“…too big to fail has become too big for trial”

USA Senator Elizabeth Warren  at her first Senate banking committee hearing: “…tell me a little bit about the last time you’ve taken the biggest financial institutions on Wall Street all the way to trial. Anybody?”

Check the answers in the video.

“You know, I just want to note on this. There are district attorneys and U.S. attorneys who are out there every day squeezing ordinary citizens on sometimes very thin grounds. And taking them to trial in order to make an example, as they put it. I’m really concerned that too big to fail has become too big for trial. That just seems wrong to me.”

TYR 10 January 2013 reads

Is American Justice Dead? @ Casey Research American justice on a slippery slope.

“Few recent cases make the contention clearer than the announcement last week by the US Justice Department that it had settled its case against HSBC for acting as the bag men for Colombian and Mexican drug cartels. The fine, $1.9 billion, amounts to about five weeks of revenue for the bank.”

“The basic setup is that for years, at the highest levels of HSBC, the bank worked hand in glove with the drug cartels to launder their money. So smooth was their relationship that the drug gangs used special cardboard boxes for them to fill with cash – boxes that were designed to fit easily through the teller windows of the HSBC branches in Mexico”

“the US has the highest prison population in the world, and by a wide margin: on a per-capita basis, it is 33% higher than the closest contender, Russia.”

“If you take into account everyone under “correctional supervision,” 3.1% of the US population is either in jail or on probation (for blacks, it’s a stunning 9.2%).”

“Yet, the money men for the murderous cartels that supply the stuff – the sort of fat-cat villains that serve as the centerpiece of every James Bond movie – get off with a hand slap.”

“How is this possible?”

“just like the much-maligned “banana republic,” the judicial system in the Anglo-Saxon world has been bifurcated into two systems – one for the politically favored and the other for the rest of us”

“Another recent case is that of the LIBOR fixing scandal.

“As you know, in this case a group of banks clearly conspired to rig the rates on the interest-rate index used to underpin over $300 trillion in loans. As the scandal was revealed, it was also revealed that top tax dodger and now US Treasury Secretary Tim “Timmy” Geithner was aware of the rigging as far back as at least 2007 when operating the Federal Reserve Bank of New York.”

“Yet Geithner’s elevated position in the Obama administration meant that this inconvenient revelation quietly faded into nothingness. As did the clear implication that if Geithner knew about it, so did untold scores of others at the Fed and other institutions at the time.”

“There is little question that the vast majority of the public is ignorant or apathetic, or both, to the pervasive corruption of the political classes and their financiers.”

America Meet Your New Slumlord: Wall Street @ A Lighting War for Liberty “because financiers are now the main players in the real estate market and are buying all the homes ordinary citizens were kicked out of over the past few years.  Yep, we bailed out the financial system so that financiers with access to cheap credit can buy up all of America’s real estate so that they can then rent it back to you later.”