Friday, March 25, 2016

Too big to jail continues for bankers at Goldman Sachs and the Fed

President Obama’s legacy will include many stigmas when it comes to finance and economics, but perhaps no more so than his administrations policy of ‘too big to jail’.  Coined first by the former Attorney General Eric Holder (who was a Wall Street lawyer and went back to Wall Street at the end of his tenure), this policy has allowed banks to defraud the public for trillions of dollars over the past eight years.
And the newest farce of the justice system occurred on March 22 when a U.S. Magistrate gave a now former Goldman Sachs employee a slap on the wrist for committing fraud by receiving and passing on insider information from the Federal Reserve that was used for profit prior to its public disclosure by the central bank.


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