On Wednesday, Attorney General Eric Holder defined what could or could not be done regarding drone attacks within the United States. Another question was asked why not one member of the nation’s largest banking institutions has not been indicted for fraud.
Here’s what happened. Senator Chuck Grassley, a Republican, asked for more information on why federal and state authorities chose not to indict HSBC after it acknowledged laundering money for Mexican drug cartels, helping rogue states avoid international sanctions and working closely with Saudi Arabian banks linked to terrorist organizations.
This was Holder’s response: “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications 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.”
In other words, “they’re too big to fail”. This is not Mr. Holder’s job. As the chief legal officer in the land, his job is to prosecute those who commit criminal acts. A runaway bank system such as the one found in America is meant to be kept in check by the country’s top cop. Who, although not directly elected by the people, still serves the people.
Here is a little bit of what Thomas Jefferson thought of banks:
“The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. … And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
Thomas Jefferson — Letter to John Taylor, May 26, 1816
Was he being prophetic? Maybe so. We’re all aware of what happened as a direct result of their falsification of documents to increase profits, and in 2008 caused the biggest economic collapse in our nation’s history since 1929.
Bernie Madoff is rightfully behind bars. But what he did is no worse than the actions of greedy Chairmen of the Boards of several of our nation’s largest banking institutions.
In an editorial, Holder proclaimed: “When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost.”
I guess he’s changed his mind!
Columnist-The Guardian Express