Banks Too Big to Prosecute?


I have a link below to a page with an excellent video clip of Senator Elizabeth Warren (D-Mass) grilling regulators about banks that are “too big to prosecute.” Her point is that ordinary citizens are often prosecuted on rather flimsy charges, in order to “make an example” and deter others from crimes. On the other hand, big banks practically get away with murder and, when caught, simply settle with regulators and pay fines. 

In Senate hearings, Senator Warren asked the regulators, “When is the last time you took a case all the way to trial against a major Wall Street bank?” The answers: “We can’t remember a time when we’ve ever done that.”

Senator Warren’s response: [I’m paraphrasing here] “If big banks know you are a pushover, and will never take a case to trial, they know they can settle cheaply with you because you’ll do anything to avoid a trial. So, they pay a negotiated fine, continue with illegal activity in some other area, and continue to make huge profits. Breaking the law, getting caught, and paying a negotiated fine is simply a cost of business, just like the payroll expense.”

Click HERE for full story and video.