Friday, March 22, 2013

Lie, Buy, then Lie Some More: Global TBTF Banks' MO

Better Markets writes a scathing indictment of the too-big-to-jail system, Lie, Buy, then Lie Some More: Global TBTF Banks' MO

"The MO of break the law; lie about it; buy your way out of it; and then lie some more must end and Standard Charter should be the example that announces to the world that it is going to end. This is not only the right thing to do, but the bank's chairman has given DOJ a golden opportunity: DOJ can prosecute the specific offending individual bankers and not the bank, thereby avoiding its overstated concern about collateral consequences. It can, finally, establish that no banker is too-big-to-jail even if the bank itself might be too-big-to-fail.

If DOJ doesn't take such swift and strong action here then it will bring yet more shame, dishonor and disgrace on what is misleadingly still called the Department of Justice. "

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