And this is what they meant when they said “too big to fail.”
Eric Holder, Attorney General and overall optimist stated at one point or another his intentions to go after the banking industry; repeating from a WaPo article he said the DOJ would Investigate, prosecute, and incarcerate them bad, bad bankers. Grr, Tim.
And why not? The results, the public is led to believe, of banker's actions over the last decade or so has been linked on more than one occasion to the current financial crisis, so much one might think DOJ could go after them for reckless endagerment at the very least. Open, shut.
Nope. Can't. Why? "...In part because they would essentially criminalize an entire business model in the financial industry."
Turns out DOJ also feels all-the-sudden-like the banks didn't do anything wrong, meaning illegal. According to former official Tim Coleman “this was a case, in general, of people making business judgments and taking risks and having them go badly. That's not criminal misconduct."
And all the talk about illegal activity, there were executives who know what was happening and taking no action or planning to capitalize form it? Nah. Didn't happen.
Too big to fail has a new meaning: too big to attack later. It's as if these massive organizations have become completely invisible. Can't fight what you can't (or fail) fail to see, huh Mr. Holder?