Holder Gives 90 Day Ultimatum To Bring "Financial Crisis" Cases Against Bankers

Tyler Durden's picture

Speaking in Washington this morning, US Attorney General Eric Holder made some rather disturbing (at least for financial market participants) statements, that made him appear to be 'cracking-down':

  • HOLDER SAYS HE HAS GIVEN U.S. ATTORNEYS 90-DAY DEADLINE TO BRING CASES AGAINST INDIVIDUALS FOR THEIR ROLE IN FINANCIAL CRISIS

Of course, the question is - does that mean after 90-days all bets are off (and everyone goes home free)?

 

*  *  *

As Bloomberg reports,

Attorney General Eric Holder says he’s asked U.S. attorneys involved in residential mortgage-backed securities cases to report in 90 days on whether they can “develop cases against individuals,”

 

Holder, speaking at National Press Club in Washington, defends record on cases against those involved in 2008 crisis

 

There’s “relatively small universe” of firms vs. savings and loan crisis of 1980s and 1990s, he says

 

Lack of more cases “is not for lack of trying”

*  *  *

Ironic on the day Turkey's President attempts to imprison its Central Banker for 2 Years for being too hawkish.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
yrad's picture

90 days, 90 minutes, 90 seconds...

I'll believe it when I see it.

whotookmyalias's picture

Knowing these clowns they'll be saying in the future "no charges were filed so they must be innocent"

Citxmech's picture

Maybe the plan is to cob together sub-standard complaints in the last seconds before the statutes of limitations run, so every charge can be dismissed and the AG's departmenet can claim: "see, we did everything we could!"

Newsboy's picture

Holder has been a loyal henchman of banking for decades.

Payne's picture

Was the whole point of Holder speaking to relay to the Banking industry that 90 days to worry free card.

knukles's picture

Freedom's just another word for nothing left to get nailed for.

He's pardoning himself for not having enforced the laws

nope-1004's picture

After 90 days, Holder can make hisself a sammich.  'Till then, don't axe him anything.

 

Pinto Currency's picture

 

 

After 90, Holder will declare closure and allow everyone home free.

Mission truly accomplished.

Liberal's picture

As staunch liberals, we refer to Honorable Eric Holder as The Duck.  His quacking makes us all horny.

macholatte's picture

 

Prepping for the 2016 complete take-over of the USA requires a lot of funding....

It's always about the money all the time.

 

Do not, under any circumstances, hire Bill Black as a special prosecutor. Got it?

-- E. Holder

 

Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago – because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world
– William Black

 

If you bring cases against powerful bankers, they will enlist their political allies and they will give very large political contributions to do that
– William Black

 

Bob Woodward: Well, who is Charles Colson?

Harry Rosenfeld: The most powerful man in the United States is President Nixon. You've heard of him? Charles Colson is special counsel to the President. There's a cartoon on his wall. The caption reads, "When you've got 'em by the balls, their hearts and minds will follow."

 

 

Deep Throat: Follow the money.

Bob Woodward: What do you mean? Where?

Deep Throat: Oh, I can't tell you that.

Bob Woodward: But you could tell me that.

Deep Throat: No, I have to do this my way. You tell me what you know, and I'll confirm. I'll keep you in the right direction if I can, but that's all. Just... follow the money.

 

 

ILLILLILLI's picture

Bill Black would certainly ruin their day...

N2OJoe's picture

Obama: "hey holder, got any plans for retirement?"

Holder: "Actually I do, Choomie! I'm going to issue a stern sounding ultimatum to appear as if I'm being tough on the banks when in reality, it's a multi-billion dollar gift to my (near)future employers!"

Isn't this clown retiring later this year? Gee I'm sure these two actions have noooothing to do with each other...

Paveway IV's picture

"...Prepping for the 2016 complete take-over of the USA requires a lot of funding....

It's always about the money all the time..."

Damn... it's time for the "Obama tough on Bansters" donkey show for 2016 elections already[sigh]

Explains why Holder would stop gargling Jamie Diamond's bankroll long enough to issue his phoney ultimatum. I wonder what unfortunate third-rate bank they'll throw under the bus this time?

Dubaibanker's picture

Although not the DOJ, but SEC made a very tiny Cayman bank go bankrupt today who had half it's 1,500 customers in US.

Cayman’s Caledonian Bank Files Bankruptcy After SEC Freeze
zeropain's picture

"BRING CASES AGAINST INDIVIDUALS" 

so could this mean that they will go after banks system, in order to break them up?  Goldman wants BofA broken up.  maybe this is gods ( antigods ) work....

