Eric Holder Hospitalized After Faintness, Shortness Of Breath
Eric Holder Hospitalized After Faintness, Shortness Of Breath U.S. Attorney General Eric Holder was hospitalized Thursday after experiencing faintness and sh...
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Eric Holder Hospitalized After Faintness, Shortness Of Breath - Video
"No One is Too big to Jail" - US Attourney General Eric Holder, May 5th, 2014
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"No One is Too big to Jail" - US Attourney General Eric Holder, May 5th, 2014 - Video
Holder: No Such Thing As #39;Too Big To Jail #39;
US Attorney General Eric Holder warned Monday that no financial institution should consider itself "above the law," amid investigations into alleged tax evasion and money laundering by European...
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Holder: No Such Thing As 'Too Big To Jail' - Video
No such thing as 'too big to jail':AG Holder
Attorney General Eric Holder discusses the Department of Justice's belief that no company, no matter how big, is above the law, including the big banks. "No individual or company," he says, "is above the law.
Columbia Law School Professor John Coffee said Holder's words marked a potential retreat from March 2013 Senate Judiciary Committee testimony, in which he said "it does become difficult for us to prosecute" major banks because the action could harm the U.S. or global economy.
"If it's a deferred-prosecution agreement, it would be hard to call it a real turnaround," said Coffee. "If it's an indictment only of a (bank) subsidiary, it's a partial turnaround. But if he indicts the parent (company), that's a significant turnaround."
Coffee predicted Holder's comments about criminal charges could trigger broader bank industry reaction. Referring generally to financial wrongdoing, Coffee said "maybe they'll start saying it's not just the cost of doing business any more."
But Shulman Rogers attorney Jacob Frenkel warned that Holder's comments could have "a destructive effect rather than a deterrent effect."
"I have talked to general counsels who have questioned why they want to remain a corporation domiciled in the United States in such a regulatory-unfriendly environment," said Frenkel, a former federal prosecutor and Securities and Exchange Commission lawyer. "There are long-term ramifications to such messages."
Read MoreHow US plans to use tax law to punish Russian banks
Rather than speaking in broad conceptual terms, Frenkel said Holder should "bring the cases you think are appropriate to bring, and then explain why you have brought them. Regardless of whether they agree, people understand charging violations of law."
Nancy Bush, an independent banking analyst, said Holder's comments heightened focus on a much-discussed financial issue: "Can you criminally indict a bank without disqualifying it as a (trading) counterparty, in which case you may totally screw up liquidity in the banking system?
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Holder's warning sparks caution, criticism
Eric Holder is talking a big game.
The US Department of Justice chief is preparing criminal charges against at least two banks in a move to end too big to jail institutions, the Attorney General said in a video posted Monday on the Justice Web site.
In fact, federal prosecutors are close to obtaining a guilty plea and a settlement of more than $1 billion from one of the banks, Credit Suisse, the Wall Street Journal reported Monday night.
While Holder didnt name names in the video, prosecutors have been clamping down on a Citigroup subsidiary, BNP Paribas, and Credit Suisse, according to people familiar with the investigations.
Justice is looking into Citis Mexican banking unit, Banamex, according to a regulatory filing on Friday.
BNP Paribas, Frances second-largest bank, allegedly did business with blacklisted countries like Sudan, while Credit Suisse is said to have provided illegal tax shelters, one person said.
Prosecutors from Justice, US Attorney Preet Bharara and Manhattan District Attorney Cyrus Vance Jr., are exploring ways to hit Credit Suisse and BNP with criminal charges without putting them out of business, source said.
One way to do so would be to strip them of their ability to use dollars for clearing transactions, according to the source.
The departments punishment would be harsher than when it pursued HSBC for helping Mexican drug cartels launder money and doing business with banned countries like Iran.
HSBC, the largest European bank by assets, paid $1.92 billion in fines instead of pleading guilty.
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Eric Holder: Theres no such thing as too big to jail