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From Tom Sullivan over at Scrutiny Hooligans, a big honking clue as to whether any bankers will ever go to jail, no matter what they do:
BUS 2012: Introduction to Risk Management. To minimize your risk of prosecution for white collar crimes, go BIG. Maximize both the upside returns and the potential for collateral damage that would result from your prosecution.U.S. Attorney Preet Bharara, the latest sheriff of Wall Street, sat down last week with ‘Mad Money’ Host Jim Cramer.Business Insider‘s Larry Doyle worries that, despite recently indicting some financiers, Bharara signaled what we all suspected, that the biggest of the Big Money Boyz are too big to jail:
Are certain institutions — and in my opinion, certain individuals — by definition, “too big to prosecute?” In a nation of laws, no institution nor individual should ever be “too big to prosecute.” Then why haven’t we seen the indictments and prosecutions of senior executives at major firms on Wall Street?
Let’s listen to the U.S attorney for the southern district of New York, Preet Bharara, address this topic. You do not need to listen too hard to understand what Bharara is saying on this topic. While Bharara provides the standard party line that no institution is “too big to prosecute,” he qualifies his answer in such a fashion that we should NEVER expect to see major indictments on Wall Street.
Yeah, he tends to undercut his first statement when he then says there are so many factors that go into judging who to prosecute. I mean, we're not seeing anyone at the top get indicted, and actions speak much, much louder than words.