6 May, 2014
The banksters too big to jail – Sydney Morning Herald
Australian Funds manager Mike Mangan of 2MG keeps a passing eye on some of the less salubrious aspects of banking in his newsletter for clients. His current missive deals with banks that are not just too big to fail, but “too big to jail”. More worryingly, he suggests some of them might also be “too big to save”.
Mangan’s quote of the day comes from New York prosecuting attorney Preet Bharara: “…financial institutions will do almost anything to avoid a tough enforcement action and therefore have a natural and powerful incentive to make prosecutors believe that death or dire consequences await. I have heard assertions made with great force and passion that if we take any criminal action, the skies will darken; the oceans will rise; nuclear winter will be upon us; and the world as we know it will end.”
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