When I was a child, and before, the US government used to prosecute corporations that became monopolies because this is unfair to consumers and to other businesses. In short it is an obvious corruption of the basic tenets of capitalism, which we see with the socialization of risk in TARP and “too big to fail”.
They broke up AT&T when I was a child, and I read about the fights with Standard Oil and others that took over whole sections of the economy in the past. And then….suddenly it just became Ok for certain industries to be pretty much wholly owned and run by one or two huge corporations-Think Microsoft, or Cargill(agriculture from field to table), or the monstrous “Beatrice”(that owns Proctor and Gamble, most of the cigarrette companies and many many other huge companies).
This is the very heart of the corruption we need to eliminate in order to take our country and our planet back from these criminal cabals. Please sign and share widely-every action we take to prosecute the top criminals chips away at the power they have over all of us!
Eric Holder’s stunning admission
The most amazing thing just happened.
The Obama Administration finally admitted the truth of what we’ve been saying all along: giant Wall Street banks have become too big to prosecute. In testimony on Wed, March 6, US Attorney General Eric Holderthe nation’s top copsaid,
“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them … I think that is a function of the fact that some of these institutions have become too large.”1
Tell President Obama to end the Administration’s policy of treating Wall Street banks as too big to fail and too big to jail by taking immediate steps to break up the big banks and prosecute the criminals who used them to destroy our economy.
Now we understand why the Obama Administration has failed to bring criminal charges against a single major Wall Street bank or executive for systemic fraud that brought down our economy. When the Attorney General openly admits that the most powerful members of society won’t be prosecuted for even the most egregious of crimes, we are in deep trouble as a nation.
Remember that we gave Wall Street bankers $700 billion in TARP bailouts and $2.5 trillion in investments, loans, and guarantees to shore up their business (and outrageous bonuses)2 on the theory that letting them collapse would create a generation-long Depression. In return it seems fair to demand accountability for the actions that brought us to that point. Now it turns out the Administration never had any intention of seeking accountability.
That’s why we’re demanding an immediate end to this unconscionable policy that puts the wishes of Wall Street 1%ers above the well-being of working families, most especially those hardest hit by the criminal actions of these very same people.
The Campaign for a Fair Settlement has pushing hard during the first hundred days of President Obama’s second term for real accountability for the Wall Street criminals who stole our homes, savings, and pensions and destroyed our economy. We think this is the only way he’ll secure his legacy as a champion of justice for the millions of homeowners, taxpayers and retirees harmed by Wall Street criminals. This revelation makes this all the more urgent.
It’s break up time. Now or never.
Executive DirectorAction for the Common Good, and
Campaign DirectorCampaign for a Fair Settlement