Quote of the Day
Posted at 9 a.m. on Jan. 24
“I think I and prosecutors around the country, being responsible, should speak to regulators, should speak to experts, because if I bring a case against institution A, and as a result of bringing that case, there’s some huge economic effect — if it creates a ripple effect so that suddenly, counterparties and other financial institutions or other companies that had nothing to do with this are affected badly — it’s a factor we need to know and understand.”
– Lanny Breuer, the Assistant Attorney General for the Criminal Division at the Department of Justice, explaining to Frontline why he decided not to prosecute any Wall Street executives after the financial crisis.
Tyler Durden: “In other words, no criminal charges can be levied against anyone who engaged in the crimes leading to the great financial crisis of 2008 because, get this, the implications of pursuing justice may have destabilizing implications! In other words, the banker threat of Mutual Assured Destruction has metastasized.”