # Todd Williams 2013-03-08 07:00
Because Warren is a senator and not part of the administration. She's on our side, folks.
 
 
+5 # Todd Williams 2013-03-08 07:20
There is enough money loaned to the banks under Bush's TARP program, that if distributed to the public, would pay off all our debit. If this were done and a public banking system put into place, it would be highly unlikely our economy would ever experience what has recently happened. We need to inject the cash that is sittting in private banks back into our economy. With high unemployment and a backed up demand for goods and services, we need to free the hoarded money from private banks in order to jump start the economy. It only makes sense. Why should we give private banks free money so that they can sit on it? And if they do lend it, it goes out at higher interest rates. The margin of interest is making them even richer. This systemic problem goes way beyond Holder and Obama. In fact, the same problem exists in so-called "socialist Europe." To my knowledge, Iceland is the only country that has seemed to come to its senses and instituted a public banking system after the collapse of its economy. Of course those who benefit from our existing private banking system will scream about "redistribution of wealth" and "class warfare," for obvious reasons. But in reality, the wealthy class really has nothing to fear. Public banking will strengthen our economy and make us all more secure.
 
 
+2 # crispy 2013-03-09 02:01
TARP was a small amount (under $800 billion total) Banks got several trillions via other means including government guarantees and interest free loans + quantitative easing 1 and 2 and 3 and...
4 trillion or so would wipe out OUR debt check the "END THE DEBT" movement
And sign Move-on petition now
 
 
+5 # Working Class 2013-03-07 15:30
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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy," he said. "And I think that is a function of the fact that some of these institutions have become too large."

I say we have finally identified a legit domestic use for weaponized drones.
 
 
+8 # Beverly 2013-03-07 15:40
Well, you certainly got a rise out of your "public voices", didn't you? So now it is YOUR JOB to find a way to right some wrongs executed (excuse the pun) by any or all of our banks. It need not be a total demolishing act, but we MUST RIGHT A WRONG WHICH HAS BEEN DONE TO THE AMERICAN PUBLIC!!!
Beverly Smith
 
 
+9 # grouchy 2013-03-07 15:56
Well, I'd be in favor in giving it a try! How in hell can we prevent them from doing this crap in the future if they are not punished for their nasty greed?
 
 
+9 # hawaiigram 2013-03-07 16:12
Banks get a free pass and Wall Street at all time highs.

Coincidence?
 
 
0 # crispy 2013-03-09 02:03
total coincidence

check the "END THE DEBT" movement

sign move-on's petition to OBAMA now add a strong comment before sending
 
 
+2 # MichaelArchAngel 2013-03-07 16:28
Where ia the proposes legislate to pare them dawn ala tje first and second Roosevelts.
 
 
+11 # walt 2013-03-07 16:28
Well, Mr. Holder, maybe you should proceed anyway just on principle. As Sen. Elizabeth Warren stated, DA's around the country prosecute with far less evidence.

Quite honestly, it all sounds like another cave-in to the big money and banks for which the current administration is well known.

BUT...if you find the spine to charge the crooks, you will find you have plenty of citizen support. And by the way, take a trip to Iceland and see how they did it!
 
 
+9 # Left Coast 2013-03-07 16:38
Excuse me Mr. AG? Did you say too big for trial, or did you say you were just too lazy to get off your rear-end and do your job?
 
 
+9 # heraldmage 2013-03-07 16:43
It time to blow the dust off the Declaration of Independence pull it out of the Archives, make it an online petition then deliver it with millions of signatures to Congress & the White House.
If the laws of this land don't apply to everyone equally than they apply to no one.
237 yrs ago we fought to liberate our nation from the rule of the privileged wealthy. As a young nation of mostly the uneducated we allowed the younger son of nobles & merchants to instigate revolution for their benefit and when we won we gave them the power they craved. Since our revolution the privileged have robbed, murdered & bribed their way to power & wealth. Every level of government has been corrupted, the people brainwashed, the privileged criminal no longer need to hide in shadows because there is no one left to stop them. Legislators have received their rewards,their losses recouped & profits are soring. Why risk their prosperous future doing their job, punishing criminals?
After all the only power the people have is the vote & they're betting we can't be united behind a common cause.
Isn't it time we threw off years of brainwashing that gave them our nation's wealth & power & united under equality. While banks can't go to jail they can be punished. Since their crime was against the people, people with net incomes under $250,000 should be given nontaxable $250,000 to pay off debt & stimulate the economy.
Anyone voting against should loose their job!
 
