Eric Holder: Some Banks Are So Large That It Is Difficult For Us To Prosecute Them

Tyler Durden's picture




 

While it is widely assumed that the too-big-to-fail banks in the US (and elsewhere) are beyond the criminal justice system - based on simple empirical fact - when the Attorney General of the United States openly admits to the fact that he is "concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them," since, "it will have a negative impact on the national economy, perhaps even the world economy," one has to stare open-mouthed at the state of our union. It appears, just as the proletariat assumed, that too-big-to-fail banks are indeed too-big-to-jail.

GRASSLEY: On the issue of bank prosecution, I'm concerned that we have a mentality of too-big-to-jail in the financial sector of spreading from fraud cases to terrorist financing and money laundering cases -- and I cite HSBC. So I think we're on a slippery slope.

 

HOLDER: The concern that you have raised is one that I, frankly, share. And I'm not talking about HSBC now. That (inaudible) be appropriate.

 

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 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.

 

Again, I'm not talking about HSBC. This is just a -- a more general comment. I think it has an inhibiting influence -- impact on our ability to bring resolutions that I think would be more appropriate. And I think that is something that we -- you all need to -- need to consider. So the concern that you raised is actually one that I share.

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Wed, 03/06/2013 - 15:55 | 3305799 Say What Again
Say What Again's picture

Throw Holder in jail for not doing his job!!!!

Wed, 03/06/2013 - 15:58 | 3305804 ZerOhead
ZerOhead's picture
Eric Holder: Some Banks Are So Large That It Is Difficult For Us To Prosecute Them

Eric needs to change his name to Dick.  Now.
Wed, 03/06/2013 - 16:04 | 3305845 Dr. Richard Head
Dr. Richard Head's picture

Bernanke needs to change his last name to Dover.

Wed, 03/06/2013 - 16:07 | 3305867 tbone654
tbone654's picture

TBTP   great........

Wed, 03/06/2013 - 16:11 | 3305880 redpill
redpill's picture

How would it have negatively impacted global economies to put Jon Corzine in jail where he belongs?

Wed, 03/06/2013 - 16:20 | 3305925 tradewithdave
tradewithdave's picture

Since when are "The Hamptons" and their home prices NOT part of the global economy. Like duh....

Wed, 03/06/2013 - 16:28 | 3305947 NoDebt
NoDebt's picture

How would he know how hard it is?  He's never tried.

Wed, 03/06/2013 - 18:07 | 3306341 gmrpeabody
gmrpeabody's picture

Eric Holder..., that worthless piece of ...

Wed, 03/06/2013 - 20:02 | 3306788 old naughty
old naughty's picture

TBTProsecute...that's exactly why they get so big...and why they put him in there...and what they want you to believe...and...and...

let's focus on that eat-stuff...(oh that too), damned?

Wed, 03/06/2013 - 23:50 | 3307597 Town Crier
Town Crier's picture

Obama administration has said that taking bankers to trial would be "too disruptive" to the nation. Really? The truth is that nothing would generate more confidence than for citizens to see the criminal prosecution of the criminal bankers.

Thu, 03/07/2013 - 00:02 | 3307625 A L I E N
A L I E N's picture

Just do your own job independently Richard Holder..

Wed, 03/06/2013 - 16:30 | 3305955 NotApplicable
NotApplicable's picture

Who ya gonna call?

Trust Busters!

Wed, 03/06/2013 - 16:39 | 3305989 dontgoforit
dontgoforit's picture

Yeah.  Teddy would know what to do with them.

Wed, 03/06/2013 - 16:42 | 3306004 DaveyJones
DaveyJones's picture

I know what Eric means. Some deficits are so large that it's hard to reduce them

Once again, it's not a good sign when they no longer try to hide it.

Wed, 03/06/2013 - 18:06 | 3306334 gmrpeabody
gmrpeabody's picture

Eric Holder..., that worthless piece of ...

Wed, 03/06/2013 - 18:47 | 3306494 Big Corked Boots
Big Corked Boots's picture

Shit? Did you mean to say SHIT? SHIT!

(I'll go to confession later.)

Wed, 03/06/2013 - 19:42 | 3306707 Town Crier
Town Crier's picture

Eric Holder is a feckless drip. He has no business being anywhere near the halls of power.

