Stupid Quote of the Week #3

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“I 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 we do prosecute – if we 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.”

U.S. Attorney General Eric Holder, in testimony to the Senate Judiciary Committee, later emphasizing that he was speaking generally.

Holder had been subpoenaed to testify about the fraud and money laundering case involving banking giant HSBC (formerly Hong Kong and Shanghai Banking Corporation).  HSBC has been accused of laundering money for Mexican and Columbian drug cartels; interesting, once you realize the company was founded in 1865 by opium merchants.

If I’m arrested for robbing a convenience store of $100, I suppose I could say I shouldn’t be prosecuted because I’m caring for my elderly parents.  While HSBC paid a record $1.92 billion in fines, none of their senior level officials have been imprisoned.  Holder’s claim makes him sound like a Republican businessman!  From Texas!

1 Comment

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One response to “Stupid Quote of the Week #3

  1. I don’t think we can call this stupid, it is the truth. If we look across the landscape our economy is in fact balanced in the hands of a very few ‘to big to fail’ corporations. Whether these be Banks, conglomerate businesses or fast food restaurants.

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