Wednesday, May 22, 2013

Justice Department lies on too big to jail

Time and again the Justice Dept. has claimed that they could not criminally prosecute big banks for obviously criminal deeds that have had a huge, negative impact on the economy, like the crises of '08. There have been several other financial crimes since them with the same excuse, that if criminally prosecuted it would further negatively impact the economy because these institutions were too big. Well now it comes out that the Justice Dept. is not basing this speculation on any evidence whatsoever. As in, none, zip, zero, nada.

"The U.S. Department of Justice appears to have neither conducted nor received any analyses that would show whether criminal charges against large financial institutions would harm the economy, potentially undermining a key DOJ argument for why the world’s biggest banks have escaped indictment."

This was revealed in a House services committee hearing. There is no record of the Justice dept. asking for any outside analysis on the matter, nor any record that any internal analysis was done. And this despite Justice Dept. statements claiming the contrary. So if there is no evidence supporting their contention of "collateral consequences" that what is the real reason hiding behind this smokescreen? Did you hear the ka-ching of the cash register in the background?

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