Banks Went from Too-Big-to-Fail to Too-Big-to-Jail

The Banks Robbed us Blind and are now Getting Away with Murder
"The U.S. government has finally backed up its boast that no bank is too big to jail, if by 'jail' you mean 'vigorously slap on the wrist.'"

The Justice Department on Monday filed criminal charges accusing Swiss banking giant Credit Suisse of conspiring to help U.S. customers dodge taxes. The bank pleaded guilty to the charges, breaking from a recent tradition of letting banks defer prosecution. Credit Suisse also agreed to pay about $2.6 billion to settle the claims brought by the Justice Department, the Federal Reserve and New York State. "This case shows that no financial institution, no matter its size or global reach, is above the law," Attorney General Eric Holder said in a press release announcing the settlement.

Though the government is undoubtedly proud of itself for successfully managing to prosecute a large bank -- with the first guilty plea for a big financial firm since 1989, The New York Times notes -- this by all accounts is turning out to be the most toothless criminal plea imaginable. It's hard to imagine it will deter future crimes.

Source: Huffington Post (5-19-14)

"Even as the nation’s top energy regulator is poised to extract a record settlement from JPMorgan Chase over accusations that it manipulated power markets, the agency is expected to spare a top bank lieutenant who federal investigators initially contended made “false and misleading statements under oath,” according to people briefed on the matter."

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And it's not just the Banks that are Getting away with Highway Robbery

 * Halliburton Manager Found Guilty of Destroying Evidence And Fined $1000 (source)