No Bank Is Too Big To Jail, Holder Says

Jan 24, 2014 by

 

 

Reuters   |  Posted: 01/24/2014 10:17 am EST  |  Updated: 01/24/2014 10:59 am EST

 

holder too big to jail

WASHINGTON, DC – SEPTEMBER 30: U.S. Attorney General Eric Holder speaks during a press conference announcing Department of Justice plans to sue North Carolina over Voter ID regulations at the Department of Justice on September 30, 2013 in Washington, DC. Under the new law North Carolina residents are required to show a photo ID at polling places which some believe threatens the voting rights of minorities. (Photo by Kris Connor/Getty Images) | Kris Connor via Getty Images

 

WASHINGTON (Reuters) – No American financial institution is too large to indict and no bank executive immune from criminal prosecution, Attorney General Eric Holder said in a television interview.

 

In an interview with MSNBC scheduled to be broadcast on Friday, Holder cited the case against JPMorgan Chase & Co, which in November agreed to a civil settlement under which it would pay $13 billion to end a series of government investigations into its marketing and sale of mortgage-backed securities.

 

The settlement with JPMorgan, the largest U.S. bank, allowed prosecutors to pursue criminal charges if warranted, and that investigation is ongoing.

 

“There are no institutions that are too big to indict,” Holder said, according to an MSNBC transcript released before the interview.

 

“There are no individuals who are in such high level positions that they cannot be indicted, criminally investigated,” he said.

 

The Justice Department is investigating “significant financial institutions,” Holder said without elaborating.

 

“And the focus of those investigations is not only on the institutions but on individuals as well,” he told MSNBC.

 

Holder told Reuters in December the Justice Department plans to bring civil mortgage fraud cases against several financial institutions early in 2014, using the JPMorgan case as a template.

 

(Writing by Doina Chiacu; Editing by Steve Orlofsky)

 

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