Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets Inc., join “Viewpoint” host Eliot Spitzer to assess the scope of the unfolding Libor scandal in the context of the news that the U.S. Justice Department is building criminal cases and expects to “file charges against at least one bank later this year,” according to The New York Times.
“It can’t be just one bank,” Taibbi says. “By its very nature this scandal has to involve multiple banks, so if it’s only one company or one individual, that tells you that the scandal has been — that the scope of this investigation has been artificially narrowed. But if you can’t put somebody in jail for manipulating an $800 trillion market, what can you put them in jail for?”
“There’s never been any accountability on Wall Street,” Kelleher observes. “Wall Street’s a high-crime area and the criminals are just let to run free. This would never be tolerated anywhere else in America, and it’s time to end the two sets of laws. We apply laws to everybody in this country and we pamper Wall Street.”