In the same hearing where he publicly endorsed the Aaron Swartz prosecution, Attorney General Eric Holder admitted that the reason he has not done his job the last five or so years is because he can’t.
Here’s an unexpected addition to the long list of people who say large banks may be too large to prosecute: Attorney General Eric Holder…
Mr. Holder defended his agency’s track record in testimony Wednesday before the Senate Judiciary Committee. But he conceded that the economic impact of a conviction could be so significant that cases are difficult to pursue.
“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them,” Mr. Holder told lawmakers. Prosecutors, he said, must confront the problem that “if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.”
There you are. It was not just Lanny Breuer refusing to uphold the law, his boss also believed Wall Street should be above the law. Too Big To Jail is real.
But we should not factor out the other truth in all this, Eric Holder has a massive conflict of interest.
While Holder and Breuer were partners at Covington, the firm’s clients included the four largest U.S. banks – Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co – as well as at least one other bank that is among the 10 largest mortgage servicers…
A particular concern by those pressing for an investigation is Covington’s involvement with Virginia-based MERS Corp, which runs a vast computerized registry of mortgages. Little known before the mortgage crisis hit, MERS, which stands for Mortgage Electronic Registration Systems, has been at the center of complaints about false or erroneous mortgage documents.
Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac, Bank of America, JP Morgan Chase and several other large banks. It was meant to speed up registration and transfers of mortgages. By 2010, MERS claimed to own about half of all mortgages in the U.S. — roughly 60 million loans.
Holder and Breuer were at ground zero of the fraud that brought on the mortgage crisis. Is anyone surprised they have not done anything to hurt their old and likely future clients?





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JP Morgan may be too big to prosecute. Jamie Dimon definitely is not. And in any event, as has been pointed out repeatedly, no person or institution can be prosecuted until they have been investigated. It’s not just that TBTF banks and their executives have not been prosecuted for what they have done, DoJ doesn’t even know what they have done.
It’s official. Holder has surpassed Abu for worst AG ever.
Nobody really rich was hurt so all’s well that ends well. Forward.
you can not get a person to understand what he is paid not to understand.
the corruption here and now is similar to what took place during the fall of rome centuries ago. waiting for an invite to a goooood toga party…..
Boy, ain’t that the truth? Just what I was thinking.
Lessee: yesterday we got BushCo Torturer in Chief, Brennan, as our Chief Spook. Today we have this slime bucket “AG” standing up on his poodle hind legs to bark out that we can’t do a damn thing about that Banks, who just recently “awarded” their fat cats Billion$$ in bonuses, whilst laying off numerous undoubtely moocher worker bees.
Like: tell me again how “things” would be so insanely much worse X 10 billion if RMoney had won?????
Anyone? Got anything?
Respondeat superior applies here. Barack H. Obama appointed this tool. What makes matters worse is that Holder is arguably not Obama’s worst appointment. That distinction might belong to Mr. Tim Geithner.
Attorney General Holder Says Banks Are Too Big To Prosecute
I am happy to report that Obama’s “HOPE AND CHANGE” message is going great, just like everything else in Obama’s administration.
Of course the DOJ doesn’t know. It’s been too busy going after marijuana dispensaries and the likes of Aaron Swartz.
Hmm.
So in terms of their impact on the country, ie. monopoly. Which is bigger? These big banks now, or when AT&T held a virtual monopoly on phone service throughout the entire country?
REPUBLICAN AG Saxbe, who worked for REPUBLICAN President Gerald Ford didn’t seem to have a problem with too big.
We were all so much older then. We’re younger than that now.
My guess though is that Lew is soon going to prove your contention about Geithner to be wrong.
No, they have nothing. Everything would be the same, except the ways in which they would express their hypocrisy.
Monkeybreath’s got it @ #4. Prosecuting anyone has some negative effect on our society. But apparently, you and I aren’t so important as to have too much of an effect on the important parts of our society, so we can be drone bombed if suspected of a crime…while BoA et al can’t be prosecuted. I’d say Holder should be ashamed if it weren’t perfectly clear at this point that he (and every other member of the 0 admin) has no shame.
