Too Big To Prosecute

[dapperdan]

Who Decided U.S. Megabanks Are Too Big to Jail?

In an on-camera interview, which aired recently, Assistant Attorney General Lanny Breuer, the head of the criminal division at the Justice Department and the man responsible for determining whether anyone should be prosecuted for the financial crisis of 2008, stated plainly that some financial institutions are too large and too complex to be held accountable before the law. Bipartisan pressure is now being applied on the Justice Department to reveal exactly how this determination was made. Breuer, however, has announced he will leave government March 1. Good luck unraveling the cover-up that must already be in place.

Breuer made the comments for a documentary aired by the PBS program “Frontline.” The investigative report, titled “The Untouchables,” asked why no senior Wall Street executive has been prosecuted for apparently well-documented illegal acts, such as authorizing document forging, misleading investors and obstructing justice. Breuer was shockingly candid.

‘Pursuing Justice’
“Well, I think I am pursuing justice,” he said. “And I think the entire responsibility of the department is to pursue justice. But in any given case, I think I and prosecutors around the country, being responsible, should speak to regulators, should speak to experts, because if I bring a case against Institution A, and as a result of bringing that case, there’s some huge economic effect -- if it creates a ripple effect so that suddenly, counterparties and other financial institutions or other companies that had nothing to do with this are affected badly -- it’s a factor we need to know and understand.”

Attorney General Eric Holder expressed similar views in the context of discussing why more severe charges weren’t brought against Zurich-based UBS AG last year for manipulating the London interbank offered rate. And Neil Barofsky, a onetime senior prosecutor and former inspector general of the Troubled Asset Relief Program that administered the bank bailouts, provided a scathing assessment of Justice Department policy.

Who Decided U.S. Megabanks Are Too Big to Jail? - Bloomberg

http://www.pbs.org/wgbh/pages/frontline/untouchables/

 

[coldseat]

So basically Wall Street execs have nothing to fear. Lie, cheat, commit illegal and unethical acts that bilk the economy, investors, US citizens and the government for billions.....don't worry about it. Just don't be found with a $10 bag of weed, because then we'll get mad and put you in jail.

This country is so screwed up.

 

[JimEverett]

That is some amazing candor. Despicable, but brutally honest.

 

[efil4stnias]

That is some amazing candor. Despicable, but brutally honest.

I watched that Frontline episode 2 weeks ago.

The face of the journalist, when getting answers from Breuer and others, was priceless. They cut to his face every time a sharp question was answered ( and a few were answered with outright indignation )

I couldnt believe what I was watching. I felt extremely bad for the Senator who spearheaded a committee for justice but realized 14 months later that it was useless. As did his staffers.


Cant embed. But here is the link to the show.

http://www.pbs.org/wgbh/pages/frontline/untouchables/

 

[IntenseSaint]

This shows you it doesn't matter who is in office.. a D or an R, big business controls the puppet strings.

 

[bearze34]

That is some amazing candor. Despicable, but brutally honest.

Well, if you start down that road it will most likely lead right to the doorstep of very powerful politicians and political appointees. This would apply to both parties. That is why I have always thought it was as much a political issue as a difficulty issue. Oh, did you hear they are already back to doing 100%, 0 down subprime loans? What a joke.

Sent from my DROID X2 using Tapatalk 2

 

[dtc]

Well, if you start down that road it will most likely lead right to the doorstep of very powerful politicians and political appointees. This would apply to both parties. That is why I have always thought it was as much a political issue as a difficulty issue. Oh, did you hear they are already back to doing 100%, 0 down subprime loans? What a joke.

Sent from my DROID X2 using Tapatalk 2

I haven't seen a zero down sub-prime, but if the market requests it then it should exist. It should not, however, be subsidized by tax payers via insurance on banks/deposits.

