Too Big to Jail

I swear to God, if anyone tells me that we are a “country of laws,” I’m going to punch them in the face!

Glen Greenwald has more on our two tiered system of justice. Much more.

Yves Smith at Naked Capitalism connects the dots and produces the reason for the lack of prosecution of the too big to jail banks. And surprise, surprise, little Timmy‘s fingerprints are all over the murder weapon.

“And it’s an even more pernicious manifestation of the Geithner Doctrine. Not only does it entail refusing to mete out fitting punishment to banks and their executives, it also apparently entails hiding their misdeeds to avoid the annoying game of having to discipline them. After all, if you’re not going to do anything about bad behavior, why do you need to acknowledge that it exists? It’s so much more convenient to maintain the fiction that banks can be relied upon to do the right thing because they’d never want to suffer the reputational damage of being caught out. But with enablers like him, bank criminality would never come to light, by design, ending the fear of reputational harm.

I had assumed the insufferable arrogance of top bankers, which was a pronounced shift from their fearful state in late 2008 and early 2009, was the result of the Administration’s body language that it was fully committed to throwing its weight behind boosting their profit and their asset prices. But it may have had at least as much to do with their recognition that Geithner would make sure that none of their bad deeds would be punished.”

So, what to you want to bet that when little Timmy leaves the Treasury Department, he goes to work for one of the too big to fail banks?

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