 
+3 # crispy 2013-03-08 01:46
Right on Heraldmage I can't agree more.
It's time WE THE PEOPLE get (if not$250K) at least loans at 0.25% interest rates and debt forgiveness. We also deserve the same government subsidies if we "fail" like if we can't pay our mortgage, are charged over 3-5% on our credit cards (OH, U mean the subversive Dodd-Frankk act - banking reform - did not get rid of predatory rates?
U mean some people are paying 30% with 1.5% inflation and interest rates at an all-time low that can't be in a "modern" country with "FREE" MARKETS...
Anti-trust act any-one?
Market manipulations and "ententes"?

NO! Not here...
 
 
+4 # L mac 2013-03-07 17:15
...so the solution is to give up?...huh...or has A.G. already given up?...
 
 
0 # crispy 2013-03-08 01:52
Unless this is about raising outrage and a push he gave up long ago or rather he is following orders rather well.
Unless... we'll see if they kick him out for saying that. My bet is IF things get out of hand with outrage and petitions he'll be replaced. He gaffed and it could explain his strange declaration after 4 years of silence. I wonder...
 
 
+3 # mainescorpio 2013-03-07 17:22
It's time for Obama to Act to downsize Wall St. and hold Bankers personally responsible for their fraudulent activities. Until then, I will hold Obama personally acountable for not making needed changes.
 
 
+1 # forparity 2013-03-08 01:16
Why wait?
 
 
+1 # crispy 2013-03-09 02:04
we need to push and push and ...

check the "END THE DEBT" movement

sign move-on petition to OBAMA now add a strong comment before sending
 
 
+8 # angelfish 2013-03-07 17:24
WHAT kind of Public Servant ARE you, Mr. Holder? NO ONE is too big to Jail, whether a Bank or a citizen or an Attorney General, for that matter! Americans are Longing for, Pining for and Dying for JUSTICE to raise it's battered head and RETURN to our Halls of Justice where it has been on Furlough for Decades! Just because our SCOTUS has been, almost, consumed by the Dark Side and the likes of the Anton Scalias and Clarence Thomases of this World does NOT mean Justice has totally left the building! It is up to YOU as our Attorney General, to SEE that Justice is done. Giving up the fight before it's begun is cowardice and sloth of the worst kind! DO YOUR JOB! American lives are depending on Justice being done at LONG last!
 
 
+8 # sharsand 2013-03-07 18:14
Of course, this is an out and out lie. If the head honchos of the banks were prosecuted, it would renew some faith in the system that the banks are being duly punished for their alleged crimes. It would also give people some faith the the justice system is working for us and not for their big funders and people in high places. What a corrupt system we have, both in the private sector and government. All they do is scratch each other's backs and travel to each other's golf clubs.
 
 
+8 # Kwamined 2013-03-07 19:24
Professor Cornel West at Princeton was correct when he said Obama is a "black mascot for Wall street." Prof. West is, himself, an African-America n, as well as a gentleman, thus he would not use the street slang. But we all know it. As for
Holder, he is merely Obama's parrot. They are both accomplices to myriad felonies. And Obama is simply a Repugnican in drag.
 
 
+1 # oprichniki 2013-03-07 19:45
Eric Holder and Barack Obama are JERKS at best. They are also giving ChiCom spies a free pass for their campaign contributions, www.China-Threat.com
Time for the third party.
 
 
+6 # Rick Levy 2013-03-07 20:08
If banks become too big to prosecute they not only operate outside the law, they OWN the law and us as well. I just hope that its' not too late to break them up and restore Glass-Steagall.
 
 
+2 # crispy 2013-03-09 02:06
THEY OWN AND OPERATE MOST COUNTRIES OURS, EUROPE, JAPAN AND GB ARE FIRST.
we need to push and push and ...

check the "END THE DEBT" movement

sign move-on petition to OBAMA now add a strong comment before sending
 
 
+6 # m... 2013-03-07 21:02
''We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights...''

I imagine that within that statement exists the Right of all of US to EXPECT any and all of Our EQUALS to also face the same consequences for breaking laws as 'ALL who are CREATED EQUAL'...

