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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A Lunatic's picture

Dude; I'm trying to eat lunch..............

The Gooch's picture

That will be most difficult to "unsee".

NoDebt's picture

Like witnessing a train wreck.  It's horrific, but you just can't look away. 

This must be at least the 50th time I've said "that is the most disturbing picture I've ever seen on the web" looking at his stuff.  Yet I keep coming back again and again.

Cognitive Dissonance's picture

Like you, I too am a sucker for Banzai7 punishment. :)

williambanzai7's picture

This is my self assumed role.

When the crony bitch needs slappin, I'm the one who slaps it.

I'm not writing finely tuned law review articles. Those don't seem to accomplish much of anything nowadays.

Nope, I'm the visual crony bitch slapper and there's still plenty of slappin that needs to be done.

The Gooch's picture

You should make sets of picture cards so we can educate the unwashed masses.

Manic by Proxy's picture

A deck of playing cards!! That's it. It'll make millions. Just send my modest percentage to my local bankster, "Full Faith and Credit" Johnson.

resurger's picture

Reminds me of the crazy wife of Eddie Murphy in one of his movies who ended up as a strip dancer in Mexico... the bankers will get a bullet in the mail.

OpenThePodBayDoorHAL's picture

All it needs is Dear Leader in the background, dressed up as a pimp

Clashfan's picture

Norbit (film)

Rasputia (wife)

Tremendously underrated flick.

Cognitive Dissonance's picture

I love the pink lip gloss and the skillful use of the eye liner.

You are magic Banzai7. :>)

Dr. Engali's picture

Did you pull this photo off of a SEC computer screen saver?

DaveyJones's picture

Ah, the most appropriate image yet for these global prostitutes

high on Reserve Crack

pushing anything to the higherst bidder

selling their children to the street vermin of the world

francis_sawyer's picture

Obama & Holder are doing 'somebody elses' work... Which makes them both corrupt & stupid...

Cognitive Dissonance's picture

Thank God.

If Obama were to replace Holder with another place holder Wall Street might actually have to flush the market to show who run Bartertown.

OutLookingIn's picture

Da 'Bruthas' stick together!

tarsubil's picture

"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."

This is written as if Obama oversees the financiers rather than the financiers oversee Obama.

Cognitive Dissonance's picture

I think it is more a matter of peak-a-boo.

Then again.....maybe not. :)

DaveyJones's picture

wish they'd be more boo about the peak

NoDebt's picture

I can see no discernable difference between TBTF banks and the government at this point.  Period.  No way to say where one ends and the other begins.

(Don't make me break out the Dr. Who references here, because I can.  I withold purly out of respect for my fellow Zero Hedgers and the fact it may tend to make me look like a super-geek.)

resurger's picture

"But I doubt that will happen any time soon."



Muppet Pimp's picture

Holder worked for the banks before DOJ (representing them as a defense attorney), and continues to work for them at DOJ.  His job is easier now, because he no longer has to go to court, he just quashes the charges from his desk.  The same thing Mary Jo White did prior to her being appointed head of the SEC.  And if confirmed we know exactly what she will do when she gets there.  Obama is a leftist scumbag with zero respect for our constitution and zero respect for the rule of law.  This is prima facia evidence of that. 

What do you bet the bought and paid for leftist media does not cover any of this?  It's is so easy a caveman could do it, right Obama?

TrulyStupid's picture

More anti-Obama ravings from a republican who doesn't realize he is a Republicrat.. the media is leftist? no... it is corporatist,

disrespect for the constitution comes from the whole ruling bankster/neo-con/MI complex as well as the Supreme Court. Obama is offered up as a scapegoat for those who can't look in the mirror and behold the real problem.

Dewey Cheatum Howe's picture

It looks like some of the real liberal left types, not faux-liberals masquerading as Democrats are starting to wake up and smell the coffee.

Black Markets's picture

Everyone is "riding roughshod" over the American people, because they are fat lazy and stupid and they build shit products and export nothing but their children's income.

The US political class is 10 years ahead of the rest of the world but the rest of the world is catching up. Americans are gluttonous imbeciles whose wealth is there for the taking. They're too lazy and slow to compete in a flat geopolitical world and so they are being eaten alive by their competitors.

Long may it continue its good for everyone who believes in meritocracy.

A Lunatic's picture

Fuck you and your Geographical generalizations. There are quite a few AMERICANS around here who are fed up with the bullshit............

Black Markets's picture

Get back to work dickhead.

Dr. Engali's picture

What did I tell you guys about feeding the trolls? it just encourages them.

Muppet Pimp's picture

Don't confuse the American people with their present leadership.

Black Markets's picture

What leadership?

All I see is turkeys voting for Christmas.

You are the dumb bastards who vote these fuckers in.

You're nothing but lazy stupid pork barrel suckers. Don't pretend you're better than your "leaders". You ain't. They're the same as you.

Westcoastliberal's picture

Must be MDB's cowboy cousin, all hat, no brains.

XitSam's picture

No, MDB_ is sophisticated, but recently less so, satire. Hat guy is just a troll.

A Lunatic's picture

A 10 gallon hat on a 2 gallon head...............

Manic by Proxy's picture

Is your avatar the poster on your bedroom wall? The one to which you beat off nightly?

Freddie's picture

2012 was a total NWO Bilderburg op.

First get any conservatives out helped by Rove/Bush gang.  Paul and Bachmann were out.  Newt was a CFR blocker for Romney.  Santorum had Midwest states stolen by vote fraud after the polls closed or were closing.  

So they had Obama Lite just in case.  They on election night the swing states and others were stolen.  Dems made sure to keep the Senate and Obam got lots of last minute and late night votes for all the swing states.

McCain was also a back up in 2008.

williambanzai7's picture

What do cowboy hat avatars and hemorhoids have in common?

Sooner or later every asshole has one.

LetsGetPhysical's picture

unlike Europe or China right? Do tell.

ebworthen's picture

The political and judicial class of the U.S.S.A. are the lackeys of the bankers.

alien-IQ's picture

If Bankers are the meal ticket for the judicial and political class, then cutting off the food supply would seem to be the logical course of action to rid the world of these parasites.

It's banker hunting season.

LetsGetPhysical's picture

The political and judicial class of the world are the lackeys of the bankers. 

There I fixed it for you. 

alien-IQ's picture

If the law does not apply equally to all, then it applies to no one at all.

This leaves only one way forward: Mob Rule.

Break out the pitch-forks and sharpen up the guillotine. Go grab yourself a banker and "do the right thing".

a growing concern's picture

Why the hell would you sharpen the guillotine? Grind the edge to make that shit as dull as possible. Make sure it's rusty, too.

XitSam's picture

So that instead of a clean cut, the head is ripped from the body, and then infected so that the (dead) person gets gangrene of the neck?

Wakanda's picture

The Second American Revolution, like Valley Forge in 1777-78.

A Lunatic's picture

Right now for many the body is willing but the spirit is weak; but soon Bitchez, soon..........

Bad Attitude's picture

Why do you think they want our guns?