This video from the USA says about itself:
By Joseph Kishore in the USA:
Too big to jail
12 March 2013
Responding to questioning from Republican Senator Chuck Grassley, who noted that there had been no major prosecutions of financial institutions or executives by the Obama administration, 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 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…”
In other words, major banks are so economically important that, according to Holder, it is impossible to prosecute them for criminal activity. They are above the law.
This exchange occurred during a discussion of the Justice Department’s settlement last month with British-based HSBC, the world’s third-largest bank. HSBC had been charged with laundering billions of dollars for Mexican and Colombian drug cartels. In exchange for avoiding charges, HSBC agreed to pay $1.9 billion, or roughly two months’ profits. Top US officials explicitly vetoed any criminal charges, even on lesser counts than money laundering.
HSBC is only the latest bank to have received a free pass. Earlier this year, ten financial firms agreed to pay $3.3 billion in cash to settle charges of mortgage fraud: amid the housing market collapse, they had employees fraudulently sign off on thousands of mortgage foreclosures a month.
Last year, the government ended an investigation into Goldman Sachs without charges over its promotion of mortgage-backed securities at the height of the speculative bubble—even as Goldman Sachs bet against the assets itself.
In 2010, the Obama administration reached a settlement with Wachovia Bank on similar charges as those brought against HSBC: laundering billions of dollars of drug money, in this case for the Sinaloa Cartel. The fine was $160 million, less than 2 percent of the previous year’s profits.
Many similar arrangements could be cited. In each case, a check is signed—if there is any punishment at all—and business goes on as usual. Whatever money the financial institutions lose is more than balanced by their take of the $85 billion funneled into the markets every month by the US Federal Reserve.
Bernard Madoff, who admitted in 2009 to running a multibillion-dollar Ponzi scheme, told media outlets this week that the government-appointed trustee for his firm’s investors is refusing to act on evidence showing the complicity of major banks in his activities: here.
Yet another Australian government inquiry has allowed a major bank or finance house go scot-free after systematically defrauding or fleecing millions of customers, primarily working people, retirees and small business operators. An Australian Prudential Regulation Authority (APRA) report this week into multiple financial crimes committed by the Commonwealth Bank of Australia (CBA), the country’s largest bank, recommends no punishment whatsoever: here.
- Holder admits some banks ‘too big to jail’ (wnd.com)
- Wall Street Banks: Too Big to Fail, Too Big To Jail (rinf.com)
- Elizabeth Warren Wants HSBC Bankers Jailed, Regulators Have Ties to Bank (news.firedoglake.com)
- VIDEO – Eric Holder Questioned On Too Big To Jail (dailybail.com)
- Too Big to Jail? (pubcit.typepad.com)
- Stefanie Ostfeld: Congress Must End ‘Too Big to Jail’ (huffingtonpost.com)
- Warren Hits Back Against ‘Too Big to Jail’ Banks (wealthwire.com)