Senator Warren: Crooked Banks ‘Do Not Have Much Incentive to Follow the Law’

Bank of America

Via Raw Story:

In a letter (PDF) sent to Federal Reserve Chairman Ben Bernanke, Attorney General Eric Holder and SEC Chair Mary Jo White on Tuesday, Sen. Elizabeth Warren (D-MA) demanded to know why the government keeps accepting financial settlements from criminal bankers when they could instead be taken to trial, convicted and locked up.

Senator Warren wrote (emphasis added):

The consequence can be insufficient compensation to those who are harmed by illegal activity and inadequate deterrence of future violations. If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law.

UPDATE: Holder Says Leak Required “Very Aggressive Action”… Bank Crimes, Not So Much

  1. #1 by brewski on May 15, 2013 - 5:05 pm

    Crooked politicians do not much have much incentive for following the law.

    • #2 by cav on May 17, 2013 - 8:38 am

      Like a political party attempting to register for tax free status as a “social welfare” operation? Isn’t that attempted fraud? I’d say somehow the incentive was to actually break the law. How else is their bogus political ‘philosophy’ ever going to maintain it’s position in the flow of money?

  2. #3 by Larry Bergan on May 17, 2013 - 12:00 am

    Laundering drug money never shows up on the radar. 🙁

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