Has some sort of new, as yet unannounced Human Evolution occurred within the Banker/Wall Street Gene Pool which has propelled them to some new, as yet unannounced Plateau of 'Not Equal Unto The Law' Superior, Super Human Status...?

How about a list of who these Un-prosecutable Super Duper Humans Living among us in America are?

I think we at least have the right to know at least who they are so we can protect ourselves from this new and different Species that dwells among us right here in our BuSh-named 'Homeland'...
Seems rather dangerous that they are allowed to just run loose and practically invisible with immunity.

Is Homeland Security aware of this new species threat to our collective financial security both here and worldwide..?

What other powers and devices do they have over us and control..?

This is like some sort of Zombie Movie nightmare come true..!
or like that TV Series-- The Event.

What can we do if they just decide to destroy everything one day because they simply no longer feel any connection whatsoever to the rest of the Human Race..?
 
 
+4 # j.a.o 2013-03-07 22:46
"I imagine that within that statement exists the Right of all of US to EXPECT any and all of Our EQUALS to also face the same consequences for breaking laws as 'ALL who are CREATED EQUAL'...

Has some sort of new, as yet unannounced Human Evolution occurred within the Banker/Wall Street Gene Pool which has propelled them to some new, as yet unannounced Plateau of 'Not Equal Unto The Law' Superior, Super Human Status...?" YES, BOUGHT AND PAID FOR FROM THE SUPREME COURT- LOOK AT THE LAW PERTAINING TO "CITIZEN'S UNITED" AND YOU WILL GET YOUR ANSWER.THIS RULING HAS TIPPED THE COUNTRY TO BUSINESS'S FAVORS.
 
 
+9 # restore2america 2013-03-07 21:47
If your crime is that you rape and rob the whole population in broad daylight, count on our Federal Government to protect you. Heaven forbid that you might have stolen so much money from so many people that taking that money away and giving it back to the victims might destabilize the economy!

Screw prosecuting - just take ALL of the stolen money away from the banks and redistribute it to those victimized by banks. Return the pilfered property to the people from which it was stolen.

How in hell will that harm the economy? It won't! IT WILL HARM THE RICH, AND THAT IS WHAT HOLDER DOES NOT WANT TO SAY BUT REALLY MEANS!
 
 
+5 # restore2america 2013-03-07 21:47
As I said in another post, Holder is Public Enemy Number 1.
 
 
+6 # j.a.o 2013-03-07 22:43
"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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy," - The day that American Government acquiesced to a power greater than it and let the greater power rule the laws. We should all take our money out of the banks and figure out alternatives to banks.
 
 
+4 # crispy 2013-03-08 01:01
SO MANY GOOD Comments and so many calls for nationalization ! Americans are finally waking up.
I see calls for prosecutions GOOD
I don't see (unless I missed it) calls for MAJOR financial sanctions like 100 times the amount people and nations were defrauded from.
I bet 1-2 trillion could be collected just I we keep collecting from cigarette companies.
Breaking up ATT was ok but it seems breaking up the banks is not.I wonder if it could be because the banks OWN America:Legisla tive(Congress), Executive (that we know for sure) and Judicial (any doubt regarding the "supremes"?)
La Hague will take actions against terrorists. Could the court take action against Banks terrorizing the 3 branches of government?
Perhaps it is worth considering...
The 3 branches could be plaintiffs, victims, as were the billions who suffered in the 2nd great depression.
IF they were not victims then they were accomplices and we get rid of them at the same time.
OH and btw, Some wonder why Julian Assange saw SUDDENLY the sky falling on him, many months after Wiki-leaks released Iraq and US-Embassies documents.
Who can remember that a month earlier, in DEC he said the next to come out were e-mails and internal documents from a :MAJOR BANK"?
I REMEMBER! January came, no release occurred but Assange had to go into hiding followed by refuge in a friendly foreign Embassy.
He would otherwise probably have committed suicide in jail as Milosevic did(or did he?)before he could expose Clinton's lies
 
 
+4 # crispy 2013-03-08 01:15
ERIC HOLDER did NOT mean that prosecutions would threaten the economy. He meant it could threaten hundreds of people inside the Obama administration (For sure Tim Geitner would never see a day of freedom again and his assets would be seized and Obama had over a hundred bankers in his first administration).
It would of course send many from the Bush administration behind bars (Bush Cheney, and Paulson themselves)as well as many senators, representatives , lobbyists etc..
NOW we are talking about a crisis since some in foreign Governments had to know (British Govt for sure).