To extend, that the folks you’re addressing are still here in great numbers-we just seem to have self-segregated-is slowly but surely driving me from FDL. It’s starting to feel all cnn-y, with the proper balance of “he said” and “she said” seeming to be the order of the day. Truly progressive work undermined by backsliding rationalizations and party rhetoric, both endorsed equally.
*sighs*
I “hear” you, but I still get a lot from many of the articles. FDL still produces quality work. That said, I have been choosy in visiting other blogs that have quality reporting, too. Most don’t have enough funding to be as broadly based as FDL.
I do appreciate what Jane has accomplished here, and the support for such initiatives as Occupy and supporting Bradley Manning very publically (as publically as it’s gonna get) cannot be understated. Worthwhile.
Doing the bidding of the CIA one day atta time. We ain’t seen nothing yet. Brennan’s only be on the JOB for less than 24 hours.
Hold onto your hats, my friends: we’re in for a very bumpy ride.
The Sleaze Weasel has always made his living protecting the criminal elite. That’s why Obama, the plutocracy’s Lackey In Chief, hired him.
And busy entrapping knuckleheads into planning terrorist plots.
Obama, Holder and Breuer are all part of a huge racket and the entire United States is the mark. Back in the 1960′s, people rightfully faulted the labor unions because some of them became infiltrated by the Mafia, but the federal government has been overtaken by much more virulent and damaging criminal enterprise operating out of Wall Street banks. I’d take a thousand John Gotties over one Lloyd Blankfein.
Oh, a license for crime then.
I don’t know who Abu is, but I have not witnessed or know of a more corrupt AG than Holder. We’ve had some really bad ones too: John Mitchell, John Ashcroft, Alberto Gonzalez, A. Mitchell Palmer.
And just who was it who made sure those banks were so large in ’08?
William K. Black to chew up Holder’s words and spit them out in 5…4…
What Holder really meant to say is that his balls are not big enough to enable him to take on these criminal empires. Also, too: He wishes to guarantee himself a really lucrative and cushy gig, post USAG gig…
The two biggest culprits, IMO, would be Phil Gramm and Bill Clinton.
Yeah, but they were servants of the uber wealthy class just as O and Holder. Just following orders.
When the current bubble pops, the poor will be asked to bail the rich out again.
Too big to prosecute = Too big to exist
When “limited liability” becomes “unlimited privilege”.
You can find Clinton out and about regularly apologizing for
almost all the legislation he signed into law debasing Americans….BUT please don’t be fooled by this creep.
Look,his wife is probably going to make another run for the WH,how convenient for Slick Willy to make overtures that a Clinton fucked we and our families,it’s only right if ya Vote for a Clinton to fix it.
Wake up people,Don’t be fooled by these Corporatist creeps.
Stop voting for wealthy people to govern your lives.You have nothing in common with ‘em except we are Americans.They are rich and many of us are impoverish because of what they did.
Well I don’t know about a thousand John Gotti’s, but your point is well taken.
Don’t bother seeing Zero Dark Thirty. It’s a piece of crap, simply on movie standards. Won’t get into the torture porn aspect.
That said, I DID appreciate Bigelow’s choice of James Gandolfini to play Leon Panetta. I don’t even own a tv, but who doesn’t immediately associate the mob with Gandolfini most of the time? Having Tony Soprano play the part of Leon Panetta, as Chief Spook, was brilliant. One of the few good things from that POS.
Like a brain tumor, then. Can’t do anything about it without killing the patient. What a crock.
Abu is Alberto Gonzalez.
Since the Attorney General says they are too big to prosecute, any legal eagles know how to strip their corporate charters?
Indeed, but in ’08 in response to the crisis it was Dubyabarry and Timmeh who made the key organized crime banks larger through consolidation and massive government gifts of around 16 trillion. Can’t undo the bosses economic policy can we?
Amen. How ’bout we shrink those banks to a size where they could be drowned in a bathtub?
