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March 7, 2013

Holder says some banks are ‘too large’

Washington’s top law enforcement officer told Congress that some banks were “too large”, impeding attempts to bring criminal prosecutions, and feeding suspicion among lawmakers who believe that some bankers are “too big to jail”.

Responding to criticism that HSBC escaped criminal prosecution for money laundering violations, Eric Holder, US attorney-general, said his lawyers were wary of the “negative impact” on the economy from prosecuting a large financial institution.

He said he would not comment directly on HSBC, which admitted money laundering offences in December, but there was a deterrent effect from the size and scope of the largest banks.

“That is a function of the fact that some of these institutions have become too large,” Mr Holder said, in perhaps the most explicit public admission of concern by a senior Obama administration official regarding big financial groups.”

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Read full Financial Times article here

 
 
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