Wall Street Banks Too Big to Prosecute

The most amazing thing just happened.


The Obama Administration finally admitted the truth of what we’ve been saying all along: giant Wall Street banks have become too big to prosecute. In testimony on Wed, March 6, US Attorney General Eric Holder – the nation’s top cop – said,

“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them … I think that is a function of the fact that some of these institutions have become too large.”[1]

Exactly.

Now we understand why the Obama Administration has failed to bring criminal charges against a single major Wall Street bank or executive for systemic fraud that brought down our economy. When the Attorney General openly admits that the most powerful members of society won’t be prosecuted for even the most egregious of crimes, we are in deep trouble as a nation.

Remember that we gave Wall Street bankers $700 billion in TARP bailouts and $2.5 trillion in investments, loans, and guarantees to shore up their business (and outrageous bonuses) [2] on the theory that letting them collapse would create a generation-long Depression. In return it seems fair to demand accountability for the actions that brought us to that point. Now it turns out the Administration never had any intention of seeking accountability.

That’s why we’re demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.

The Campaign for a Fair Settlement has been pushing hard during the first hundred days of President Obama’s second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he’ll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.

Stand up and demand Pres. Obama take immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.

It’s break up time. Now or never.