Guest Post: Too Big To Jail Is Here To Stay

Tyler Durden's picture


Submitted by John Aziz of Azizonomics blog,

Lanny Breuer, the Assistant Attorney General who claimed that prosecuting banks for crimes poses a risk to the financial sector and so corrupt bankers are “too big to jail” has lost his job:

MARTIN SMITH: You gave a speech before the New York Bar Association. And in that speech, you made a reference to losing sleep at night, worrying about what a lawsuit might result in at a large financial institution.




MARTIN SMITH: Is that really the job of a prosecutor, to worry about anything other than simply pursuing justice?


LANNY BREUER: Well, I think I am pursuing justice. And I think the entire responsibility of the department is to pursue justice. But in any given case, I think I and prosecutors around the country, being responsible, should speak to regulators, should speak to experts, because if I bring a case against institution A, and as a result of bringing that case, there’s some huge economic effect — if it creates a ripple effect so that suddenly, counterparties and other financial institutions or other companies that had nothing to do with this are affected badly — it’s a factor we need to know and understand.

But the man who put him there, and who is ultimately responsible for the policy — the Attorney General himself — is here to stay.


Simon Johnson notes:

Attorney General Eric Holder expressed similar views in the context of discussing why more severe charges weren’t brought against Zurich-based UBS AG last year for manipulating the London interbank offered rate. And Neil Barofsky, a onetime senior prosecutor and former inspector general of the Troubled Asset Relief Program that administered the bank bailouts, provided a scathing assessment of Justice Department policy.


The Justice Department likes to quote Thomas Jefferson: “The most sacred of the duties of government [is] to do equal and impartial justice to all its citizens,” a line that appears in its latest budget documents.


This sentiment is hardly consistent with saying that some companies have characteristics that put them above the law. Jefferson himself was very worried about the concentrated power of financiers — he would have seen today’s problems much more clearly than do Holder and Breuer.

Fundamentally, Obama’s continued support for Holder illustrates that Obama is still committed to the policy of holding financiers to a lesser standard of justice than other citizens.

The continued failure to implement even the Volcker rule — let alone a Glass-Steagall-style separation between retail and investment banking — illustrates that Obama is committed to letting bailed-out banks continue to operate in the risky manner that led to the crisis. So does the total failure to ensure a level playing field for retail investors in a market now totally dominated by algorithms.

The big banks continue to ride roughshod over the American people with the complicity of the political class. Too Big to Jail is an affront to the Constitution, an affront to the Bill of Rights, an affront to those like Rosa Parks, Martin Luther King, Lysander Spooner, Frederick Douglas and all those who at various times crusaded to make equality before the law a reality in America.

The only sensible way forward is that lawbreakers on Wall Street must be prosecuted in the same way as other lawbreakers. That means that Eric Holder and all others associated with Too Big To Jail must lose their jobs.

But I doubt that will happen any time soon.

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Mon, 02/04/2013 - 15:17 | 3213991 Banksters
Banksters's picture

Holder is the most corrupt AG we've every had- I thought Alberto Gonzales had created the gold standard in corruption, too!

Mon, 02/04/2013 - 15:19 | 3214009 johnQpublic
johnQpublic's picture

as illegals will be given a path to citizenship, so have the banks been given a path for their crimes to become legal.

next up will be a path for pedophiles to take that will make sodomizing your child legal as well. but at least the north to south path of guns will stop now that operation fast and furious is over.

Mon, 02/04/2013 - 15:32 | 3214060 Manthong
Manthong's picture

You might not understand the process..

Normalizing pedophilia is scheduled AFTER normalizing polygamy.

“Who are you to tell me what love is who and I am allowed to love”.—works for all former deviancies but it takes time for the successive inoculations against antiquated moral thinking to work.

But make no mistake.. the kids ARE the golden ring.

Mon, 02/04/2013 - 15:35 | 3214063 ZerOhead
ZerOhead's picture

Welcome to the New Improved America where today Justice is not only BLIND but it's DEAF, DUMB and STUPID to boot...

Oh right... one more thing... BOUGHT!!!

Mon, 02/04/2013 - 15:37 | 3214078 Zap Powerz
Zap Powerz's picture

In America. Some animals are more equal than other animals.

Mon, 02/04/2013 - 15:55 | 3214115 Popo
Popo's picture
“Whenever any form of government becomes destructive of these ends it is the right of the people to alter or abolish it, and to institute new government...”


