Transcript | AG Holder: "I am concerned" that some Wall Street banks are Too Big To Prosecute

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Transcript | AG Holder: “I am concerned” that some Wall Street banks are Too Big To Prosecute

Transcript | AG Holder: “I am concerned” that some Wall Street banks are Too Big To Prosecute

This is absolutely NO excuse. They helped cartels and terrorist financially and you mean to say they are also too big for that?

He knows it’s a conflict of interest.. WHY? Because they were his law firms clients.

Who else gave them the legal advice on how to be Too Big Too Fail? Let the statute of limitations run along….and stand idle.

FrontLine-

Holder’s comments underscored remarks his deputy, Lanny Breuer, gave in an interview for FRONTLINE’s film The Untouchables that raised concerns among some in government that the Justice Department hasn’t been sufficiently aggressive in prosecuting major banks for the fiscal crisis.

“I am concerned that the size of some of these institutions becomes so large that it does become difficult to prosecute them,” Holder told the Senate Judiciary Committee. “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 world economy, that is a function of the fact that some of these institutions have become too large. It has an inhibiting impact on our ability to bring resolutions that I think would be more appropriate. That is something that you all need to consider.”

[FRONTLINE]

Transcript:

Sen. Chuck Grassley, R-Iowa: In the case of bank prosecution. I’m concerned we have a mentality of ‘too big to jail’ in the financial sector, spreading from fraud cases to terrorist financing to money laundering cases. I would cite HSBC.

I think we are on a slippery slope and that’s background for this question. I don’t have recollection of DOJ prosecuting any high-profile financial criminal convictions in either companies or individuals.

Assistant Attorney General Breuer said that one reason that DOJ has not sought these prosecutions is because it reaches out to ‘experts’ to see what effect the prosecution will have on the financial markets. On Jan. 29, Sen. [Sherrod] Brown and I requested details on who these so-called ‘experts’ are. So far we have not received any information. Maybe you’re going to but why have we not yet been provided the names of experts the DOJ consults as we requested on Jan. 29? We continue to find out why we aren’t having these high-profile cases…

Attorney General Eric Holder: We will endeavor to answer your letter, Senator. We did not, as I understand it, endeavor to obtain experts outside of the government in making determinations with regard to HSBC.

Just putting that aside for a minute though, the concern that you have raised is one that I, frankly, share. I’m not talking about HSBC here, that would be inappropriate. But 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. I think that is a function of the fact that some of these institutions have become too large.

Again, I’m not talking about HSBC, this is more of a general comment. I think it has an inhibiting influence, impact on our ability to bring resolutions that I think would be more appropriate. I think that’s something that we — you all [Congress] — need to consider. The concern that you raised is actually one that I share.

Grassley: Do you believe that the investment bankers that were repackaging bad mortgages that were AAA-rated are guilty of fraud or is it a case of just not being aggressive or effective enough to prove that they did something fraudulent and criminal?

Holder: We looked at those kinds of cases. I think we have been appropriately aggressive, these are not always easy cases to make. When you look at these cases, you see that things were done ‘wrong’ then the question is whether or not they were illegal. And I think the people in our criminal division… I think have been as aggressive as they could be, brought cases where we think we could have brought them. I know that in some instances that has not been a satisfying answer to people, but we have been as aggressive as we could have been.

Grassley: If you constitutionally can jail the CEO of a major institution, that is going to send a pretty wide signal to stop a lot of activity that people think they can get away with.

Holder: You are right, senator. The greatest deterrent effect is not to prosecute a corporation — although that’s important — the greatest deterrent effect is to prosecute the individuals in the corporations that are responsible for those decisions. We’ve done that in the UBS matter and try to do that whenever we can. But the point that you make is a good one.

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3 Responses to “Transcript | AG Holder: “I am concerned” that some Wall Street banks are Too Big To Prosecute”

  1. To big to fail or jail is a cop out. Smaller banks will take over. Not prosecuting the big banks and allowing the banks to steal funds and homes has harmed the economy. Lack of prosecution and righting the injustice has harmed the economy. No trust in our government nor our banks and millions of victims of these poor choices. Lost jobs live and property Shame Shame on all of the people responsible for this outrageous crime and enabling it and not ending it.

  2. Sarah says:

    Concerned enough to use lethal force? Well not specifically for TBTF.
    Holder also announced that Obama reserves the right to use lethal military force against U.S. citizens on U.S. soil without judicial review or due process. Comforting thought.

  3. Sarah says:

    Whoops, let’s moderate that last one. Thanks

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