Attorney General Eric Holder has been criticized by many for failing to pursue charges against individuals responsible for the 2008 financial collapse. On Tuesday, he responded to that criticism with action.
In 2014, Attorney General Eric Holder declared that no bank or individual is “too big to jail.”
“I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law.” said Holder. “There is no such thing as ‘too big to jail.’”
As reported by Reuters, Holder has instructed U.S. Attorneys to review residential mortgage fraud cases brought against financial institutions in relation to the 2008 financial collapse. He asked that they evaluate whether they have cases against individual banksters that can be brought to trial. Holder has given federal prosecutors 90-days to report back. In a public appearance at the National Press Club, Holder asked attorneys,
“to try to develop cases against individuals and to report back in 90 days with regard to whether they think they can successfully bring criminal or civil cases against those individuals,” said Holder.
While no individual bankster has been properly charged, record penalties have been filed against major banks for their role in the financial collapse. Bank of America reached a $16.65 billion settlement last August, Citigroup agreed to pay a $7 billion fine in July and JPMorgan Chase agreed to a $13 billion fine in November of 2013.
During Holder’s speech to the National Press Club, he addressed the concerns of those frustrated that individual executives are not behind bars for their crimes,
“To the extent that individuals have not been prosecuted, people should understand: it is not for lack of trying,” Holder said. “These are the kinds of cases that people come to the Justice Department to make.”
While Holder has set the ball in motion, it will be up to his successor to follow through. Holder is leaving office once the Senate confirms his replacement. Brooklyn U.S. Attorney Loretta Lynch is President Obama’s nominee to succeed Holder and could replace him within the coming weeks.
Watch Eric Holder’s speech to the National Press Club. His comments regarding jailing the banksters start at 51:50,
Source: Addicting Info