Jul
28

Too Big To Jail

By

BUS 2012: Introduction to Risk Management
To minimize your risk of prosecution for white collar crimes, go BIG. Maximize both the upside returns and the potential for collateral damage that would result from your prosecution.

U.S. Attorney Preet Bharara, the latest sheriff of Wall Street, sat down last week with ‘Mad Money’ Host Jim Cramer. Business Insider‘s Larry Doyle worries that, despite recently indicting some financiers, Bharara signaled what we all suspected, that the biggest of the Big Money Boyz are too big to jail:

Are certain institutions — and in my opinion, certain individuals — by definition, “too big to prosecute?” In a nation of laws, no institution nor individual should ever be “too big to prosecute.” Then why haven’t we seen the indictments and prosecutions of senior executives at major firms on Wall Street?

Let’s listen to the U.S attorney for the southern district of New York, Preet Bharara, address this topic. You do not need to listen too hard to understand what Bharara is saying on this topic. While Bharara provides the standard party line that no instituition is “too big to prosecute,” he qualifies his answer in such a fashion that we should NEVER expect to see major indictments on Wall Street.

The full video is here.


Categories : Corruption

Comments

  1. Ascend of Asheville says:

    Yep. Nationalize the fuckers, right now. Break up Wal Mrrrt, the media conglomerates, and the quasi-monopoly suppliers of our so-called utilities…

    Did you ever see a house in such disarray that you didn’t really know where to start to get it together again?

    Rate this comment: Thumb up 4

  2. D.Dial says:

    Aren’t those the type of houses that get bulldozed away?

    Rate this comment: Thumb up 2

  3. This disappeared from youtube months ago, and it’s from the UK, but notice the applause Mr. Will Self gets near the end of his spiel.

    http://www.boreme.com/posting.php?id=31275

    Rate this comment: Thumb up 3

  4. Andrew Dahm says:

    To the extent that, say, a City Council would concern itself with jobs and local business growth, what would that look like? I do not know.

    Rate this comment: Thumb up 0

  5. Are you asking how nationalizing banks would benefit local economies? Or something else?

    Let me flip that question (because I’m running late to do something as it is): How have the megalithic banks in private hands benefited local economies? There is zero public accountability for what these people do with *your* money – and it is, in this sense, your money.

    These are not tax dollars.

    These are your savings and your checking accounts and your retirement funds.

    And the banks have been making bets with them for years. Not just bets — bad bets. Until now, it’s mostly been with retirement funds since they are not, as far as I know, subject to any FDIC requirements and therefore it is unlikely that a few bad bets here and there would attract the attention of Federal regulators.

    But banks have been failing over the last few years.

    Just a thought.

    And a horribly incomplete one at that. Sorry.

    Rate this comment: Thumb up 1

  6. Ascend of Asheville says:

    Speaking of houses that do or do not get bulldozed away, I never did hear the rest of the story behind the zoning request in front of city council last Tuesday.

    Rate this comment: Thumb up 0

  7. Ascend of Asheville says:

    In some ways it would look like the BID, where the city codifies the narrowing of services into targeted areas because it can’t manage to provide for the city as a whole.
    In other ways it would look like a vote against letting a property owner subdivide his property into a rental density not to the liking of the prevailing neighborhood gentrification police.
    In still other ways it would look like the seemingly arbitrary doling out of tax benefits and other perks based as much on how it looks in the press as how much it does for the economy.
    I could go on, but I feel this was a rhetorical question to begin with. What it looks like and what it should look like are divergent visions.

    Rate this comment: Thumb up 1

  8. Andrew Dahm says:

    Yes. Rhetoric. Actually, it was during appetizers while watching Elmer Fudd on the teevee, so, whetoric.

    I just felt like jumping on Mat’s bandwagon and yelling “yuppie scum” for some reason. Sue me.

    Rate this comment: Thumb up 1

  9. Davyne Dial says:

    It was voted down.

    Rate this comment: Thumb up 0

  10. TJ says:

    “I just felt like jumping on Mat’s bandwagon and yelling “yuppie scum” for some reason. Sue me.”

    ;-)

    Do you have an account on the Cayman Islands?

    Rate this comment: Thumb up 0

  11. Tom Sullivan says:

    Susie Madrak at Crooks and Liars gave us a shout out this morning on this one.

    Hey, where did my click-and-drag comment formatting menu go?

    Rate this comment: Thumb up 0

  12. TJ says:

    “Hey, where did my click-and-drag comment formatting menu go?”

    And, how did THAT work? I’m learning all kinds of useful(or, not?) info.

    Does that mean I don’t have to copy and paste?

