Eric Holder Punks Out: Says Big Banks Are Too Big to Jail

Eric Holder

Eric Holder

“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” he said. “And I think that is a function of the fact that some of these institutions have become too large.”

Those are the words of Attorney General Eric Holder..I want you to read that.. stop, reflect and read that again.. I don’t want any of you to dismiss it and say ‘Well that’s just the way it is..’ or ‘What else is new, government has always been like this..there’s nothing we can do about it..’

Holder uttered these words in response to Republican Senator Charles Grassley about why the Justice Department brought no criminal charges against HSBC, one of Great Britain’s largest banks after it admitted laundering money for parties in Iran, Libya and Mexican drug lords.

Again I ask you to stop think and reflect on this..

While its understandable that smashing back on the banks or Eric Holder will not be an overnight endeavor, we can not act like this is a problem to ignore. It should be an issue we raise up at every turn and push to demand accountability. We should demand it on the national level and we should demand it locally. We should be pushing for our local governments to sever ties with criminal institutions and we should be demanding that hard questions be asked of Attorney general and the our President who appointed him.. If you haven’t been touched by the nefarious activities of big banks in the form of foreclosures, downsizing increased banking fees, higher interest rates or the inability to get a loan, you will soon will be..For example, this is the same Eric Holder who’s Feds have been raiding and shutting down medical marijuana clubs all over the country in spite of overwhelming state approval both from voters and elected officials.. They’ll raid a pot club but will leave the fraudulent money laundering bank next door alone.. Go figure..

Today our friends over at Alternet dropped a good article on this… where they note as follows;

Holder’s outrageous admission means that bankers operate – and know they operate – above the law.  That renders all the argument about regulations and legal limits risible.  Bankers spend tens of millions lobbying to weaken regulations and starve regulators of authority and resources.  But when the action gets hot, the bubble starts to build, the music keeps playing, they can trample the laws, mislead the regulators and defraud their customers, bolstered by the confidence that the laws will not apply to them.

Holder’s argument, however, is indefensible.  There is no reason a bank with billions of assets could not survive the indictment of its CEO or CFO.  If the Fed and Treasury can “foam the runway” to protect otherwise insolvent banks from collapse, they surely could insure that a bank survives while its executives are held personally responsible for their crimes.  Putting a few bankers in jail and holding them personally accountable for their frauds would do much to bring sobriety back to Wall Street.

You can read the entire article Here.. Holder

President Obama Comes to Town.. What Will He Say to a City w/ a Lot of Questions & Concerns?

Obama comes to Oakland today

So President Obama is in town-Oakland, California. He came in last night and will be at the Fox Theater later this evening for what will be one of 3 fundraisers…I find it ironic that Obama would come to Oakland to raise money from our good citizens while his US Attorney appointee Melinda Haag has run roughshod over Northern Cali, directing federal agents to shut down state and city sanctioned medical marijuana facilities. Her actions run in stark opposition to what Obama and his Attorney General Eric Holder had said they would not do when they came trouncing around Oakland looking for money and votes back in 08.. So while Obama gets money from us..the city is now struggling to make sure the second largest contributors to its tax coffers are not permanently closed..

When Obama comes to speak tonight there will be a rally and protest starting at 12 noon.. you can get the info here..


When Obama comes to the Fox Theater tonight, it’ll be interesting to see he addressing the rampant police killings of unarmed civilians taken place up and down the state. From Oakland to SF to Vallejo to Stockton and now Anaheim. Over the weekend, we saw the outrage in Anaheim around the killing of Manuel Diaz and out of control police setting dogs on mothers and kids.. What took place in Anaheim was the second unarmed man killed by police in a week..Thus far this year, the city which is home to Disneyland the Happiest Place on Earth, has seen 7 civilians killed by APD.. The Happiest place on Earth.. More like the most Trigger Happy place on Earth.

We’ll see if Obama addresses these shootings or the recent ones in Oakland including ones involving Alan Bluford, Oscar Grant, Raheim Brown, Derrick Jones, especially since several of these cases have requested investigations from his Attorney General..With one African American being killed by police every 36 hours, folks in oakland are very aware of the problems with police.. I wonder if he’ll address the grief folks are feeling or if he’ll shower praise on a troubled OPD which has had to pay out close to 60 million dollars in brutality settlements over the past 10 years, and try to appeal to their union  I’m asking this in the context that OPD has been training Mexican Federales on how to deal w/ drug cartels.

In an area with large immigrant population, How will Obama address the record number of raids that have impacted both Latino and Asian communities here. In spite of us being a Sanctuary City, it has not stopped ICE from showing up here and breaking up families. Yes, we know, Obama made his recent gesture toward immigrant families by saying he isn’t going after young people, but what will he do to restore those families that have already been broken up? When he came in 08, he got everyone hyped by talking about how he was gonna push for comprehensive Immigration reform..

There will be a big rally today at 3Pm to Protest Obama sending the Feds in to Raid Oakland’s state sanctioned Medical Cannabis Clubs

In an area that filled with over 10 colleges and universities, wonder if Obama will address huge student debt and pending budget cuts directed at students.. It’ll be interesting to see what sort of inspiring message he gives the youth in Cali who have provided him a solid Blue state.. These young voters got out and gave him  a bunch of key congresspeople, 2 US Senators and a Governor he should be able to work with.. Those who voted for him in Cali did their part what will he do for them?Will he aggressively push for the Millionaire’s Tax? Will he direct new legislation or issue some sort of executive order to help stem rising tuition costs?

