Sorry to hog the feed and thank you for putting me on the rec list. I figured you all would like this. Senator Jeff Merkley (D. OR) is mad as hell and isn't going to take it anymore:
Here's a little background on Merkley's quote:"The idea that some banks are 'too big to jail' is outrageous," says Sen. Jeff Merkley, an Oregon Democrat, who is pressing for prosecution. "In America, we live by the ideal that we are all equal under the law, and when ordinary Americans get caught in criminal wrongdoing, they must pay the price and accept their punishment," says Merkley, adding: "It is unacceptable that some would be exempted from the rule of law—in this case, for extremely serious crimes of money laundering for drug cartels and terrorists—because they are employed by a large bank." - U.S. News, 3/8/13
Merkley was on of a few Senate Democrats to slam the Treasury and the Federal Reserve over their handling of anti-money-laundering cases and regulators not doing enough to go after big banks who have been accused of violating U.S. laws:A day after Attorney General Eric Holder asserted that prosecutions of Wall Street’s largest financial institutions have lagged because they are, in fact, “too large” to prosecute, a pair of Democratic senators again challenged regulators over the lack of legal oversight into the banks’ activities before and after the financial crisis.
Oregon Sen. Jeff Merkley (D), a strong supporter of financial regulation and author of many of the new rules in the Dodd-Frank Wall Street Reform Act, joined in the criticism by questioning Holder’s assertion that large banks were “too big” to prosecute and wondered if Wall Street had become a “prosecution-free zone”:Holder told the Senate Judiciary Committee he was concerned that the size of some banks had made prosecuting them difficult because their downfall could damage the financial system and economy.
Sen. Jeff Merkley (D-Ore.) contended that this claim suggested that “we have a prosecution-free zone for large banks in America.” - 3/7/13
Senators Sherrod Brown (D. OH) and Chuck Grassley (R. IA) have also challenged the Justice Department for not doing enough. Regulators have instead made settlements with the banks instead of prosecutions. Brown and Senator David Vitter (R. LA) have both called for legislation breaking up these big banks:“If you’re caught with an ounce of cocaine, chances are good you’re going to go to jail,” Sen. Elizabeth Warren (D-Mass.) said during a Senate banking committee hearing Thursday. “Evidentially, if you laundered nearly a billion dollars for drug cartels . . . your company pays a fine and you go home and sleep in your own bed.”
Warren’s remarks arose out of a discussion about regulators’ decision not to shut down HSBC or remove any of its employees for allegedly laundering money for Mexican drug cartels. The British bank agreed to pay $1.9 billion in December to settle charges raised in a 340-page report from the Senate’s permanent subcommittee on investigations.
The report detailed years of poor monitoring practices at HSBC’s affiliate in Mexico, including instances of affiliates flouting government safeguards meant to block funding for terrorists. Lawmakers were puzzled when no criminal charges were filed despite the evidence.
Referencing that case, members of the committee voiced concerns about comments made a day earlier by U.S. Attorney General Eric H. Holder Jr., who said the size of financial institutions may inhibit prosecution. - Washington Post, 3/7/13
Hopefully these hearings and Holder's confession about "too big to fail banks are too big to jail" will lead to a public call for Wall Street accountability. Call your Congressman and Senator and demand for more prosecutions and to put an end to to "Too Big To Fail".
And how about donating to Merkley's 2014 re-election campaign as way of saying thanks for continuing his fight to hold Wall Street accountable: