LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!

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LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!

LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!

Dear Mr. Attorney General:

I note several instances recently in which Administration officials have proceeded civilly against blatant violations of our important financial laws, in part because of the difficulty of proving cases beyond a reasonable doubt, especially where the law may have been somewhat uncertain, but also because of a concern that the criminal conviction—and even indictment—of a major financial institution could have a destabilizing effect. This latter consideration does not apply, similarly, to individuals. It is, of course, the case that no corporation can have engaged in wrongdoing without the active decision of individual officers of that entity. I believe it is also the case that prosecuting individuals has more of a deterrent effect than prosecuting corporations.

I am writing to you as well as to financial regulators, understanding that the decision to pursue criminal proceedings rests with the Justice Department, so I ask that there be a series of consultations involving law enforcement officials and regulators with the goal of increasing prosecution of culpable individuals as an important step in seeing that the laws that protect the stability and integrity of our financial system are better observed.

BARNEY FRANK

H/T Barry Ritholtz

[ipaper docId=117524643 access_key=key-9k83i8ivixsomqu6nfz height=600 width=600 /]

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2 Responses to “LETTER | Barney Frank to Eric Holder: Do Your Job & Prosecute Big Bankers Criminally!!”

  1. THE ENTIRE FIASCO IS A GIANT …… INSIDE JOB …. GOOGLE THE GREAT TEXAS BANK …… TRILLIONS HAVE BEEN STOLEN

  2. Karen Hudes says:

    Why not ask Barney Frank what he did about oversight of the World Bank when he chaired the House Financial Services Committee?

    http://www.ntu.org/governmentbytes/government-reform/whistleblower-protections-a1220.html
    and http://www.kahudes.net

    From: Mack, Deborah [mailto:Deborah.Mack@mail.house.gov]
    Sent: Tuesday, July 07, 2009 4:31 PM
    To: kahudes@aol.com
    Subject: follow up re World Bank

    Ms. Hudes,
    I spoke with Daniel McGlinchey with the Committee on Financial Services, and I shared your information with him. He will follow up with you during the August recess. If you have questions, you can email Daniel at Daniel.McGlinchey@mail.house.gov.
    Regards,
    Deborah
    Deborah Mack
    Subcommittee on Government Management, Organization, and Procurement
    Committee on Oversight and Government Reform
    B-372 Rayburn HOB
    Washington, DC 20515

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