Attorney General Eric Holder said Monday that no company that breaks the law should be considered too large or too profitable to be immune from criminal prosecution.
In the years after the financial collapse of 2008, some individuals used the phrase “too big to jail” to describe the theory that certain financial institutions – even if they engage in criminal conduct – are immune from criminal prosecution. As the Justice Department continues to pursue several important investigations, Attorney General Eric Holder asserted that no individual or company, no matter how large or how profitable, is above the law. He intends to reaffirm that principle in the weeks ahead.
As Bloomberg reports, “So far large banks that break the law have been able to avoid criminal prosecution by agreeing to settlements and paying large fines. However, that approach has been heavily criticized. Now Preet Bharara, the U.S. Attorney for the Southern District of New York, appears ready to change course. Bloomberg’s Sam Grobart takes a look at the complicated task of prosecuting a big bank.”
You can also watch Attorney General Eric Holder’s announcement on Monday that no company that breaks the law should be considered too large or too profitable to be immune from criminal prosecution.
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