    Hopefully, it wasn’t another casualty. BTW, I sure miss that banner form. It made people curious, and they would stop and watch the quote. Now, it’s like any ordinary blog still-shot.

    8-( Any chance on creating another one, if not the same one? Besides, it sure was a catchy way to describe the persona of SruHoo.

    Rate this comment: Thumb up 0

  13. Tom Sullivan says:

    Just above the comment box I used to see an html formatting menu:

    < 'blockquote>< '/blockquote>, < 'a href="">< '/a>,< 'strong>< '/strong>, etc.

    You could highlight and click-and-drag those tools into the comment box to highlight or add links, etc., rather than having to know the code and type them in. Now they’re gone.

    Rate this comment: Thumb up 1

  14. Andrew Dahm says:

    I’ve been a crabby-appleton lately, and apologize. I want to say positive things.

    We could get money back to the people who pay the most taxes as a percentage of income. In the context of Asheville, that’s folks who are self-employed and pay both halves of the FICA. Here, that’s artists and small business owners. A Council – and, for that matter, a Chamber of Commerce – in a community like ours could work to promote local artisans by leasing space at the Atlanta Merchandise Mart and subsidizing trade show appearances. Grants and tax abatements could be scaled down to single-job propositions, provided City staff’s up to it and the cost-per-job is lower than benchmarks established in other recent underwritings, such as Linamar.

    A Council and Chamber could get a good handle on the lay of our land. For example, we have a lot of ceramic artists in the area, enough to support a good-sized cooperative firing, instruction and exhibition space. That’s a lot of folks who know their way around kilns, and there are larger companies involved with industrial ceramics that might (a) like to locate in an area with a highly trainable workforce; (b) get the “cool” of Asheville attached to their name as they market in green tech applications; and (c) take a pretty modest set of incentives should they plan to expand here.

    We live in a special place, and credit should go where credit is due: the intense beauty of the natural and built environment here, and the people who’ve chosen to endure low wages to make Asheville home. I’m sure the Chamber of Commerce in Gary, Indiana is doing the best job they can, but they simply don’t have anything to “sell.” It’s different here.

    It could be that a BID makes sense in a place like Gary, too: http://www.tumblr.com/tagged/gary-indiana

    But a city that works should negotiate from strength, and work to get a County millage that benefits all townships countywide (Black Mountain’s laid off cops, Weaverville’s strapped). The idea that the economic engine of Western North Carolina has to tax itself and itself only to get graffiti cleaned up is really pretty funny. Downtown belongs to the people who own buildings there, have dinner there, work there, shop there, and go to their kids’ graduations there. It’s a resource we all use that costs money to maintain. The city can maintain it more efficiently than another administrative body exclusive of direct-labor costs. If an outside body can do it cheaper, they’re paying the people who do the actual work less money than the city would. This is a values question, and we want to be positive, yes?

    Twenty-two years in this town has convinced me that happy accidents can happen when the conditions for homogenization and paving everything in sight are absent. Policy approaches imported from places that homogenize and pave will probably work here, but they don’t belong here.

    Rate this comment: Thumb up 2

  15. Tom Sullivan says:

    Crabby Appleton? Are you that old?

    Rate this comment: Thumb up 1

  16. Andrew Dahm says:

    By the way, did you know that Del Webb, the wunderkind (now, somehow appropriately, deceased) of the pristine-and-clean retirement village industry, got his start designing internment camps for Japanese-Americans during World War II?

    Is Asheville a great place to move, have kids, and start a business, or is it a nice, clean, safe place to retire?

    And, yes, I’m still down with Tom Terrific, but most of my hair has left the scene.

    Rate this comment: Thumb up 2

  17. Dixiegirlz says:

    I miss those. Who took them?

    Rate this comment: Thumb up 1

  18. Dixiegirlz says:

    Atlanta’s Merchandise has a fabulous handmade / artisan section. It would be to Asheville’s artisans advantage to be able to participate there. As I remember that section had lots of traffic. A fairly curated presentation would showcase Asheville’s artisans, and open the door to repeat wholesale business.

    In the past I exhibited there and the apparel market many times. It compares in foot traffic and premium buyers to Javits in NYC, but is easier and less expensive to present in.

    Rate this comment: Thumb up 2

  19. TJ says:

    Shouldn’t that be “whetowic?”

    Rate this comment: Thumb up 0

  20. TJ says:

    “They” took them!

    Rate this comment: Thumb up 0

  21. Ascend of Asheville says:

    I’m starting a “Draft Andy” movement the next time the city council offers up a seat.

    Rate this comment: Thumb up 2

  22. Andrew Dahm says:

    Where do you live, what do you drive, and what time do you typically have dinner?

    Rate this comment: Thumb up 1