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That, or reject the bullshit idea that any corporation is "too big to fail".
The only business that the government should have in business, is stopping monopolies. If a business is too big to fail, it's already failed at it's only job in that sector of government.Should we not make taxes so they would penalize large corps for merging with and buying out their competition?
In recent weeks, critics have amped up a longstanding criticism of the governments response to the financial crisis. They argue that regulators and prosecutors were too shy about pursuing criminal cases against banks. Mr. Holder defended his agencys track record in testimony Wednesday before the Senate Judiciary Committee. But he conceded that the economic impact of a conviction could be so significant that cases are difficult to pursue.
I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them, Mr. Holder told lawmakers. Prosecutors, he said, must confront the problem 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. And I think that is a function of the fact that some of these institutions have become too large. Mr. Holder, however defended his agency. Federal prosecutors, he said, have been as aggressive as they could be, brought cases where we think we could have brought them, he said.
After the hearing, the panels top Republican, Sen. Chuck Grassley of Iowa, issued a statement calling Mr. Holders remarks stunning. Mr. Holder recognized that in effect, the big banks and their senior executives have a get-out-of-jail-free card, he said. Mr. Holders comments highlight a dilemma the Justice Department has wrestled with for years. The department at times has shown a reluctance to prosecute companies even when they arent large systemic players in the financial system. Thats because of the potential collateral consequences of a prosecution, including the concern that damage from a companys indictment could cause innocent employees to lose their jobs.
The 2002 criminal conviction of accounting giant Arthur Andersen for work related to Enron Corp. was a death sentence for the company. The Supreme Court later overturned the conviction in 2005, but by that time the firm was effectively defunct after losing its license to practice.
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