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Mon Feb 4, 2013, 08:36 AM

Who Decided U.S. Megabanks Are Too Big to Jail?

http://www.bloomberg.com/news/2013-02-03/who-decided-u-s-megabanks-are-too-big-to-jail-.html

Tom Hanks has a knack for playing the roles that define American generations. In “Saving Private Ryan,” he embodied the courage of the men who landed on the Normandy beaches under heavy fire. In “Apollo 13,” he conveyed calm and ingenuity under intense pressure: “Houston, we have a problem.” And Forrest Gump revealed much about America before, during and after the Vietnam War.

If Hanks turns his attention to our most recent decade, which character should he choose? My suggestion is Assistant Attorney General Lanny Breuer, the head of the criminal division at the Justice Department and the man responsible for determining whether anyone should be prosecuted for the financial crisis of 2008.

In an on-camera interview, which aired recently, Breuer stated plainly that some financial institutions are too large and too complex to be held accountable before the law. Bipartisan pressure is now being applied on the Justice Department to reveal exactly how this determination was made. Breuer, however, has announced he will leave government March 1. Good luck unraveling the cover-up that must already be in place.

Breuer made the comments for a documentary aired by the PBS program “Frontline.” The investigative report, titled “The Untouchables,” asked why no senior Wall Street executive has been prosecuted for apparently well-documented illegal acts, such as authorizing document forging, misleading investors and obstructing justice. Breuer was shockingly candid.

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Arrow 17 replies Author Time Post
Reply Who Decided U.S. Megabanks Are Too Big to Jail? (Original post)
xchrom Feb 2013 OP
AndyA Feb 2013 #1
Blanks Feb 2013 #16
MynameisBlarney Feb 2013 #2
MannyGoldstein Feb 2013 #3
xchrom Feb 2013 #4
MannyGoldstein Feb 2013 #7
Fuddnik Feb 2013 #6
Madmiddle Feb 2013 #5
bvar22 Feb 2013 #8
valerief Feb 2013 #9
Dustlawyer Feb 2013 #10
unhappycamper Feb 2013 #11
ReRe Feb 2013 #12
malthaussen Feb 2013 #13
Demeter Feb 2013 #14
WillyT Feb 2013 #15
Egalitarian Thug Feb 2013 #17

Response to xchrom (Original post)

Mon Feb 4, 2013, 08:53 AM

1. Financial institutions that are too large and complex to be held accountable before the law

Should be broken up and fiercely regulated.

Millions of people were affected by the recession, losing homes, jobs, lifetime savings, etc. Now these banks are making huge profits again, and it's business as usual for the most part.

If a corporation is so big and complex that it can break the law without penalty, that alone demands that it be made smaller. Actually, I'm not sure there is such a thing as "too large and complex." I feel there's too many personal conflicts between those who broke the law and those who are supposed to hold them accountable. That needs to be changed as well.

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Response to AndyA (Reply #1)

Mon Feb 4, 2013, 05:02 PM

16. Busting up big monopolies would be a good start...

Followed by raising the top marginal income tax rate until it's around 90%.

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Response to xchrom (Original post)

Mon Feb 4, 2013, 09:15 AM

2. They did.

They did it through lobbyists and pundits/shills.

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Response to xchrom (Original post)

Mon Feb 4, 2013, 09:28 AM

3. Did Breuer have a boss? Where does the buck stop?

And what about this Dodd-Frank thingy that ended too-big-to-fail?

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Response to MannyGoldstein (Reply #3)

Mon Feb 4, 2013, 09:31 AM

4. you'll have to forgive me manny - i'm just a Bank Griefer. nt

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Response to xchrom (Reply #4)

Mon Feb 4, 2013, 09:57 AM

7. Next you'll be telling us that FDR didn't suck.

At least you're welcome on Kos

And DU.

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Response to MannyGoldstein (Reply #3)

Mon Feb 4, 2013, 09:47 AM

6. About two more clicks up the food chain.

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Response to xchrom (Original post)

Mon Feb 4, 2013, 09:39 AM

5. This goes all the way to the top.

Just look at the people Obama is hiring. It's quite obvious he has no plan to prosecute anybody in the banking system. History will slap this entire government into the chapter that says corruption was allowed, because mone was giving to shut officials up. Money.....

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Response to xchrom (Original post)

Mon Feb 4, 2013, 10:13 AM

8. It was a "Bi-Partisan Consensus"

...agreed upon by those whose portfolios would have suffered a quarterly loss (or maybe just less profit) if the Banks had been held accountable.

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Response to xchrom (Original post)

Mon Feb 4, 2013, 10:40 AM

9. Congress did. nt

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Response to xchrom (Original post)

Mon Feb 4, 2013, 10:43 AM

10. This is why the only thing that can be done to right all that is wrong in our system is

COMPLETE CAMPAIGN FINANCE REFORM (CCFR)!!! Unil we restore representative democracy, we will continue to be abused with no open legal avenue. They have used their money and power to rig the whole system. They will fight hard to maintain their hold over us and keep their unfair advantages. We must enlist large numbers of Democrats and Republicans to battle the powers that be. Republicans should want representative democracy as well! Spread the word!!!

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Response to xchrom (Original post)

Mon Feb 4, 2013, 10:47 AM

11. Goldman Sachs' Treasury Secretaries. n/t

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Response to xchrom (Original post)

Mon Feb 4, 2013, 11:04 AM

12. Congress and the Dept of Justice.

IMHO...

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Response to xchrom (Original post)

Mon Feb 4, 2013, 11:17 AM

13. Remember the sign on Harry Truman's desk? n/t

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Response to xchrom (Original post)

Mon Feb 4, 2013, 11:26 AM

14. Hanks doesn't do bad guys.

The problem with this story is, we don't have any good guys.

At least, not in a place to make a difference.

He'd be far more likely (were he young enough) to portray Aarron Swartz, but I think that role will be for the next generation's real hero.

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Response to xchrom (Original post)

Mon Feb 4, 2013, 02:17 PM

15. HUGE K & R !!!


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Response to xchrom (Original post)

Mon Feb 4, 2013, 05:14 PM

17. Don't forget Charlie Wilson's War.

 

Another Hanks film that does a good job of telling what really happened. Anybody that genuinely doesn't know why they hate us can learn a great deal in an hour and a half. We create our enemies with alarming regularity and have bankrupted ourselves fighting them when we could have made them love us for pennies on the dollar.

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