Thomas Jefferson

Mon, 02/04/2013 - 16:02 | 3214140 Muppet Pimp
Muppet Pimp's picture

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

- Thomas Jefferson

Mon, 02/04/2013 - 16:47 | 3214304 TruthInSunshine
TruthInSunshine's picture

It's a good thing we have at least one opposition political party that American Voters can choose to bolster, in order to stem, reverse and punish the corruption/malfeasance perpetrated by the party in power, along with a constitutionally enshrined system of checks & balances.



Mon, 02/04/2013 - 18:23 | 3214552 Muppet Pimp
Muppet Pimp's picture

We do have a libertarian party sir.


Looks like since the S&P threatened a downgrade of the US, Holder jumped right on that with his charging them in Civil Suit over some mortgages in CA from 6 years ago.  You were saving that one for the downgrade weren't you Eric.  Had it in your back pocket for a couple years just waiting for the threat to downgrade the leftist in chief.  You sly little devil you.

Mon, 02/04/2013 - 16:05 | 3214152 true brain
true brain's picture

Welcome to justice KENYAN style. where we screw the little guy and bend over for the big guys. we'll africanize all you rednecks in no time.

Mon, 02/04/2013 - 16:29 | 3214252 justanothersucker
justanothersucker's picture

It's far more than the right of the people.  It's the obligation of the people!

Mon, 02/04/2013 - 15:52 | 3214108 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

But it sure can play a mean pinball.

Mon, 02/04/2013 - 16:37 | 3214268 SDShack
SDShack's picture

Yep, and don't forget about incestuous relationships too. With those it will be mostly about money and financial benefits as the family unit comes together because of economic hardship. Multi generaional families in one household. One example will be older brothers and sisters will get marital benefits as "domestic partners".

Mon, 02/04/2013 - 17:49 | 3214471 Not Too Important
Not Too Important's picture

Yes, the kids are the golden ring, and the new laws legalizing same will be retroactive.

'Nuff said.

Mon, 02/04/2013 - 20:19 | 3214925 Papasmurf
Papasmurf's picture

They didn't erase those videos they made back in 1989.

Mon, 02/04/2013 - 15:36 | 3214061 ZerOhead
ZerOhead's picture

I thought Barney Frank left politics?

Mon, 02/04/2013 - 17:07 | 3214362 alfred b.
alfred b.'s picture


    ....and I always assumed that he was a gay bank go figure!



Mon, 02/04/2013 - 15:34 | 3214067 lakecity55
lakecity55's picture

So, Holder will be able to appear in public with his 10 year old male love slaves, after he legalizes NAMBLA.


Mon, 02/04/2013 - 16:53 | 3214325 Freddie
Freddie's picture

Senator Robert Menendez-D NJ is know for raping little girls in the Dom Republic and Harry Reid backs him. 

This is a Obam and Christie take down. Christie is a RINO sell out like Rubio and now Limbaugh.

Mon, 02/04/2013 - 18:05 | 3214503 Tijuana Donkey Show
Tijuana Donkey Show's picture

Freddie, you know that Christie is from NJ, right? Everything is for sale in NJ, Obama bought him off with Sandy money. I submit bids to schools in all 50 states, and NJ has the largest pile of paperwork for "anti-corruption" I have ever seen. (Texas is second, CA third, and LA fourth, btw.) They are all there for the money to start, so accusing them of selling out is pointless; it's the reason they are all there in the first place.

Mon, 02/04/2013 - 18:50 | 3214642 CH1
CH1's picture

as illegals will be given a path to citizenship

I suspect that FEMA camps will be full of people who demanded precisely that to be done to others.

Mon, 02/04/2013 - 15:35 | 3214070 IamtheREALmario
IamtheREALmario's picture

I think more to the point, he is a weakling. He knows right from wrong, good from evil and chooses evil because it is safer.

Mon, 02/04/2013 - 16:01 | 3214132 NotApplicable
NotApplicable's picture

Umm... it's government. Moral weakness is a prerequisite.

With a few rare exceptions, anybody with any sense of morals would never seek such power, knowing that nothing but corruption abounds.

Mon, 02/04/2013 - 17:34 | 3214430 Liquid Courage
Liquid Courage's picture

Weakling ... coward, take your pick. I am so sick of seeing that face of his with its perpetual hangdog expression.

