US Atty Gen Eric Holder Admits Banks “Too Big to Jail”
United States Attorney General Eric Holder admitted to a Senate panel last Wednesday that he believed some banks are too big to prosecute, reports WND. While Holder said he wasn’t referring to global banking giant HSBC, the similarities were there. HSBC was charged with committing massive fraud last year. All bank officers and directors involved in the incident were freed from investigation and prosecution, thanks to a $1.92 million fine HSBC settled with the Justice Department.
“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,” said Holder during the questioning.
“And I think that is a function of the fact that some of these institutions have become too large,” he continued.
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HSBC admitted to funneling cash to Mexican drug cartels, “helping rogue regimes avoid sanctions and assisting Saudi banks tied to terrorism.” John Cruz, the whistle-blower behind the case, said it would be impossible to believe HSBC was able to launder billions of dollars without the knowledge of any U.S. agency. Holder’s Justice Department has been under fire for not prosecuting the criminals in the case.
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