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Jonathan Weil

There Is Still Such a Thing as 'Too Big to Jail'

Eric Holder is backtracking when he says there's no such thing as "too big to jail."
You probably wouldn't find any bankers here. Photographer: Daniel Acker/Bloomberg
You probably wouldn't find any bankers here. Photographer: Daniel Acker/Bloomberg

Some things shouldn't have to be said. Take yesterday's three-minute video message from U.S. Attorney General Eric Holder. He began: "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," he continued. "That view is mistaken, and it is a view that has been rejected by the Department of Justice."