"Oh woe ... poor, poor me! What can I do? ... you people just have no idea the pressure I'm under."

Here's an idea, Place ... if you have a shred of decency left ... RESIGN.

Mon, 02/04/2013 - 16:03 | 3214143 mightycluck
mightycluck's picture

What did you expect from a Clinton appointment?

Mon, 02/04/2013 - 16:43 | 3214263 ChanceIs
ChanceIs's picture

Holder is the most corrupt AG we've every had........

I remember seeing posters all over Washington, DC circa 1986 reading...."Meese Is a Pig."  That would be Edwin Meese, AG for Ronald Reagan.  I had to go back and look into it.  It was all about the WedTech scandal.  WedTech was a NY based defense contractor.  The total rip off of the public was some $750 million.  Of course that was a lot more purchasing power back then.  Solyndra was $535 million.  Timmy Geithner wrote Goldman a $20 billion check to make good on the puts it held against AIG and purchased from AIG because AIG couldn't pay - so somebody had to pay and it was the taxpayer.  Where was Holder?

Oh.  I forgot.  Meese was driven from office over that iddy-biddy $750 million.

Yeah.  We can put Holder in the AG Hall of Shame.

Of course there are those who contend that Bobby Kennedy did in Marilyn Monroe, but that is a whole different story.

Mon, 02/04/2013 - 17:23 | 3214399 ChanceIs
ChanceIs's picture

Jim Sinclair (of gold traading fame) seems to think that Holder is on the ball when it comes to prosecuting ratings agencies......who are about to downgrade the US debt.  Hey!!!  It's what they do in Chicago.  You got a problem wit dat????:

Jim Sinclair’s Commentary

Did the S&P recently threaten to downgrade the USA if there was no viable solution to the Fiscal Cliff and the Debt Ceiling delay?

S&P says U.S. to file civil lawsuit over ratings
Mon Feb 4, 2013 3:07pm EST

(Reuters) – Standard & Poor’s on Monday said it expects to be the target of a U.S. Department of Justice civil lawsuit over its ratings of mortgage bonds prior to the recent financial crisis.

The lawsuit against the McGraw-Hill Cos (MHP.N) unit focuses on its ratings in 2007 of various U.S. collateralized debt obligations (CDO), S&P said.

It would be the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the financial crisis.

"A DOJ lawsuit would be entirely without factual or legal merit," S&P said in a statement. "The DOJ would be wrong in contending that S&P ratings were motivated by commercial considerations and not issued in good faith."

The Justice Department was not immediately available for comment.

Several state attorneys general are expected to join the case, The Wall Street Journal said, citing people familiar with the matter. The expected charges follow the breakdown of talks between the department and S&P, the newspaper said, citing the people.

Mon, 02/04/2013 - 20:16 | 3214915 Buck Johnson
Buck Johnson's picture

Your correct, he's the most corrupt AG in the history of AG's.

Mon, 02/04/2013 - 22:01 | 3215203 Encroaching Darkness
Encroaching Darkness's picture

Don't forget Webb Hubbell - although he was only associate AG (3rd in line), he was actually convicted and sent to jail. His job was mainly to defend Clinton by keeping silent on what he knew, while killing and stonewalling investigations before they could reach the impeachment stage. Whitewater eventually got past him, though.

Holder seems to be one in a long line of stooges put in the Just Us department to spy and keep their Presidential patrons out of hot water. Anyone who supports Hillary for any future office should remember how corrupt she was the first time - cattle futures, selling missile technology to the Chinese for campaign contributions, setting aside Escalante National Staircase as a national park to pay off the Indonesian Riady family for campaign cash (preventing low - sulfur Escalante coal from competing with Riady family coal interests), Ron Brown selling seats on Commerce Dept. junket flights, selling nights in the Lincoln Bedroom to cronies - and multiply that corruption a hundredfold, with her in charge for real.

Why anyone trusts any Clinton with anything is beyond me - their evil is demonstrated, documented and un-deniable.

Tue, 02/05/2013 - 03:58 | 3215721 mpyre
mpyre's picture

See what SCJ Louis Brandeis thought of banks and ebook written in 1914, just after creation of the FED...

"Other People's Money and How The Bankers Use It"  brandeislother09other_peoples_money.epub
Mon, 02/04/2013 - 15:31 | 3213992 The Gooch
The Gooch's picture

He will get his.

They will get theirs.


