thedailybell.com / By Staff Report / January 30, 2013
Senators Call Out Attorney General For Treating Banks Like They Are “Too Big To Jail” Like many Americans, Senators Charles Grassley (Iowa) and Sherrod Brown (Ohio) think federal investigators have given banks a mere slap on the wrists for their part in the economic collapse and other misdeeds. So in a letter to U.S. Attorney General Eric Holder, the pair wonder if banks are being viewed by the DOJ as “too big to jail.” In the letter, the senators say that even though banks have already paid out billions in civil and regulatory penalties, these settlements are nothing compared to the scope of the damage done, the money banks made before the economy went kaplooey, and the taxpayer investment in the TARP bail-outs. “Unfortunately, many of the settlements between large financial institutions and the federal government involve penalties that are disproportionately low, both in relation to the profits which resulted from those wrongful actions as well as in relation to the costs imposed upon consumers, investors, and the market,” reads the letter. – Consumerist
Dominant Social Theme: Bring these banksters to justice.
Free-Market Analysis: But not the good, gray men of central banking.
We are not surprised. The power elites are deathly frightened, in our view, that their control over central banks is in jeopardy. They will sacrifice the entire financial infrastructure to make sure central banks are not attacked.
They are trying to do this any way they can.
They are trying to set up neo-Pecora hearings to focus on Wall Street and the securities industry in general. There will be similar attacks in Europe and Britain. Maybe in China and Japan too, who knows? Search the ‘Net for “Neo-Pecora” and “Daily Bell” for more.
Back in the 1930s, Franklin Delano Roosevelt brought in the cigar-chomping Ferdinand Pecora to regulate Wall Street and make it safe for the consumer.
Eighty years later, consumers are right back where they started – or ended.
In the 1930s, after the Great Crash of 1929, savings were wrecked, retirements ruined and people decided they didn’t trust the stock market.