Finally something that can create jobs!
I mean building special high security jails with smaller cells, no TV or special sports facility but water boarding rooms and torture chambers with attack dogs.
NOT KIDDING really why be gentle with people who caused suicides and suffering all over the globe? TELL ME!
 
 
-1 # crispy 2013-03-08 01:34
MainStreetMento r 2013-03-07 said
"Then we have to embrace the economic chaos prosecution will bring..."
Well mainstream as I said above no economic chaos would ensue but a major political chaos would that could show Obama himself was an accomplice and must also be jailed for good.
Unless as I pointed out above they can make the case that they were victim of terrorism by "the bankers" and get away with it. Some Nazis used that defense.
We are not just talking about trillions of assets lost, homes lost but actual homicide (involontary man slaughter?
 
 
+1 # RobertMStahl 2013-03-08 07:34
Of course, we are having an extended dialogue with a gun-runner steering it. What is it with steerage mentalities overtaking evidence as the means toward real direction? Oh, how coy.
 
 
+6 # rockieball 2013-03-08 08:37
Harm the economy. Who the hell ruined this economy in the first place?
 
 
+1 # forparity 2013-03-08 10:59
I don't know - was it the era of the Dot.com bubble economy - the era of Enron - the 1990's?

Let's see - that was when the ratio of average CEO pay to average worker pay skyrocketed about 500% - soaring up to 525:1. Of course, during the Bush years - that ratio worked it's way back down to 319:1 - still way above where Clinton inherited it, however. Now it's said to be back up to 380:1.

Also, about the top 1% of earners. Their share of income soared from 13.7% of all income earned, in 1993, to 20.81%, in 2000. Of course, with Bush inheriting the economic fallout from the dot.com bubble collapse, that fell down into the 16% range rather quickly, before gaining again during the peak of the housing bubble (which Bush inherited from Clinton/Cuomo - and did not reign in) with it reaching 22.86% in 2007 - before starting the slide back down during the housing bubble crash and the resulting mortgage/bankin g crisis - hitting bottom, in 2009 at 17.21%. 18.87% in 2010 - last year that IRS has released data for.

One can bet that it's rising again today.
 
 
+2 # crispy 2013-03-09 01:26
THEY DID!
I would primarily harm the POLITICIANS WHO AIDED AND ABATED and we can all name some but many served or still serve under Mr Obama who therefore covering up .
Geithner, Paulson all belong in jail for life since we cannot do what Iran is doing to traitors...
 
 
+2 # crispy 2013-03-09 01:38
thet did didn't they?
BTW: The total amount of bad loans was so small that if all had gone into default the cost ($200 million only) would have been absorbed in 2 month by the banks. STOP listening to the media referring to the subprime loan crisis when it was derivatives and other OVERVALUED papers, and : sophisticated instruments" (in the words of ALLAN Greenspan) that could/should have brought down big banks (not the economy).
DO Not blamed a few homeowners who by the way would not have defaulted without the crisis. I did not default!
 
 
+4 # shawnsargent2000 2013-03-08 09:26
Make Holder Resign, and then Replace him with an Attorney General that Will Presecute the Banksters !
 
 
+4 # AKPatriot 2013-03-08 11:54
And you thought what about the OCCUPY movement?
 
 
+5 # Corvette-Bob 2013-03-08 11:56
Give a man a gun and he can rob a store, give him a bank, he can rob a country.
Those who have the money, have the power and they always had the power to take as much as they wanted. The question is how far will their greed take them. If they push too far they will be in danger of upsetting civil peace. If they go too far, their gated communities will not be able to protect themselves from the wrath of the population. But the American people are very peaceful and as long as they have video games and some beer to drink the rich can hold them off for a long time. As someone said, the rich people pay other rich people to tell people why it is good for them to not tax the rich and that the ecomony will boom by giving more and more money to the people on top who know how to manage the money for them. Then they point to other people who are not members of their tribes who are getting free stuff and those are the people who they should really be mad at and not the rich people who are looting the system.
 
 
+2 # crispy 2013-03-09 01:23
absolutely! Well said
Also remember we and Congress were threatened of chaos and worse (Civil war, market collapse, Marshall law) and THESE are ACTS OF TERRORISM!!
Homeland security are U listening?
 