Mon, 02/04/2013 - 15:19 | 3213999 Joebloinvestor
Joebloinvestor's picture

It isn't just the US.

Show a Eu banker that has gone to jail (yet!).


At least during the S&L shit, we were faked into believing there was such a thing as punishment.

Mon, 02/04/2013 - 15:38 | 3214080 optimator
optimator's picture

I can name quite a few back in the mid to late 1930's.

Mon, 02/04/2013 - 16:03 | 3214146 NotApplicable
NotApplicable's picture

Well, maybe you were. I've been too busy my whole life observing the "Just Us" system to be taken in by the scam.

Mon, 02/04/2013 - 15:19 | 3214002 madcows
madcows's picture

Eric Holder is a black bigot and a corrupt criminal.  The TBTF supports him financially, and he will never prosecute.  He's just another POS criminal that deserves to be hanged.

Mon, 02/04/2013 - 15:31 | 3214058 lakecity55
lakecity55's picture

No joke. If we had real law and enforcement, this son of Beria would be doing hard time after a genuine trial.

I suspect him far more corrupt than his boss, the Imam.

He is a known racist, a suborner of perjury and, possibly, murder, illegal narcotics distribution, and gunrunning.

In WW2 this fiend would be hung upside down in the public square with his skull crushed, a la Mussolini.

In his mind, all whites should be exterminated, and Islam should rule.

Forward, Soviet!


Mon, 02/04/2013 - 16:07 | 3214159 NotApplicable
NotApplicable's picture

"In his mind?"


Since when do puppets have beliefs? And how can you hold such childish beliefs that puppets are actually alive?


To not realize this is to be self-enslaved by fairy tales.

Mon, 02/04/2013 - 15:19 | 3214005 kralizec
kralizec's picture

Street light serenade...

Mon, 02/04/2013 - 15:19 | 3214006 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Holder in the pokey.

Breuer in the hoosgow.

Timmy in the big house.

Barry O. up the river.

Corzine ? Sleeping with the fishes.

Mon, 02/04/2013 - 15:26 | 3214044 NoDebt
NoDebt's picture

Stop it.  I'm getting all misty.

Mon, 02/04/2013 - 15:34 | 3214066 OutLookingIn
OutLookingIn's picture



What justice?

The only justice to be gotten will come from the muzzle of an M-16!

Mon, 02/04/2013 - 15:55 | 3214117 The Gooch
The Gooch's picture

Dats rayciss.

No love for 308?

Mon, 02/04/2013 - 15:43 | 3214091 Bad Attitude
Bad Attitude's picture

"All animals are equal, but some animals are more equal than others."

Mon, 02/04/2013 - 15:56 | 3214121 azzhatter
azzhatter's picture

and as the great Mark Twain said "I did not attend his funeral but I certainly approved of it"

Mon, 02/04/2013 - 15:19 | 3214008 km4
km4's picture

this is a MUST SEE or read transcript

Matt Taibbi on Big Banks’ Lack of Accountability


and good post here

Barack Obama, Wall Street Co-Conspirator?

Mon, 02/04/2013 - 15:26 | 3214041 km4
km4's picture

comment on Matt Taibbi on Big Banks’ Lack of Accountability


nosohappy  2 days ago


Taibbi talks about the fabric of society, but I think it is already pretty much in tatters at this point. What isn't being talked about is the cultural (and not just economic or legal) changes. "Management" in American businesses have developed a full-on predatory attitude towards their own employees, and anyone else they can make a buck off of. Most people that I know are stunned at the way management has turned on their employees like hungry wolves, and are still nosing around for bits of flesh they may have missed.

This isn't just an economic or legal issue, this is a gargantuan change in the dynamics of how a society functions and interacts. I'm not a historian or anything, but it reminds me of pre-independence India, where there is a rigid caste system - and if you're not in the right caste, there's no justice or fairness. Americans are a little bit in shock and denial that something like that could be happening here, and so quickly, but all the signs says that it is.



Mon, 02/04/2013 - 16:16 | 3214202 Westcoastliberal
Westcoastliberal's picture

I'm afraid you might just be spot-on there KM.

Mon, 02/04/2013 - 17:46 | 3214461 Not Too Important
Not Too Important's picture

The coup has already taken place. Most just don't realize it yet.

Mon, 02/04/2013 - 15:19 | 3214010 williambanzai7
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Do NOT follow this link or you will be banned from the site!