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March 7, 2013

Holder: Big banks' size complicates prosecution efforts

Attorney General Eric Holder suggested Wednesday that some financial institutions have become too large and are escaping full-fledged prosecution as a result.

Testifying before the Senate Judiciary Committee, Holder told lawmakers that he is concerned that some institutions have become so massive and influential that bringing criminal charges against them could imperil the financial system and the broader economy. His remarks come as a growing number of lawmakers have suggested that big banks are, effectively, “too big to jail.”

“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 you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” he said. “And I think that is a function of the fact that some of these institutions have become too large.”

He suggested that prior attempts to bring enforcement against banks may have been stifled by their outsize influence, saying it has an “inhibiting influence … on our ability to bring resolutions that I think would be more appropriate.”

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Read full The Hill article here

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