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Bankers: Too Big To Jail?
But tens of thousands are imprisoned for much less: for stealing or selling (or possessing) relatively small amounts of drugs, or filing false tax returns or maybe cooking the books of their small businesses. Or because they have incompetent lawyers. Or because they can’t make bail.
So, the question raised yet again by the PBS documentary show “Frontline” last week – Why has not one Wall Street titan been indicted by the U.S. Justice Department in connection with the 2008 financial crisis? – must be viewed against that backdrop. With substantial evidence of fraud, not one criminal case could be assembled and taken to trial?
That’s Lanny Breuer’s story and he’s sticking to it. Breuer, chief of the Justice Department’s criminal division for four years (according to the Washington Post, he plans to leave soon), told PBS something to the effect of: What happened may look, walk and talk like fraud, but there’s no way to really prove that the big shots intended, in their heart of hearts, to commit an actual crime.
Experienced prosecutors think otherwise. But Breuer’s excuse is not as disturbing as the notion, expressed publicly by him and others, that – even if there’s evidence to make a criminal case – Wall Street banks shouldn’t be held accountable for crimes because such prosecutions could destabilize them and thereby upset the financial markets.
The banks are deemed, at least by some in a position to do something about it, “Too Big to Jail” – an idea, by the way, that is as absurd as it is maddening. As William K. Black, who headed the prosecutions in the savings-and-loan scandals during the Reagan administration, put it: “Seriously, you want to keep felons in charge of a bank for bank stability?”
Full Story: http://libertycrier.com/finance/bankers-too-big-to-jail/?utm_source=The+Liberty+...
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