Big Banks Not Too Big To Jail

 

It’s his own fault. Testifying during a Senate Judiciary Committee on Wednesday,  Attorney General Eric Holder made the thoughtless confession that Big Banks may very well be just too darn big to try to prosecute due to the effect it may have on the economy:

“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,”  he said 

Shortly after Holder’s “too big to jail” submission,  Sen. Elizabeth Warren (D-Mass.) got right on it, saying that these banks should have never gotten so large as to have a detrimental effect on our economy if they should fail.  She promptly urged lawmakers to take steps to bring these banks down! 

The momentum has garnered steam and an online petition signed by 97,000 American citizens is asking for the Obama Administration to take “immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.” 

The petition, afloat since Monday, is sponsored by Signon.org.

Holder and his team have already been accused of having “no balls” when it came to holding Wall Street banks accountable for their actions during the collapse of the economy. To date, no financial executives have gone to jail for their role in the crisis. Its time to stop denying their wrongdoing and prosecute these corporations under due process of law,  just like any other “person” suspected of committing a crime. ♦

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Amy Conton is a freelance writer and graphic designer living in New York, USA.

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