Greenskeeper_Carl's picture

Haha that'll be the day. I'll believe it when I see it. This guy has not done one good thing for this country his entire time in office. I highly doubt he will start now.

Renewable Life's picture

Shit, this is about politics, fundraising, and next "elected socialist" President!!!

If your on WS, you've just been put on notice, give money to the GOP and in particular Paul, Walker, or Cruz, and it might be your last money "donated"!!!

No charges will ever be filled, unless someone challenges the power, then we might see some Kabuki action, just to keep the other in line as 2016 approaches!!

drendebe10's picture

...... erdickhead pinnochiholder's nose is growing.... again....

venturen's picture

I am surprised he didn't just as the banks to self report their crimes...or did he?

cossack55's picture

Quick. Call William Black.

Id fight Gandhi's picture

Nothing will happen. The same people who created the crisis are profiting even more now.

BandGap's picture

Disagree wholeheartedly. They will catch many small fish and demonstrate to the people that they are cleaning things up. Those at the top will swim away.

John Corzine?

NOTW777's picture

so the new statute of limitations is set by the dictator - what a legal system

richiebaby's picture

I always knew the Big E would get pushy with those banksters

 

sgt_doom's picture

Given the caliber and quality of US attorneys, and the jackholes who appointed them, I seriously doubt the bankster class has anything to fret about!

In Erin Arvedlund's outstanding book, Open Secret: the global banking conspiracy that swindled investors out of billions, she names the names.

http://www.amazon.com/Open-Secret-Conspiracy-Swindled-Investors-ebook/dp/B00DMCPLEI

No secrets about who rigged those LIBOR rates, so really, is 90 days even necessary, given all those endless minor penalties exacted by the corrupt SEC, which couldn't even go after the most obvious Madoff, although not part of the global meltdown gang.

Hints to US attorneys --- if not following that crooked Mary Jo White, and doing the right thing for once:  goldman sachs, magnetar capital, john paulson, jpmorgan chase, morgan stanley, citigroup, bank of america, deutsche bank, ubs, credit suisse fb, etc., etc., etc.

Joebloinvestor's picture

Bernanke indictment to follow.

Greenspan to seek pardon.

basho's picture

and after 90 days all those not charged will be untouchable. holder you are a stooge.

walküre's picture

After 90 days S&P and DOW are allowed to be milked. Set your calendars.

sgt_doom's picture

Holder, wasn't he that Covington Burling dood who made the big bucks defending multinational corporations who hired assassins to murder union organizers in South America and West Africa?

turnoffthewater's picture

Holder, try to tell that to the people that have been affected by criminals

venturen's picture

The most corrupt administration bar none!

optimator's picture

Not just corrupt, Openly Corrupt, in your face corrupt, we don't care what you know 'cause you can't do anything about it corrupt.

willwork4food's picture

So openly, outragously & stupendously corrupt it makes the legions of Satan blush.

Winston Churchill's picture

transparently corrupt Administration bar none.

fify

sgt_doom's picture

Nonsense!

President Obama's stepfather was a loyal employee of Stanvac, CalTex, Mobil and Unocal.

Joebloinvestor's picture

Yeah lets' see them arrest old Fannie and Freddie heads.

GS?

JD?

Arrest them all.

 

roadhazard's picture

The statute of limitations has already passed on some of the criminal activity and there is not much time for what is left to prosecute.

stormsailor's picture

in most cases the discovery rule for fraud would apply. 5 years from discovery. however, i believe that the broad limitations of rico could lasso these banksters for years. so there is that.  

PacOps's picture

True. However with the merry-go-round between Wall St. & D.C., from Executives & administrators to regulators, lobbyist, fundraisers, et al. I am willing to be wrong but ain't holding my breath on that ever becoming a reality.

venturen's picture

don't toy with me...that would be sweet.

zeropain's picture

you think they stopped being corrupt.  I think they took it up a notch.   This is tge time to clean house, after they gave the boomers one more opportunity to get out of the market.  time to crash this puppy and make an example out of some bankers.  Otherwise the neo nazi will go after the chosen people again.

sgt_doom's picture

Not to worry, didn't Cyrus Vance, Jr., already go after the biggest member of that global meltdown gang, teensy little immigrant bank, Abacus Bank, in Chinatown, NYC, NY?

optimator's picture

Wow, Holder is serious on this one.  I wonder if he knows the statute of limitations is almost up on these crimes.  My guess is just 90 days away from it.  What a showman.

Joebloinvestor's picture

Hey Holder what about that FUCKWAD CORZINE?

Cpl Hicks's picture

Somebody has to hold Eric's dick now that Barry and him are splitting up.

DeadFinks's picture

How about Franklin Raines? Couldn't he just nab him at the next fish fry?