On Mers, I have been saying for a very long time now, as have others, that was a fraud on day one.
TBTF and too big to prosecute? Bullshit. Put the fuckers out of business and let’s start over.
LOL! I love the expropriation of Norquist’s metaphor.
Yes. It isn’t the banks who have committed the crimes, but the bankers who run them.
Thanks for the review of ZDT. I wasn’t planning on seeing it, but I suspect I would feel the same way. I thought The Hurt Locker was very over-rated and that was also a Bigelow-Boals collaboration.
…and MERS is STILL illegal. It’s an attempt to bypass state sovereignty by “federalizing” property recordation. No can do, since the property belongs to the state in which it is situated.
Agree 100%. We are doomed unless something happens to change this.
>>
holder’s former law firm performed the legal cover for MERS
Seems to be idea Obama and Holder can’t wrap their heads around.
This is totally atrocious.
>>
well, holder is the holder of many opinions, on killing americans with no trial – on the definition of due process and imminent & here with TBTjail..
he’s kind of like the tweedledee to gwbush’s AG, gonzolez, tweedledum
but holder himself is not too big to jail – -
IN some ways, HOlder may have drawn up the plans for the banksters to loot the country. OF COURSE he’s not gonna prosecute anybody. He’s gonna leave government and get million$$$ as payback from the banksters for NOT doing his job. Of course we also have to give credit to the guy who hired him.
For shits and grins, does anyone know what sort of data Holder has to back up his assertions or is it just Timmeh who taught him to say that? I’m waiting for Bill Black to tear him a new one.
Can’t or won’t?
I don’t think HOlder has a brain or any original thoughts. I’,m pretty sure either Timmy or Obama has their hand up his…..let’s say backside.
Good point. Hard to determine.
Indeed. Boy we’re screwed. Crooks everywhere and they have control of literally trillion$$$$ of OUR money.
I was hoping that Obama would turn this all around. I know better now.
It is not even federal. It is a POS system that never worked to begin with, bypassed local authority and for which they never had the necesary state and local approvals. One day someone may turn up at your door with what they say is the deed and you should get the f out of my house.
The really scary part is gonna be when the Sheriff (you know Bubba) shows up to encourage you to get the f out.
I never saw Hurt Locker, so I have no idea if good or not.
Went reluctantly to ZDT with friends, whose expectations were DASHED once they saw the garbage on the screen. They couldn’t believe most of it, even though one of my pals was quite willing to “excuse” the torture. And believe me, there’s LOTSA scenes of torture – endless almost.
The one odd thing is that, really, in the film, itself, it’s depicted that torture really didn’t work in the ALLEGED “finding & killing” of UBL. It was allegedly regular ole Intel that had been more or less “lying around” for a frickin’ DECADE before someone decided to read thru stuff and locate this vital piece of info… that, along with bribing some rich Kuwaiti (purportedly your tax dollars bought this rich shithead a lamborghini)… and then: wam bam thank you m’am from Seal Team Six.
It was a stupid film, poorly edited, the acting sucked imo. I’m amazed, frankly, that it was overlooked by the Oscars (because I thought the PTB would really push for this propoganda to get all sorts of awards), but it should have never been nominated for anything.
The alleged Seal Team Six excursion looked really inept & dumb on the screen. If that’s *really* what they did??? Well they did a shit job, imo, for dudes that are so amazingly stealthy or whatever. And in no way was it really *clear* even in the stupid movie that who they kilt was UBL.
Anyhoo… don’t bother. The only worthy scene was Tony Soprano playing Leon Panetta. Abso- effen- lutely!
what pisses me off the most is how we repeatedly elect libs in name only who are bought and paid for. it is clear blow job billy and the big zero were selected for what they would do for the 1% long before they were introduced nationally. with a litle bad luck we will get bush sr,billy,bush jr,obama,hillary,then another bush. i guess we are lucky hitler didnt have kids or he would be the next batter up
not worth the time voting – eh?
and think of all those concerned bloggers who rush forth to brow-beat you about you must, you really really MUST, vote for whomever has that magical mythical big D next to their name because, you KNOW, that R politician will be, ohmigawd!!!!!!1111, so much WORSE!!!!!1111!!!! aieeeeee
The only thing I’m glad of: that the Tundra Grifter did NOT become Vice Pres. Cold comfort, however.
