Man, that revolving door just keeps on turning. I am so glad to hear that the guy who deemed HSBC too “big to jail” is going back to be a white collar defense attorney. That he’s going back to defend the banks. I don’t see how a $4 million/year job could have influenced his tenure at Justice or anything.
Holder’s so concerned.
He can’t bring any law suits. Prosecution might hurt the economy. The big banks are just too big. It’s not his fault. Congress needs to deal with the issue. He’s powerless.
Dodd-Frank has consolidated the banking sector.
Of course as soon as I post this very good video of the senator putting it to the regulators she’ll probably come out tomorrow and extol the virtues of a collectivist society.
The mega-banks are “mega” because the government helped make them that way. Instead of letting the big banks fail in 2008, Hank Paulson swept in and backstopped them, bailed them out, even though the market was trying to correct for years of stupidity both from Wall Street and Washington. The universe wanted to break up the cartel, but the government would not let it.
The HSBC money laundering settlement is a classic example of this. The LIBOR scandal is probably another great example.
Well, we’ve crossed another threshold folks.