Lastly we have the issue of foreclosures.. Cali especially the bay Area has seen them massively impact folks, especially in Brown and Black communities. Yes, we know Cali AG Kamala Harris reached a deal with the banks that was ion fact better than most, but we should not forget that she had intense pressure from the White House to settle, in the meantime we still have folks out on the streets.. What does Obama say to them tonight? What does he say to Oakland, knowing the type of stranglehold his buddies at Goldman Sachs have had over the city which is directly and indirectly forced us to close schools  and give up other resources.. Some of the main opponents currently fighting Goldman Sachs are Black churches, which are a key voting block for Obama in Oakland..You can read about that HERE

Should be an interesting evening in Oakland w/ Obama in town..


Arizona Updates: Rebel Diaz Arts Collective Drops New Song-DOJ Visits Ground Zero


This weekend over 100 thousand people from all over the country came to Arizona for a Human Rights festival where they protested the unjust immigration law SB 1070.  They also came and protested the cutting of ethnic studies in Arizona colleges and the proposal to criminalize children born to immigrant parents. Thus far lots of songs have been penned addressing this issue. This is the latest cut courtesy of  Marcel Cartier of the REBEL DIAZ ARTS COLLECTIVE….The name of the cut is called Arizona Apartheid.

In other news..Arizona Immigration news…From the ImmigrationProf Blog

DOJ Visits the Valley of the Sun, “Preliminary” Assessment of Arizona Law Released, and SG Kagan


News keeps coming from Arizona, including the news of protests over the Memorial Day weekend of the state’s new immigration law..  On Friday, U.S. Department of Justice officials visited the state and informed the Arizona Attorney General and aides to the Governor over grave concerns with the new Arizona law. By the way, four Arizona professors, Jack Chin, Carissa Hessick, Toni Massaro, and Marc Miller, have prepared a “preliminary” assessment of Arizona’s latest effort at immigration regulation.

On Friday, the U.S.  government filed a brief in the U.S. Supreme Court supporting the granting a writ of certiorari in a legal challenge to the constitutionality of the Legal Arizona Workers Act (LAWA).  The Department of Justice focused on preemption, which is a central issue with respect to the constitutionality of Arizona’s new-if-not improved immigration law..

The U.S. Solicitor General filed a brief as Amicus Curiae in Chamber of Commerce of the United States of America v. Candelaria; the Acting Solicitor General,Neal Katyal, and head of the Civil Rights Division, Tom Perez, are the two lead counsel on the U.S. government’s brief — Elena Kagan, now a Supreme Court nominee but formerly the Solicitor General, not listed.  Download Candelaria[1]

There are three questions presented in the petition for certiorari,  The Solicitor General addressed each separately, concluding that the Supreme Court should hear the express preemption issue, but should not hear the E-Verify and implied preemption issues:

(1) Whether 8 U.S.C. 1324a(h)(2) — which “preempt[s] any State or local law imposing civil or criminal sanctions (other than through licensing and similar laws) upon those who employ, or recruit or refer for a fee for employment, unauthorized aliens” — expressly preempts the provisions of the Legal Arizona Workers Act (Arizona statute), Ariz. Rev. Stat. Ann. Sec. 23-211 et. Seq., that sanction employers for knowingly or intentionally employment unauthorized aliens.

The U.S. Solicitor General concxluded that this question warrants Supreme Court review. The Department of Justice (DOJ) argued that the Legal Arizona Workers Act, “at bottom” is not a licensing law, but a law that prohibits the hiring of unauthorized aliens. The DOJ also argued that the Ninth Circuit’s decision violates the maxim “that exceptions should not be permitted to ‘swallow the rule.” A state is prohibited from imposing even a tiny monetary fine, but LAWA allows the State of Arizona to terminate an employer’s entire business license. The Solicitor General also cites case law holding that courts should not give broad effect to the savings clause “where doing so would upset the careful regulatory scheme established by federal law” and argued that LAWA upsets the careful balance in IRCA between preventing discrimination and employer sanctions.

(2) Whether a state or local government may require employers to enroll and participate in the federally created and administered E-Verify program.

After making several statements suggesting that the Ninth Circuit holding regarding the E-Verify requirement in LAWA was incorrect, the Solicitor General nonetheless concludes the Supreme Court review of the E-Verify question is not warranted. In support of this conclusion, the Solicitor General pointed out that there is no enforcement mechanism if employers fail to use E-Verify. The DOJ then suggested that due to the evolving nature of E-Verify and the potential for federal Congressional action, that the Court allow the possibility that political action will address the E-Verify question.

(3) Whether the Arizona statute is impliedly preempted because it undermines what Hoffman Plastic Compounds, Inc. v. NLRB, 535 U.S. 137, 147 (2002), describes as a “comprehensive scheme” to regulate the employment of unauthorized aliens.

The Solicitor General concluded that the implied preemption issue does not warrant Supreme Court review, arguing that Hoffman is irrelevant because it did not involve preemption or state regulations. But more importantly, the Solicitor General stated that addressing implied preemption was not necessary because IRCA expressly preempts the employer sanctions provisions of IRCA.

Return to Davey D’s Hip Hop Corner