Eric Holder Gives Pass to Banking Criminals at Credit Suisse

He gave a huge one to HSBC which laundered hundreds of millions of dollars for Mexican drug cartels because if he prosecuted he said it could destabilize the financial system. Too big to jail.

Now another one. Holder is retiring soon to defend banks in court (like he did before) so we shouldn’t be surprised. Credit Suisse may very well become a future client. (After a cooling off period of course, to keep things kosher.)

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Lanny Breuer Leaving DOJ for $4 Million/Year Job at Eric Holder’s (old and likely future) Law Firm

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.

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Eric Holder Admits Some Banks Are Just Too Big To Prosecute (Holder worries he might be the fall guy)

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.

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George Will Says Break Up the Big Banks

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.

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The letter to Eric Holder from Senators Brown (D) and Grassley (R) asking why the big banks appear to be “too big to jail” in the eyes of the DOJ.

The HSBC money laundering settlement is a classic example of this. The LIBOR scandal is probably another great example.

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