 

[blackadder]

So basically Wall Street execs have nothing to fear. Lie, cheat, commit illegal and unethical acts that bilk the economy, investors, US citizens and the government for billions.....don't worry about it. Just don't be found with a $10 bag of weed, because then we'll get mad and put you in jail.

This country is so screwed up.

The Quiet Coup - Simon Johnson - The Atlantic

 

[Taurus]

The part I love is that the individuals are totally prosecutable. As DeGaulle said, "The graveyards are full of indispensible men."
Forget obtaining institutional justice, a corporation isn't alive, it has no feelings. The humans running the show? They're human, they have feelings, they won't like jail one bit and just might steer their companies away from activities that'll end up with them spending time there.

 

[dapperdan]

I hope the Ratings Agencies are getting the memo: No More Downgrades of U.S. Debt ...Or Else...

Egan-Jones Barred for 18 Months on Some Ratings
Egan-Jones Barred for 18 Months on Some Ratings - NYTimes.com
U.S. to sue S&P over ratings ahead of financial crisis
U.S. to sue S&P over ratings ahead of financial crisis | Reuters

 

[J-Donk]

This shows you it doesn't matter who is in office.. a D or an R, big business controls the puppet strings.

While Obama is super soft. Don't forget that Obama's isn't sweet like sugar. The banks haven't. The gave more money to Scott Brown, and Mitt Romney this year. Republicans TODAY blocked the CPFB AGAIN. I think with Warren on the senate finance committee we got a shot at something half-*** getting done in the next 2 years.

P.S. I do think Holder should be fired though. He is the justice dept essentially. They failed the American people big time over the last 4 years. Bankers caught with trillions overseas, zero jail time. Bankers lost trillions, over 10 if you go by what a lot of people think, zero jail time. The prosecution of whistle blowers. I am not talking about Manning here, but guys like John Kiriakou. I can't wrap my head around us talking about freedom in one breath, and throw a guy, you should consider a hero, in jail.

 

[Beast]

The part I love is that the individuals are totally prosecutable. As DeGaulle said, "The graveyards are full of indispensible men."
Forget obtaining institutional justice, a corporation isn't alive, it has no feelings. The humans running the show? They're human, they have feelings, they won't like jail one bit and just might steer their companies away from activities that'll end up with them spending time there.

All it takes is one getting treated punitively.. Kinda like the pay for performance stuff, right? No coach in his right mind would allow that to go on in his locker room after what Payton and the front office got.

 

[DaveXA]

I haven't seen a zero down sub-prime, but if the market requests it then it should exist. It should not, however, be subsidized by tax payers via insurance on banks/deposits.

If they're back to doing no doc loans, then I'm all over it as long as the interest rate is reasonable. Being self-employed makes it hard for me to qualify for a traditional loan.

 

[J-Donk]

I hope the Ratings Agencies are getting the memo: No More Downgrades of U.S. Debt ...Or Else...

Egan-Jones Barred for 18 Months on Some Ratings
Egan-Jones Barred for 18 Months on Some Ratings - NYTimes.com
U.S. to sue S&P over ratings ahead of financial crisis
U.S. to sue S&P over ratings ahead of financial crisis | Reuters

I think ratings agency from bonds all the way to personal credit should be a government agency. Equifax just sold all your personal info to retailers. The major rating agencies are on the take, or so incompetent it doesn't matter. Fun times for capitalism.

 

[dapperdan]

I think ratings agency from bonds all the way to personal credit should be a government agency. Equifax just sold all your personal info to retailers. The major rating agencies are on the take, or so incompetent it doesn't matter. Fun times for capitalism.

The government should rate it's own credit worthiness? Maybe I am misinterpreting something here?

Just based on your statement above, you seem to be confusing the credit bureaus, such as Equifax, with the Ratings Agencies, such as S&P, Moody's...different beasts.

 

[ivo610]

Disgusting. Madoff went to prison when he stole from the rich, but when the rich steal from every day citizens? Nothing. Shame on you POTUS and everyone else that was elected for making this an issue