Wed, 03/06/2013 - 19:05 | 3306568 ChanceIs
ChanceIs's picture

I wrote my Congresspuke a while back - via email - when the Lanny Breuer/HSBC drug money laundering non-prosecution went down.  I said......let me get this straight.....prosecuting a company which has been proven to have been criminally laundering drug money might cause a loss of confidence in that institution.  OK.  Let's do a little Einsteinian thought experiment.  I have $10.  I don't want to put it under a mattress.  There are two banks within a block.  Do I put it in the bank with the known criminals, or in the bank with the nice track record.  If the criminal bank tells the government to piss up a rope, what is the likelihood that they will tell me to do same when I want to withdraw my funds?  You know - can you come back next week after the poppy harvest in Afghanistan.  OTOH, if you know that the criminals have been purged then you might want to put your dough there.  How hard is that.

I didn't hear back.  I will call tomorrow.

 

 

Wed, 03/06/2013 - 16:12 | 3305887 nope-1004
nope-1004's picture

Eric Holder is part of the criminal syndicate.  Once the large bank execs go down, he goes with them.  What he is saying is:  "Pursuing bank execs will lead directly back to many like me.  We're not going there."

 

Wed, 03/06/2013 - 16:39 | 3305990 AlaricBalth
AlaricBalth's picture

Eric Holder and Asst. AG Lanny Breuer have now stated, on different occasions, that the SIFI banks are untouchable. What more evidence does one need to see who is pulling the strings and running this country. Dimon, Blankfien, etc. are the puppet masters and everything else is just bread and circuses.

Wed, 03/06/2013 - 16:58 | 3306055 NoDebt
NoDebt's picture

You didn't think Lanny Breuer was the only roach, did you?  His opinion on the subject was issued to him by his boss, Eric Holder.  Now, let me see here...... who is Eric Holder's boss?

Wed, 03/06/2013 - 17:07 | 3306078 AllThatGlitters
AllThatGlitters's picture

You don't need to prosecute the banks Mr. Holder.

You can just sic your drones on them. Ya said so yoself.

Wed, 03/06/2013 - 18:05 | 3306328 Omen IV
Omen IV's picture

none of it makes any sense

you can put in jail a 1,000 bankers and NOT indict the corporation - bank - i dont care about the bank i want BLOOD not dollars - put them in jail for twenty years each

you then dont have the system in danger but bankers in jail - no one cares about the bank - kill the banksters is enough !

Wed, 03/06/2013 - 18:11 | 3306354 AlaricBalth
AlaricBalth's picture

Omen IV you are right. Prosecution of bank executives will not trigger any derivative payouts and therefore there is no risk of systemic failure.

Wed, 03/06/2013 - 16:44 | 3306016 DaveyJones
DaveyJones's picture

What's this "we're" crap Eric. Every one of us, as a citizen, has a duty to uphold the laws.

Wed, 03/06/2013 - 16:14 | 3305890 Kaiser Sousa
Kaiser Sousa's picture

so can we put to rest forever the notion that anyone other than the bankers r the real US Fucking government...and all that play in their debt based currency slave forever to b casino r complicit...

IVE BEEN TELLING YOU MOTHER FUCKERS AINT NOTHING GONNA CHANGE TIL THE BLOOD OF THE SOCIOPATHIC BANKERS FLOWS....WHEN THE REST OF YA'LL R READY FOR ACTION LET ME KNOW...UNTIL THEN I'LL JUST KEEP STACKING MY SHINY....

 

FUCK THE BERNANKE, THE BANKERS AND THEIR BITCH OWNED POLITICIANS!!!!! 

Wed, 03/06/2013 - 16:19 | 3305918 TruthInSunshine
TruthInSunshine's picture

Eric Placeholder didn't get nominated & approved for his current post because he had any desire or intent of actually enforcing laws applicable to the banking complex that owns the legislative puppet assembly.

Wed, 03/06/2013 - 16:36 | 3305971 Kaiser Sousa
Kaiser Sousa's picture

and niether was Barack O'Sellout installed by a clueless electorate that thought "he gon'e pay my mortgage", and those hopey, changie' dumb ass dreamers................. 

Wed, 03/06/2013 - 16:10 | 3305876 AllThatGlitters
AllThatGlitters's picture

Hmmm...

So the AG says that big banks can steal your money, because he won't prosecute them.

The logical thing for the big banks to do then is to steal your money!

 

The logical thing for you to do?  

Remove your money from the bank and put it in something safer.  

Silver is catching a nice bid today.  Look at spot prices run:  http://www.pmbull.com/silver-price/

 

Wed, 03/06/2013 - 16:39 | 3305987 sodbuster
sodbuster's picture

Has anyone seen Mike Hunt???

