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May 22, 2013

Cole Out, Raman In for House Hearing on Too Big to Fail

First he was scheduled to testify.

Then he wasn’t.

“Deputy Attorney General James Cole was scheduled to testify tomorrow before the House Financial Services’ Oversight and Investigations Committee.

The title of the hearing — “Who Is Too Big to Fail: Are Large Financial Institutions Immune from Federal Prosecution?”

“A subcommittee spokesperson told Corporate Crime Reporter that on April 27, Cole was invited to testify.

“’We were not informed by the Department of Justice until Friday, May 17 – three business days before the hearing is scheduled – that Cole would not be available to testify,’ the spokesperson said.


The hearing will examine the appropriateness and adequacy of the Justice Department’s opinions about the collateral consequences of prosecuting large financial institutions, the Justice Department’s ability to assess the economic consequences of such prosecutions, and whether an institution’s “Too Big to Fail” status has prevented the Justice Department from appropriately resolving criminal matters.

Dennis Kelleher of the public interest group Better Markets told Corporate Crime Reporter that ‘nothing is more fundamental to America than equal justice before the law.'”


Read full Corporate Crime Reporter article here

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