Thousands Sign MoveOn Petition To Send Big Bankers to Jail Over Pre-Recession Financial 1Practices
As the financial crisis unfolded in 2008, many who saw the banks get bailouts, thought they were guilty of criminal financial behavior. However, most of these banks will avoid criminal prosecution under the guise of being “too big to jail.”
According to The Huffington Post, Attorney General Eric Holder made this confession last week during testimony before the senate stating:
“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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy, and I think that is a function of the fact that some of these institutions have become too large.”
This is not a surprise. This “too big” belief was exemplified last year when the federal government decided not to prosecute HSBC for years of breaking money-laundering laws out of fear that it would have negative impacts on the global economy.
Soon after Eric Holder’s admission MoveOn.org was in motion, collecting signatures seeking to encourage the Obama Administration to “break up banks and jail criminals who contributed the financial collapse of 2008.” The petition already has over 125,000 signatures.
Holder expressed the opinion that prosecuting the criminal on Wall Street will cause another recession, while others think that big banks shouldn’t get a “get out of jail free” card. Among those people are some in Washington, like Sen. Elizabeth Warren, who said, “Attorney General Holder’s testimony that the biggest banks are too-big-to-jail shows once again that it is past time to end too-big-to-fail.” According to The New York Times’ Dealbook site, the statement is even at odds with the Obama administration, whose support of Dodd-Frank financial regulations is a 180 from this statement.
There are fears also that by going after a bank, you’re hurting the workers who could lose their jobs and have nothing to do with any financial wrongdoing. Do you think the government is being too lenient?
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