Eric Holder, Enforcer for “Too Big to Jail” Banks

Meet the man whose job it is to protect the biggest criminals in the world. In a 1999 memo entitled “Bringing Criminal Charges Against Corporations,” written when he was deputy U.S. attorney general, Eric Holder argued that government officials could take into account “collateral consequences” when prosecuting corporate crimes. That memo has resurfaced at a time when Holder, now U.S. attorney general, faces increasing criticism for the Department of Justice’s reluctance to bring Read more […]

Banks Demonstrate They Are Our Government

I am shocked. Shocked, I tell you. From Australian ABC News: “Billions in hidden subsidies going to too-big-to-fail banks.” As the first round of submissions to the Federal Government’s Financial Systems Inquiry closed this week there was a timely reminder that the fundamental cause of the global financial crisis is still deeply embedded in the banking system. The world’s wealthiest and most powerful banks still operate behind the shield of being “too-big-to-fail” (TBTF), an issue that former Read more […]

Iceland’s Political-Economy: The Good, The Ugly, & The Inconsistent

This is a mixture of the good and the ugly, and a powerful example of the inconsistencies of men. From Bloomberg: “Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight.” Iceland let its banks fail in 2008 because they proved too big to save. Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal. While the euro area grapples with record joblessness, led by more than 25 Read more […]

Jail Martha Stewart & Ignore Bernie Madoff: Prosecute Petty Thieves To Cover For Banker Crime Lords

From the Washington Post: A bank executive in the Hampton Roads area of Virginia was sentenced to 23 years in federal prison. Another from Orlando received eight years. In Stockbridge, Ga., a top bank officer is serving 12 years. At a time when the government is being criticized for not holding senior bank executives liable for crisis-era crimes, a little-known federal agency is compiling a growing list of criminal convictions. Since 2008, the Office of the Special Inspector General for the Troubled Read more […]