Wed, 03/06/2013 - 18:01 | 3306314 eatthebanksters
eatthebanksters's picture

Please show us...

Wed, 03/06/2013 - 16:10 | 3305848 ParkAveFlasher
ParkAveFlasher's picture

Hey Eric, why not just admit you are an ineffective, whining bitch.  oh wait, you just did.

[edit] "I'd prosecute, but massa beat me, beat me real bad.  Ain' gon' make massa mad now, no sir."

Wed, 03/06/2013 - 16:17 | 3305906 MiltonFriedmans...
MiltonFriedmansNightmare's picture

The phrase house nigga do come to mind....

Wed, 03/06/2013 - 16:56 | 3306054 formadesika3
formadesika3's picture

Mr. Holder is not available to take your call.

Wed, 03/06/2013 - 16:05 | 3305849 El Hosel
El Hosel's picture

....Some Dicks are so little.

Wed, 03/06/2013 - 16:06 | 3305855 James_Cole
James_Cole's picture

"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 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 no one seems to care, that's the thing I don't understand, he's basically saying, guess what rule of law doesn't exist - where's the outrage? 

The implications on the broader economy / society are pretty ugly, maybe that's why it's not a mainstream discussion. 

Wed, 03/06/2013 - 16:09 | 3305873 Joe Davola
Joe Davola's picture

Deep thought.

Head hurt.

Who wants that.

Wed, 03/06/2013 - 16:21 | 3305921 ZerOhead
ZerOhead's picture

There are actually now 3 distinct rules of law...

1) Anyone who commits criminal acivity that can bring the house of cards down or incriminate those in power walks.

2) Anyone with special connections to those in power or with substantial financial resources at their disposal walks.

3) The small fish who commit petty crimes get battered first... then fried.

Wed, 03/06/2013 - 16:40 | 3305996 Stuck on Zero
Stuck on Zero's picture

The banks are too large to handle but we can go after whole nations and countries and take them over.

 

Wed, 03/06/2013 - 16:49 | 3306029 DaveyJones
DaveyJones's picture

I see that every day zero. I am having a harder and harder time watching these young kids go to prison for possessing cocaine and reading this shit. Funny since they're also crime victims of the most heinous felonies in history

Wed, 03/06/2013 - 17:10 | 3306089 Dan Conway
Dan Conway's picture

Fried by a drone! 

Wed, 03/06/2013 - 16:35 | 3305963 razorthin
razorthin's picture

it will have a negative impact on the national economy, perhaps even the world economy."

Translation:  Our owners refuse to take a haircut on bad bets.

Hey asswipe, the national and world economies ARE its citizenry.  And the vast majority are hurt by your fiat, fractional reserve scheme.  The faster it implodes the better.  And there would be no more satisfying trigger than to see heads roll - including yours.


Wed, 03/06/2013 - 16:51 | 3306038 DaveyJones
DaveyJones's picture

It is an owner admission isn't it

Think it's also a self justification that as things get worse (due to them) more rules MUST be broken not only to kick the can to try and hide the truth 

Wed, 03/06/2013 - 18:04 | 3306320 rum_runner
rum_runner's picture

Who cares about that confusing stuff.  Snooki lost 40lbs!!

Wed, 03/06/2013 - 16:06 | 3305858 Say What Again
Say What Again's picture

Hey holder,

I have an idea.  Why don't you fly some of them drones over the banks and fire a few missiles at them.  You could break them up like a bad kidney stone.

Wed, 03/06/2013 - 17:12 | 3306100 Dan Conway
Dan Conway's picture

As much as I wish this would happen but Holder isn't going to shoot at his overlords.  May they all rot in hell with chavez. 

Wed, 03/06/2013 - 16:11 | 3305883 Ruffcut
Ruffcut's picture

He is a useless fuktard.

He is a supersized asshole so he can be the big dick holder. I wonder when does obama get his time to stick his head up there.

the Just US department

Wed, 03/06/2013 - 16:17 | 3305908 waterhorse
waterhorse's picture

I thought his first name was Place?

Wed, 03/06/2013 - 16:28 | 3305946 McMolotov
McMolotov's picture

Eric Holder: "Some banks are so large that they own the government."

Wed, 03/06/2013 - 16:44 | 3306014 Kayman
Kayman's picture

If they are too big to prosecute then they are too big to exist.  Bust them up.

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