[VIDEO] SEC nominee Mary Jo White reinforces the idea of a two tier system of justice - one for corporations, and one for the rest of us

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[VIDEO] SEC nominee Mary Jo White reinforces the idea of a two tier system of justice – one for corporations, and one for the rest of us

[VIDEO] SEC nominee Mary Jo White reinforces the idea of a two tier system of justice – one for corporations, and one for the rest of us

Sorry about the video quality as this was taken with my cell phone!

H/T Salon-

In the first exchange, White admitted that “federal prosecutors are instructed by DOJ [that] they have a long line of factors to consider and one of them is the collateral consequences of a criminal indictment to innocent shareholders, employees, or the public.” Unlike Holder, who at least said he was concerned about this radical legal precedent, White insisted that “prosecutors should consider that before proceeding.” In making such an assertion, the prospective head of the SEC was endorsing a radical legal precedent – the one that says justice shouldn’t necessarily be blind, as the venerated axiom goes. Instead, she was arguing that economic consequences for shareholders should be a factor in deciding whether to prosecute lawbreakers.

White then expanded on this view in her subsequent exchange with Sen. Sherrod Brown (D-OH). She defended the SEC for “consider(ing) consequences in their remedies,” noting that “a corporate fine that in effect would have grievous impact on innocent shareholders is taken into account” when the SEC decides to fine a lawbreaking company. In other words, no matter how bad the crime may be or how much a punitive penalty may be required to deter future wrongdoing, White is arguing that effects on shareholders still should remain a determinative factor in whether the federal government’s law enforcement agencies opt to mete out that necessary punishment.

If that wasn’t bad enough, White then dropped the biggest bombshell of the whole hearing – she admitted to vetting her own prosecutorial decisions through White House economic appointees when she served as a U.S. Attorney. That’s right, she specifically admitted that before deciding to prosecute a financial institution, she contacted Treasury officials Bob Rubin and Larry Summers to find out “whether an indictment of that institution would result in great damage to either the Japanese economy or the world economy.”

[SALON]

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2 Responses to “[VIDEO] SEC nominee Mary Jo White reinforces the idea of a two tier system of justice – one for corporations, and one for the rest of us”

  1. keepon says:

    Holder told a Senate panel:
    “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.” (Salon)
    Can these elites open their eyes & look out the window for 1 second?! Rome is burning! What ARE the effects of NOT prosecuting? These people are safe in their ivory towers, and out on the street a can of tuna costs $ 1.50. And we’re only at the beginning of ‘austerity’ due to Justice IGNORING the LAWs on the books for the sake of their fellow 1%ers!
    They’re so ‘OWNED’ that they don’t even hear the significance of their own words?

    “Less noticed, but arguably even more important, were yesterday’s two stunning admissions by SEC nominee Mary Jo White (first flagged by Pam Martens), and the utter lack of reaction to them by U.S. senators.” (Salon)
    Brown & Menendez startlingly were able to evoke precisely what they needed, that these (former) defenders of the criminal bankers call each other up to see if they should ‘dump the prosecution of the CRIMES/CRIMINALS’ before pursuing their cases?! And Brown & Menendez FORGOT WHAT THEY WENT AFTER? FORGOT WHY THEY WERE ASKING THE QUESTION?!
    Do we have to WAIT for ANOTHER PBS SPECIAL to tell the principals in this conversation what just happened here?
    The blatant admission: 2 tier Justice. 1%ers consult with 1%ers to decide whether or not to prosecute criminal 1%ers; if it’s going to harm 1% investors, their own class, it’s a “no go” for the prosecution. The Law be damned! Let the ‘under-caste’ foot the bill, do the time. ‘I got mine; don’t care about yours!’
    These people- Holder, Breuer, White- and the peoples’ champions- Brown, Menendez- can no longer distinguish the forest from the trees. They’ve lost their way. They’ve lost Our way.

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  1. […] Oh goodie! Lets see how Mary Jo White handles this, since she reinforced there is a two tier system, one for the corps and o…. […]


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