VANCOUVER (Bullions Bull Canada) -- A few years ago I wrote a piece entitled "Why Too Big To Fail = Too Big To Exist" with respect to the Wall Street banking oligopoly and its "friends" in other bankster-dominated Western regimes.Last week, U.S. Attorney General Eric Holder demonstrated the truth of that proposition by asserting these banks were now "too big to prosecute." Translation: He, and the rest of the Justice Department, are refusing to perform their sworn duties and uphold the rule of law in the United States because it's inconvenient. Outrageous. Apart from the pathetically servile attitude the "Justice" Department is taking with respect to crimes committed by the Wall Street oligopoly, its argument is totally without merit. Obviously, sending criminals to prison would not cause people to lose confidence in the U.S. financial system. What has already caused much/most of the world to "lose confidence" in the U.S. financial system (as evidenced by all of the banksters' "markets" that have withered and died since 2008) is refusing to send the criminals to prison. It is highly instructive on several levels to note that a U.S. Senator described the position/attitude of Holder and the rest of the 'Justice' Department posers as equivalent to giving the banksters a "get-out-of-jail-free card." What is the origin of this metaphor? The game of Monopoly. A "get-out-of-jail-free card" or the Justice Department openly refusing to prosecute banksters means simply one thing: being above the law. The only possible context where white-collar criminals could/can be above the law is if they are part of a monopoly or oligopoly. In my original piece from 2009 I explained why the instant the Wall Street oligopoly (and its European brethren) portrayed themselves as "too big to fail" they removed beyond any possible shadow of a doubt they were now "too large to exist." TBTF is nothing less than an official mantra of blackmail, based on a perpetual/implicit threat: "keep us alive...or else." There are no possible circumstances under which a society could/should allow itself to be perpetually blackmailed by what is literally a corporate crime syndicate. In claiming that they were "too big to fail" the big banks immediately confessed they were now too large to exist.
Put another way, there is no possible "harm" that could result from smashing this banking oligopoly into little pieces that could ever equal the harm of living in an economic system subjected to the perpetual coercion, blackmail and endless acts of financial malfeasance of this white-collar crime syndicate. Indeed, this same financial cabal tried to economically obliterate Iceland when it threw the financial oligarchs out of its own nation. Instead, by purging itself of this crime syndicate Iceland became the first and only banker-dominated economy to actually recover/escape from the financial carnage created in the Crash of 2008. Similarly, when the sycophant/apologist Eric Holder insists the banksters are now "too big to jail" he instantly and conclusively proved these criminals must be brought to justice immediately. Just as there is no possible scenario in which the TBTF crime syndicate could be allowed to engage in perpetual blackmail there is no possible scenario where these individual banksters could be allowed to be above the law. There is nothing even slightly "theoretical" about this stating of the obvious. This financial crime syndicate has already perpetrated (by dollar value) the largest, serial crime spree in the history of humanity by a factor of more than 1,000, with their $500+ trillion Libor fraud merely being the latest example of the crime that has already been exposed. Where is the "gray area" here in deciding whether or not the worst criminals in the history of our species should be prosecuted, jailed and then left to rot there until the end of time? What is most pathetic here is the corrupt pattern of covering up crime by the U.S. government. The same rotten plutocracy that rammed through an "indefinite detention" law allowing it to lock up the Little People indefinitely without trial or public evidence being presented spends even more time/effort hiding and apologizing for the crimes of the oligarchs. Prior to this outrage, it was only a few months earlier the federal government bullied U.S. states into agreeing to sweep tens of millions of acts of mortgage-fraud under the carpet -- a very, very big get-out-of-jail-free card.
Jail the little people with impunity, irrespective of whether you have cause, proof, or trivial formalities like a "public trial." Cover up the crimes of the big people, no matter how large the crime or how long the trail of victims left in its wake. How many bankers have gone to jail following the conspiracy among the world's largest banks to fraudulently manipulate the $500+ trillion Libor interest rate? Zero. How many bankers might go to jail, once our corrupt regimes have finished with their token slap-on-the-wrist? Zero. How many of the little people were sent to jail in the U.S. last year for possession of marijuana? It is as outrageous as it is ironic that the same regime that claims to be so "tough on crime" that it literally starts "wars" on it is, in fact, an accomplice of the worst crime syndicate to ever exist on this planet. Its excuse as to why it refuses to touch the Wall Street criminals is the biggest farce of all: It would be too damaging to the U.S. economy to prosecute the Wall Street criminals. Seriously? There is absolutely no "issue" here. The Wall Street criminals must be prosecuted immediately, and must be punished to the absolute full extent of the law. Indeed, committing the biggest crimes in history may require enlarging sentencing guidelines so that the proverbial "punishment fits the crime." The only related issue still to be decided is this: When the Wall Street oligarchs are eventually imprisoned for their crimes, should the corrupt politicians and pseudo-regulators who first facilitated and then covered up this crime wave be given adjoining cells? "Too Big To Fail" is simply the government caving in to blackmail from the world's largest crime syndicate. However, "Too Big To Jail" is nothing less than a conscious decision to serve and protect those same criminals. Follow @bullionbulls This article was written by an independent contributor, separate from TheStreet's regular news coverage.