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Thursday, December 20, 2012

Too Big To Jail

What’s worse than unjust and ineffective laws like the failed War on Drugs and the failed sanctions on Iran?

Unjust and ineffective laws that apply to ordinary folks, but not to banksters:
When the Justice Department announced its record $1.9 billion settlement against British bank HSBC last week, prosecutors called it a powerful blow to a dysfunctional institution accused of laundering money for Iran, Libya and Mexico’s murderous drug cartels.

But to some former federal prosecutors, it was only the latest case of the government stopping short of bringing criminal money laundering charges against a big bank or its executives, at least in part on the rationale that such prosecutions could be devastating enough to cause such banks to fail.

They say it sounds a lot like the “too big to fail” meme that kept big but sickly banks alive on the support of taxpayer-funded bailouts. In these cases, they call it, “Too big to jail.”

This stings. It should sting anyone who cares about the idea of equality in front of the law, anyone who cares about the basic rule of law, anyone who doesn’t want to see their society devolve into a festering pool of feudalism.

According to the most recent data, there were 197,050 sentenced prisoners under federal jurisdiction of which 94,600 were serving time for drug offenses.There were 1,362,028 sentenced prisoners under state jurisdiction of which 237,000 were serving time for drug offenses. That’s over 300,000 individuals serving time currently for drugs offenses, in addition to over one million currently on probation. Now I don’t agree with the War on Drugs at all. But big banks are deemed too “systemically important” to be held to the same standard as the huge and disproportionately black population  of low-level drug users.
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3 comments:

lmclain said...

I keep telling all you anti-drug bozo's. It AIN'T Tyrone in Harlem making the drug trade happen. Its rich white bankers and (rich now) military officers who grease the wheels for the traffickers. Put tyrone in jail for 20 years for having a pound of pot. Let the bankers buy another jet. You have been brainwashed and, like the typical brainwashed fool, you don't even know it.

Anonymous said...

Dont forget BIG PHARMA no profit if u can grow ur own..they would lose billions

Anonymous said...

Excellent points. Makes one wonder if pot is decriminalized would it cause another banking crisis requiring another bail-out with money printed by the Fed and consequent collapse of the economy and complete destruction of the country.....