"I'd love to be able to do my job, gentlemen, but Goldman Sachs is holding my testicles hostage."
Eric Holder's more worthless than Erik Erikson will prove to be for Fox "News."
In an amazing round of testimony (or should we spell it "testimoney"?)
before the US Senate, Attorney General Eric Holder admitted to Chuck
Grassley that Wall Street banks are indeed too big to jail. This is what he'd actually said
am concerned that the size of some of these institutions becomes so
large that it does become difficult for us to prosecute them when we are
hit with indications that if you do prosecute, if you do bring a
criminal charge, it will have a negative impact on the national economy,
perhaps even the world economy. I think that is a function of the fact
that some of these institutions have become too large."(emphasis added)
Now, I don't know about you but this essentially means, "The FTC
(Federal Trade Commission) isn't doing its job and enforcing the
antitrust laws put in place by your predecessor Teddy Roosevelt about
100 years ago." Because this is partly the FTC's job, to make sure that utility companies, banks and so forth aren't allowed to grow into a monopoly.
Or, to put it in more visceral terms, our top law enforcement officer
said, "Yeah, we can pull the dagger that is Wall Street out of the heart
of Middle America but then the patient will die." This is the exact
rationale behind antitrust laws of a century ago: By checking their
size, thus compartmentalizing American banks and corporations, if one
fails it won't flood the entire economy and drag the rest of the country
into Davy Jones' Locker with it. Yet, this is exactly what we're
And when a corrupt piece of shit like Chuck Grassley
is asking you point blank why you didn't file criminal charges against
British banking giant HSBC on money laundering charges (The Iranians,
Libyans and Mexican drug cartels), even if it's only in the interests of
political kabuki, then you know this country has gone to the dogs (Or
should I say the jackals?).
Props go to Senators Sherrod
Brown and Jeff Merkley for introducing legislation that would break up
the big banks that have profited so handsomely off the American taxpayer
and the Fed after being caught red-handed pilfering from the cookie
jar. But anyone in the know knows that Brown's and Merkley's bill has
about as much chance of even getting out of committee as Mother Jones
catching Dick Cheney volunteering in a soup kitchen.
the lessons of history and doomed are we to repeat it, the lesson being
if you don't ruthlessly regulate Wall Street banks, oil cartels and so forth, they will
merge, they will
consolidate and they will
eventually get so big that the effect of putting this executive scum in
prison will have the effect of pulling a 100 pound leech or tick off a
200 pound body. In fact, rather than stopping at breaking them up so the
pieces can start oozing toward each other and consolidate all over
again as Rockefeller's Standard Oil did when John D. began buying up all
the Baby Standard oils, it's obvious we need to nationalize it.
But the fascist, corporation-sucking Obama administration will never go
along with that, otherwise we wouldn't be seeing one silk-suited
parasite after another occupying key administration posts, infesting the
Treasury and forming the nucleus of administration advisory committees
(Jeff Immelt, the job outsourcing Jobs Czar? I still can't wrap my mind
around that.). It was the Obama administration that whistled Dixie and
looked the other way when it was revealed that major American banks were
laundering money for regimes and criminal enterprises such as Mexican
drug cartels and it was the Obama administration that pushed just as
hard as the Bush administration for the release of the second half of
the TARP bailout.
But the US Congress, in saner past times,
had successfully broken up Ma Bell and Standard Oil. It was the FTC that
in the 90's broke up the proposed merger of Bertlesmann AG, Ingrams and
Borders, Inc. that would've effectively put a stranglehold on the book
publishing, distribution and marketing industries. And, as I'd just
mentioned, Congress also broke up Standard Oil's monopoly.
And yet, the phone companies thrived and we're now seeing another pair
of monopolies in the form of Verizon and Comcast. Standard Oil's various
parts were bought up by Rockefeller and he became richer and more
powerful than ever. And consolidation in the publishing world has
continued to the point where the Big Six are about to become the Big
Five when the dreaded Random-Penguin merger goes through.
This is why merely breaking up these entities into smaller units that
can then theoretically compete with one another isn't enough and why we
need to nationalize the big banks. Instead, we have a Congress that
waggles its gnarled, bony finger at Major League Baseball and
threatening its antitrust exemption for steroid use. But when it comes
to breaking up the big banks and actually enforcing existing antitrust
laws, these plutocratic senators and congressmen and one dickless
Attorney General after another get the dry heaves at the very thought.
We'd nationalized Fannie Mae and Freddy Mac and their top executives
are still pulling in $6,000,000 a year apiece. Nationalizing and
regulating Too Big to Fail/Jail corporations is not a death knell or
creeping Socialism as right wing nut jobs would have you believe. At
best, breaking up criminal enterprises such as Goldman Sachs, Citigroup
and JP Morgan Chase will only retard their growth until they can find
more sleazy loopholes in the antitrust laws.
But it would be a step in the right direction.