Interesting review. Someone here at FDL wrote a good diary on the film and pointed out how they could have found that ass wipe years before if they had used the intel.
The pornography was hard to take and really destroyed the film IMO. Actually, I liked the seal team raid. Looked realistic but then I am not a military type.
the news flow is massaged(trying to be polite-its friday)
the polling we see has a strong right wing bias
election results unverfifiable but announced by some media hottie.
dem party leadership that refuses to stand up for liberal ideals.
We have a democracy in name only because corporate power can not be harmoneous with democratic power sharing.
Time to vote where it really counts – american idol
The only “good” thing about the last ‘lection was witnessing KKKarl Rove’s meltdown “live” on the teebee when he found out that all his voter suppression, vote-rigging & vote-hacking schemes to get RMoney ‘lected were all for naught. Someone screwed over the Rover, which was a THING OF BEAUTY.
I gotta get my simple pleasures wherever I can.
Oh that meltdown: faaaabulous!
The Seal Team Raid was depicted as the propoganda that was pushed out described it.
Cinematically, it was probably one of the better parts of the film. I knew the story/legend going in, so what I saw was what I expected.
My three friends knew *about* the Seal Team Raid, of course, but they had not heard the propoganda about how it was supposed to have happened. From their perspective, they felt it was not realistic at all.
Like you, I’m no military type. That said, as you’ve mostly gathered, I believe almost nothing that USG tells us.
I have no idea if anyone coulda found UBL years before or not, whether from Intel or not… but that’s certainly how the movie depicted it. A DECADE spenting torturing many people, and the frickin’ Intel was sitting there… due to be so *engrossed* in beating the shit out of people, no one found it. Yay Team. Way to go…
Don’t you feel just GREAT that Brennan, Bush’s Torturer in Chief, is now the Head of the CIA??? Talk about sick sadistic psycopaths… and incompetent, to boot. Yay Team.
read a report that suggested anonymous may have subverted a republican man in the middle attack on the election results(ala ohio 2004). also read once that mccain made a quip to a reporter election night to “wait for the results by early the next morning.”instead we got the middle class savior Obama…………..
The implicit message to the rest of us is simple. Back off, great wealth has great privilege. The rest of you losers should just get over it and move along there’s nothing to see here.
there’s a lot of rumors flying. hadn’t heard the one vis McCain. Some say it wasn’t really the “real Anonymous,” but some other stealth group who used Anonymous as their beard. We’ll never know.
It appears that there was some sort of dust-up amongst the PTB. Some clearly wanted RMoney to win, but we got stuck with Barry Zero. What the Palace Intrigues are that led to this conclusion is hard to figure out. I do believe that Shelden Adelson & the Scaife’s really wanted RMoney, and I think Rover had some big-time kowtowing and ‘splainen to do afterwards.
The CA GOP just held a convention in Sacramento. KKKarl was there, but you had to read the alternative press to even know it. Some local journalists (who deserve the title) tried to interview him or at least ask him questions. Apparently KKKarl wouldn’t let anyone close to him, and he really didn’t want to answer any questions. Kept a very low profile at this gig.
That’s a point made by defenders of the movie, but it is one that is easily missed. Many reviewers get the impression that the movie implies that torture played an instrumental role. From what I’ve read, this confusion is caused by a sequence of scenes in which a subject is tortured and then in a later scene reveals a critical piece of information to his torturers while they are having lunch. That implies that torture played a role, even if the revelation was not made while he was in the middle of a torture session.
I don’t want to take this thread off-topic, but do you have any thoughts on that source of confusion?
Indeed. I woulda paid good money to see that. May be the one thing in Amerca that is still “great”, most TV is free.
I heard that they just called Playboy Magazine and got his current address.