 
+3 # Kimberly999 2013-03-08 12:28
The government & it's courts have no authority over any of us, if there is a single class of people who cannot be prosecuted for their crimes. If the Justice Department is cowed by the power of the banks, then we are truly...screwed !
 
 
+4 # MindDoc 2013-03-08 13:56
Quote:
...if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,"
.

Seems to me far more logical that rooting out criminals and fraud from our banking system and economic engine might bring about *confidence*, both domestic and globally. Where's any evidence to the contrary? Is the US 'ok' with criminality and corruption? It would seem so, from this stance, which is scary.
 
 
+1 # crispy 2013-03-09 01:40
"Seems to me far more logical that rooting out criminals and fraud from our banking system and economic engine might bring about *confidence*, both domestic and globally."
I think Paul krugman and Robert Reich would agree anyone taking the opposite view PLEASE EXPLAIN your position
 
 
+5 # marjb 2013-03-08 14:17
Hey folks!

How about we direct some of this energy toward where it will do some good - namely organizing and protesting and using social media to educate and get the message out. Sitting at our computers and typing comments may make us feel good, but it won't change the status quo.
 
 
+2 # crispy 2013-03-09 01:42
Sign moveon.org petition Now
Tell President Obama to end the Administration' s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy...

Stand up and add your voice in demanding the Administration end the policy of "too big to fail/jail".

That's why we're demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama's second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he'll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It's break up time. Now or never.
 
 
0 # m... 2013-03-09 22:55
''Stand up and demand President Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.''

I think WE should indeed petition for the break up of 'Too Big To fail' Big Banks AND, in the same Petition, ALSO demand the break up of the Very Few, Big, Extremely Narrowly Owned and Exploited Corporate Media Empires which own and control most of what Americans see, hear and read as well as our so-called 'Free' Press and most of the pipelines for Speech.
The current Media situation in America is, in my opinion, UNConstitutiona l.
 
 
+1 # Michael_K 2013-03-08 18:09
If you drive the getaway car, you still get charged the same as the robbers. Obama and Holder need to be impeached and tried as accessories after the fact. They are criminals.
 
 
-1 # corals33 2013-03-09 11:58
Affirmative action in play here...getting the token Negroes in the right position...it works every time.
 
 
+1 # ItsAboutTime 2013-03-10 22:59
To say that some financial institutions are "too big to jail" is travesty of justice, it's saying that some people are above the law. In my opinion, failing to prosecute -
1. will constitute a great injustice, because thousands - if not millions - of people have been prosecuted and punished for much lesser offenses, involving smaller amounts.
2. will send a wrong signal to the American people who will then wonder if fraud is no longer a crime, or if American "democracy" is an illusion for what is actually a plutocracy;
3. gives an excuse to those who committed these fraudulent acts to do them again and say later on when they are prosecuted, "Why didn't you prosecute us when we did it in 2007?"
4. will disappoint the people of the world who look up to America as the land of "liberty and justice for all", further eroding their respect for this great country.
5. will constitute dereliction of duty on the part of the administration. Isn't this an impeachable offense?

Obama has nothing to lose politically if he gives the order to prosecute - he won't be running for another term! The administration should gather a team of the best legal and constitutional minds in the country to discuss the best legal strategy for the prosecution, knowing that the financial institutions will also use the best legal talents to defend their criminal acts. The longer this is delayed, the more difficult it will be to have a successful suit.
 
 
0 # Peter Lee 2013-03-11 17:54
Is Eric Holder in Cahoots with Big Bank Criminals?

Attorney General Eric Holder's admission that some banks are too big to prosecute shocked whole nation and caused unanimous criticism nationwide including Republican and Democratic Senators.

Why is Eric Holder concerned that the size of some of these institutions are so large that it will be difficult to prosecute? He says that it will have a negative impact on the national economy, perhaps even the world economy.

That is opposite! Big Banks’ financial fraud caused the largest recession in our history as well as creating the Global Financial Crisis. The Attorney General Eric Holder’s passivity allows continued Big Bank Criminal Behaviors to go unstemmed. This will result in an economic disaster of catastrophic proportions. Only quick and aggressive actions to punish and stop big bank’s criminal practices can protect our economy from further financials crisis.

What is Eric Holder’s motivation to not prosecute those big banks?
 

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