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By Marie-Louise Gumuchian and Jomana Karadsheh, CNN

updated 8:42 AM EDT, Mon May 5, 2014

STORY HIGHLIGHTS

Tripoli (CNN) -- After a chaotic day that saw Libya pick a new prime minister only for the vote be declared invalid hours later, the volatile North African country appears to have a new premier -- the fifth in more than two years.

The General National Congress, Libya's transitional parliament, seemed to have selected a new prime minister on Sunday, choosing businessman Ahmad Mitig during a lively legislative session that saw several rounds of voting.

But almost as soon as Mitig was sworn in, the deputy speaker declared the election invalid.

On Monday, the Congress confirmed Mitig as Libya's new prime minister after approving his appointment.

"Ahmad Mitig was appointed head of the transitional government, and asked to form his cabinet and present it to the GNC for a confidence vote within 15 days," said a decision signed by Congress Speaker Nuri Abu Sahmein.

"This decision is in effect from date of publication ... and anything that contradicts it is nullified and all those concerned must implement it."

The resolution was numbered as "No. 38" and dated May 4 but published Monday.

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Libya gets new premier

U.S. Attorney General Eric Holder said his department is readying criminal cases against banks that show financial institutions arent too big to prosecute.

Holder, in a video message posted today on the departments website, said improved coordination with regulators is creating a relationship that will prove key in the coming weeks and months as prosecutors pursue charges. The government is nearing decisions on whether to charge Credit Suisse Group AG (CSGN) and BNP Paribas SA, (BNP) people familiar with those probes said. Holder didnt specify any banks.

I am personally monitoring the status of these ongoing investigations, he said, speaking generally. I am resolved to seeing them through, and in doing so, I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law.

Holder has faced criticism from lawmakers who said the Justice Department failed to hold bank executives criminally responsible for their roles in the worst financial crisis since the Great Depression. His department also was faulted for resolving cases against banks with settlements letting them escape criminal charges by paying fines, improving controls and promising not to break the law. At least 20 such agreements with financial firms have been entered into during Holders five-year tenure, according to a compliation published by law firm Gibson, Dunn & Crutcher.

The three-minute video, which is part of a weekly series, contrasts with Holders comments from more than a year ago, when he told Congress that criminal charges against a large, interconnected bank -- something that might threaten its existence -- could also damage national or global economies.

That the size of some of these institutions becomes so large that it does become difficult for us to prosecute them, he said in March 2013.

Prosecutors are taking the unusual step of drawing attention to claims before they are filed. Manhattan U.S. Attorney Preet Bharara predicted in a March speech that ``before too long a financial firm would be charged criminally or plead guilty to a felony. He also echoed the message in a post on Twitter Inc.s messaging service.

The Justice Department is weighing charges against Credit Suisse, the largest of 14 Swiss banks under criminal investigation in a U.S. crackdown on offshore tax evasion, according to people familiar with the matter who requested anonymity because they arent authorized to discuss it publicly.

The bank has been negotiating a deferred-prosecution agreement similar to one that UBS AG, (UBSN) the largest Swiss bank, reached with the Justice Department in 2009, a person familiar with the probe has said. The resolution could involve criminal charges against Credit Suisse or a unit, the person said.

BNP Paribas has been the subject of a federal probe into possible violations of sanctions barring business with prohibited countries. BNP Paribas said last week that it may need to pay more than the $1.1 billion it had already set aside for the case. The probe focuses on dealings tied to Iran, Sudan and Cuba, a person with knowledge of the matter said earlier this year.

The rest is here:
Holder Signals Criminal Charges Coming Against Some Banks

U.S. Attorney General Eric Holder said Monday that no person or bank, no matter how large or how profitable, is immune to prosecution if they break the law.

"There is no such thing as 'Too Big to Jail,'" Holder said in a weekly address on the Justice Department's website.

The comments came as federal prosecutors push two banks, BNP Paribas SA and Credit Suisse AG, to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

U.S. Attorney General Eric Holder said no person or bank is immune to prosecution if they break the law.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is "resolved to seeing them through."

French bank BNP Paribas warned last week it faces fines from U.S. authorities in excess of $1.1 billion over allegations that it violated U.S. sanctions against Iran and other countries.

The Swiss finance minister met Holder on Friday to discuss a U.S. probe into Swiss banks that allegedly helped Americans evade U.S. taxes, which includes Credit Suisse.

First published May 5 2014, 8:17 AM

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Attorney General Holder: No Such Thing as "Too Big to Jail"

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.

The U.S. Justice Department is pursuing criminal investigations of financial institutions that could result in action in the coming weeks and months, U.S. Attorney General Eric Holder said in a video, adding that no company was "too big to jail.''

The comments, made in a video posted on the Justice Department's website on Monday, came as federal prosecutors push two banks, BNP Paribas and Credit Suisse, to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is "resolved to seeing them through.''

"I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law,'' Holder said in the video. "There is no such thing as 'too big to jail.'''

French bank BNP Paribas warned last week it faces fines from U.S. authorities in excess of $1.1 billion over allegations that it violated U.S. sanctions against Iran and other countries.

Continued here:
US closer to charging banks

WASHINGTON - Foreshadowing possible criminal charges against banking giants Credit Suisse and BNP Paribas, Attorney General Eric Holder offered an ominous warning Monday, saying, "There is no such thing as too big to jail.''

"Some have used that phrase to describe the theory that certain financial institutions, even if they engage in criminal misconduct, should be considered immune from prosecution due to their sheer size and their influence on the economy,'' Holder said during a weekly video message posted on the Justice Department website.

"That view is mistaken. And it is a view that has been rejected by the Department of Justice. To be clear: No individual or company, no matter how large or how profitable, is above the law. When the Department of Justice conducts investigations, we will always follow the law and the facts wherever they lead.''

Holder did not identify the targets of the inquiries by name, but a Justice official confirmed that federal prosecutors are close to wrapping up investigations involving the two banks and will likely be announcing criminal charges in the coming weeks. The official is not authorized to comment publicly on the pending criminal investigations.

Federal prosecutors have been investigating BNP for alleged violations of U.S. sanctions lodged against countries, including Iran and Sudan. Credit Suisse, meanwhile, is being targeted for allegedly providing illegal tax shelters for Americans.

The criminal inquiries have been proceeding as prosecutors and regulators attempt to resolve the matters without creating havoc in the larger financial system.

"It is true that criminal charges involving a financial institution can sometimes trigger serious follow-on actions by that company's financial regulators,'' Holder said Monday "In some cases, it may even trigger the loss of the institution's charter.''

The attorney general said it would be "irresponsible not to consider'' such damaging results.

"But rather than wall off banks from prosecution, the potential for such severe consequences simply means that federal prosecutors conducting these investigations must go the extra mile to coordinate closely with the regulators that oversee these institutions' day-to-day operations,'' Holder said.

"So long as this coordination occurs, it is fully possible to criminally sanction companies that have broken the law, no matter their size.''

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Holder warns banks: 'No such thing as too big to jail'