Considering Eric Holder is the “big cheese”, the “head honcho” at the Justice Department, it would appear that he needs to go back to “attorney school” and this time, maybe, he could pay attention. He might learn something.
I noticed quite a while ago that it seems no matter how brazen the incompetence, no matter how much arrogance they display, the financial sector is never held accountable. They have nearly destroyed the economy of this country and it’s business as usual.
Sure, when they are called to task, the big mega-banks will “plea bargain” a back room deal where they admit to nothing and promise not to do it again (“cross my heart, honest injun”) and agree to what appears to be a huge fine. The problem with that is for the banks, that fine, no matter how “huge” is just a cost of doing business, a business expense. When you’re making tens of billions of dollars, what’s fifty or a hundred million dollars? It looks good in the paper and on the news and allows the SEC or the Justice Deaprtment to “look good”. It does nothing to reign in the banks and make them accountable. It looks as if the government considers fines and penalties “profit centers” rather than punishment.
And where is Eric Holder and the Justice Department on this. The other day Mr. Holder said in an interview that the Big banks are too big to prosectute! What! Wait a minute! He says that the mega-banks are so huge that if the government took them down by prosecuting them it would wreck the economy!
Here’s an idea. If being so “big” is a problem, break them up like you did the phone company. Here’s something else that I think would be more effective. Go after the banks for the money laundering, the interest rate rigging or whatever. If they’re guilty, fine them, BUT, also go after the CEO, the CFO and other officers. Fine them and send them to prison! I bet you would see a big change at the top real quick.
The problem is that the departments who’s job it is to regulate the financial industry is filled with people who either came from the very same industry they regulate, or will go to it after they leave their government job. Can you say “conflict of interest?”.
Also, we need people in the SEC and the Justice Department who have some balls (obviously Eric Holder doesn’t).