Who’d a thunk it would be that easy????
BTW, I thknk they left that out of the movie. You know, national security issue and all.
Lotta people get pretty chatty over lunch.
Holder is misleading us.
How would the prosecution of Corzine effect the economy?
Or maybe the reality is that Holder and Obama are in office for the enrichment of themselves and their cronies?
Holder should be fired by Obama. Without that, he should be impeached for protecting W$.
And then there’s the fact that he unnecessarily stole 13 hours from the entire nation by stonewalling on Rand Paul’s question for so long.
Yeah. WEll firstly, the torture scenes are lovingly detailed and quite lengthy, plus you get to see all KINDS of torture, LOTS of differnet things. Like: just what I wanted to know… NOT. I had my eyes shut and put my fingers in my ears (not kidding), so I missed some of it, thankfully.
Then, yeah, there’s this very weird (to me) scene where one of the main tortured dudes is – from my perspective; I probably missed something bc of closing my eyes but others found it “odd” as well – eating this rather “pleasant” lunch with Head Torturer Dude & Dudette. And everyone’s all civil-like: here, Achmed: have a falafel & a cigarret blah blah. And “Achmed” (or whatever his name was) *happily* provides them with some salient detail, which allegedly is part of the process of getting to UBL. And everyone at lunch, including Achmed (who had been BRUTALLY tortured), are happy happy happy.
What a load of CRAP. Really nonsensical, but I think the GOAL was clear: that they ONLY got this salient detail bc they beat the shit outta Achmed for months on end… of course, it ended up that Achmed coughed up the goods when they fed him “nice food.” Insane. Really. It was stupid.
Then, later, there’s a scene where the REALLY IMPORTANT Intel is revealed by some CIA youngster who “decided” to review all this Intel that’s been “sitting around” for a decade. Blah blah.
But I do believe the INTENT of the LENGTHY and detailed torture scenes was to make citizens *believe* that torture was JUSTIFIED, and moreover, that it WORKED. And although I don’t own a tv and listen to radio seldom, I have heard at least THREE commentaries in the propoganda media about this film crowing about how “torture works.” At least THREE, and that’s from someone who’s deliberately unplugged from the media, so I can only imagine how the propoganda machine is spinning this. If you don’t know much – which most citizens don’t – my impression is that you’ll come out of the film thinking that torture is “ok” and that it “works.”
At least one of my viewing companions felt that way after watching it.
Ya didn’t like that little kabuki show??
Everyone at the top is a puppet for the 1%. If we impeach Holder, we should also impeach Obama. Alas, like those nested Russian dolls, there’ll only be someone else just the same to replace ‘em.
Most US TV sucks big time and is horrible, and a tremendous amount of it is no longer “free” anymore, which is why I don’t own a set or pay for cable.
That said, witnessing the Rover’s head explode was a THING of JOY that I will treasure until my last breath on earth this time around… ha ha
snort! yeah, well, you’re not far wrong about that in some ways…
I mean: why didn’t they just, you know, call UBL’s PARENTS????? After all, they’re, like, BFFs with the Booosh Crime Syndicate, and I’m sure UBL’s ‘rents knew where he was (not kidding).
I thought about changing “he” to Holder, but decided the ambiguity (possibly “he” = Obama) was best. :)
Thank you.
Yep. If you didn’t watch closely you would miss that little detail about where the intel came from after the lead they,thought they were following went cold dead. The diary here was really good on this point.
Holder’s points are a complete load of horse-shit. The lying toady idiot had to have seen the recent “Frontline” program going into these same why-not-prosecute questions in which his spokesmen claimed the same thing—-they couldn’t find “reliable” inside whistleblowers (the program found hundreds), and they couldn’t “prove criminal intent”—which made other Wall St. expert guests laugh in the camera’s face. Yet another goddam national disgrace on that creep Obomber.
Holder and Breuer may have conflicts of interest, but the policy is coming from Obama.
I think my “favorite” is putting Monsanto in charge of the FDA (Michael Taylor).