US prosecutors literally said that they cannot criminally charge JPM (in another case) because that would destabilize the US financial system. They are literally "too big to jail".
Can you cite a source of a US DOJ head saying the actual quote you claim they said .
I work in the industry and follow things like this and I haven't heard the US government saying they would like to charge JPM but they can't due to destabilizing the US financial system.
I'll even let you go back 5 years to find such a quote!! I don't think i've heard of this happening.
> That sentiment was echoed as late as 2012 by Lanny Breuer, then the head of the Justice Department’s criminal division, who said in a speech at the New York City Bar Association that he felt it was his duty to consider the health of the company, the industry, and the markets in deciding whether or not to file charges.
They are not irreplaceable but it would create the sort of inverse "moral hazard" that might stop these practices, which are apparently what's being protected.
The revolving door between the financial sector and our government- if they jailed people now then when it's their turn to get rich off of their government connections they might risk jail.
It’s bad for campaign donations and bad for future highly paid job prospects in the financial industry. So politicians and agency workers have strong incentives to not be too tough on banks.
I feel like in those cases, especially with corporations, you can do stuff like partial nationalization or confiscation of the bank then. "Your criminally irresponsible, so we will take over part of it as the more responsible party". It's the corporate equivalent of a criminal punishment, maybe the community service equivalent.
> Holder’s memo asserted that “collateral consequences” from prosecutions—including corporate instability or collapse—should be taken into account when deciding whether to prosecute a big financial institution.
> That sentiment was echoed as late as 2012 by Lanny Breuer, then the head of the Justice Department’s criminal division, who said in a speech at the New York City Bar Association that he felt it was his duty to consider the health of the company, the industry, and the markets in deciding whether or not to file charges.
chollida1|4 years ago
I work in the industry and follow things like this and I haven't heard the US government saying they would like to charge JPM but they can't due to destabilizing the US financial system.
I'll even let you go back 5 years to find such a quote!! I don't think i've heard of this happening.
you-liquidated|4 years ago
> That sentiment was echoed as late as 2012 by Lanny Breuer, then the head of the Justice Department’s criminal division, who said in a speech at the New York City Bar Association that he felt it was his duty to consider the health of the company, the industry, and the markets in deciding whether or not to file charges.
https://www.theatlantic.com/magazine/archive/2015/09/how-wal...
maxwelldone|4 years ago
fnordfnordfnord|4 years ago
civilized|4 years ago
tedivm|4 years ago
andylei|4 years ago
spaetzleesser|4 years ago
prirun|4 years ago
novok|4 years ago
tootie|4 years ago
rdevsrex|4 years ago
nfin|4 years ago
you-liquidated|4 years ago
> That sentiment was echoed as late as 2012 by Lanny Breuer, then the head of the Justice Department’s criminal division, who said in a speech at the New York City Bar Association that he felt it was his duty to consider the health of the company, the industry, and the markets in deciding whether or not to file charges.
https://www.theatlantic.com/magazine/archive/2015/09/how-wal...
JohnWhigham|4 years ago