Wednesday, March 27, 2013

Holder admits megabanks are ‘too big to jail’

Holder admits megabanks are ‘too big to jail’
March 7, 2013
Full article:

Attorney General Eric Holder, the top U.S. law-enforcement official, finally admitted this week that bank executives truly are above the law and may commit crimes with virtual impunity.

Appearing before the Senate Judiciary Committee, Holder acknowledged under questioning by Republican Chuck Grassley of Iowa, the ranking member, that the megabanks are too big to jail. “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them,” Holder said.

He continued: “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. I think that is a function of the fact that some of these institutions have become too large.”

Holder went on to suggest that, until Congress does something about it, the size of these banks will preclude bringing them to justice.

“I think it has an inhibiting influence, impact, on our ability to bring resolutions that I think would be more appropriate,” Holder said. “I think that’s something that we — you all — need to consider.”

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