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  1. #1
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    Apr 2003
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    Banks are too big to prosecute

    http://www.bloomberg.com/news/2013-0...-to-jail-.html

    In an on-camera interview, which aired recently, Breuer stated plainly that some financial institutions are too large and too complex to be held accountable before the law. Bipartisan pressure is now being applied on the Justice Department to reveal exactly how this determination was made. Breuer, however, has announced he will leave government March 1. Good luck unraveling the cover-up that must already be in place.

    “Well, I think I am pursuing justice,” he said. “And I think the entire responsibility of the department is to pursue justice. But in any given case, I think I and prosecutors around the country, being responsible, should speak to regulators, should speak to experts, because if I bring a case against Institution A, and as a result of bringing that case, there’s some huge economic effect -- if it creates a ripple effect so that suddenly, counterparties and other financial institutions or other companies that had nothing to do with this are affected badly -- it’s a factor we need to know and understand.”

  2. #2
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    Jan 2005
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    Duchy of Grand Fenwick
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    Severe systematic ethical lapse. If Justice felt they couldn't prudently pursue justice in that way, they should have bucked the decision VERY high up the command chain, and only held back under very clear orders.

    And if they received those orders, they should have lobbied hard for changes elsewhere in the legal/regulatory system, to put enough safeguards in place that they could indeed go ahead and prosecute. (Example: Reducing the consequences of a conviction so that it doesn't put a huge financial institution actually out of business.)

    Obviously, little of that actually happened.
    APF doesn't come in screaming at others about how stupid they are. APF doesn't spam NST with the same tired topic 30 times a month. APF doesn't link to some kook in his mom's basement telling you how to, "Be afraid. Be very afraid" of the world falling down around you. And, when APF is proven wrong, he acknowledges he made a mistake and moves on, rather than harping about "sheeple."

    -- Cory Bonini

    Welchie summarized

  3. #3
    Join Date
    Dec 2004
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    Promised Land
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    "Let he who is without sin, write the first loan"

    *crickets*
    I've got binders full of women
    and a one point plan.

  4. #4
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    Aug 2004
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    Grantville, Pa
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    34,586
    I think that's a bull**** excuse, first of all. Like in the case of HSBC, where they were guilty of financially shielding and assisting our enemies in Iran, and funneling drug money. Any citizen who did that would be in jail for life and have their possessions seized. Being big and powerful shouldn't shield you from the penalties of law.

    It's Justice's job to prosecute under the law. It should take an act of Congress to exempt them from it. And even if we still come to that determination, part of not prosecuting a company for this, is to force them to become small enough to fail / be prosecuted. Force them to sell off parts of their company as the penalty.
    The consistent factor of all of your dissatisfying relationships and failures is you.

    R.W. 09.21.10 I love you.

  5. #5
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    Apr 2003
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    We allowed banks to become massive bureaucracies and now we are surprised that they have become ungovernable?

    How often do individuals EVER get prosecuted for corporate malfeasance in large corporations?
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  6. #6
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    Apr 2003
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    Great to see that CTC is now concerned with corporate accountability. Well at least if it allows him to take shots at the Obama Administration, he cares about corporate malfeasance. Of course if they DID prosecute people and never got a conviction but did harm the economy, he would be the first to blame Obama for reckless prosecutions.
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  7. #7
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    Jul 2003
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    Banks should be broken up, investment banks should be separate from lending institutions
    Fear is the mind killer

  8. #8
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    Quote Originally Posted by Nunchuckz View Post
    Banks should be broken up, investment banks should be separate from lending institutions
    Yup but it isn't going to happen.
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  9. #9
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    Quote Originally Posted by flyerhawk View Post
    Yup but it isn't going to happen.
    It absolutely should.

    Of course ctc was adamant that this wasn't a problem in the scandal of the 2000s so...
    I've got binders full of women
    and a one point plan.

  10. #10
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    Quote Originally Posted by RayClay View Post
    It absolutely should.

    Of course ctc was adamant that this wasn't a problem in the scandal of the 2000s so...
    Yeah it's pretty amusing to watch CTC, public advocate, show up. Wish he was here from 2006-2009.
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  11. #11
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    Apr 2003
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    The feds are going after Standard & Poor's I think. That's a great start really.

    http://abcnews.go.com/US/wireStory/q...poors-18406774
    I promise I won't do it again

  12. #12
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    Apr 2003
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    Philly
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    If you completely destroy one of these institutions the rest of them will follow suit by themselves and unwind their holdings until they can actually understand them. The federal government has to understand that at some level. Publicly though, the cry seems to be "we aren't big enough yet."

    Bad situation we let develop. Should have busted these suckers in 2008 when we had a golden opportunity.

  13. #13
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    Quote Originally Posted by Raid View Post
    The feds are going after Standard & Poor's I think. That's a great start really.

    http://abcnews.go.com/US/wireStory/q...poors-18406774

    Civil charges that will ultimately lead to either a fine for S&P or a settlement.

    That is unless the right wing crazy bin gets involved and starts accusing the DoJ of a witch hunt against S&P because S&P downgraded the credit of the United States.
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  14. #14
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    Quote Originally Posted by eaglesnut View Post
    If you completely destroy one of these institutions the rest of them will follow suit by themselves and unwind their holdings until they can actually understand them. The federal government has to understand that at some level. Publicly though, the cry seems to be "we aren't big enough yet."

    Bad situation we let develop. Should have busted these suckers in 2008 when we had a golden opportunity.
    How exactly do you propose destroying one of these institutions?

    How does one go about destroying Citibank?
    The trouble with the world today is the intelligent people are full of doubt and the dumb people are full of confidence - Charles Bukowski

  15. #15
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    Quote Originally Posted by flyerhawk View Post
    We allowed banks to become massive bureaucracies and now we are surprised that they have become ungovernable?

    How often do individuals EVER get prosecuted for corporate malfeasance in large corporations?
    Do you mean criminally or via corporate governance laws?
    Mac9, to the true warrior. the ultimate competitor and the most worth adversary any athlete has ever faced off against. He was an inspiration for both his on the field play, off the field contributions and his leadership. The world is now a worse place without him.

    "Have the courage to have your wisdom regarded as stupidity" - Justice Antonin Scalia

    "Just because you're the lone voice in the wilderness, it doesn't mean you're wrong."
    - Ghandi

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