The attorney general of the United States says the country’s largest banks may be too big to jail, but the former chief economist for the International Monetary Fund isn’t exactly convinced.
Simon Johnson, the former top IMF economist and a current professor at the MIT Sloan School of Management, published a blistering editorial in Bloomberg News this week that makes an argument for imprisoning the banksters responsible for the nation’s last financial crisis – and possibly the next one – much to the chagrin of Attorney General Eric Holder.
Large international banks, writes Simon, are guilty of money laundering to the degree of epidemic proportions. If recent admissions from the biggest name in the American economy are any indication, though, they have nothing to fear.
“Governor Jerome Powell, on behalf of the Board of Governors of the Federal Reserve System, recently testified to Congress on the issue, and he sounded serious. But international criminals and terrorists needn’t worry. This is window dressing: Complicit bankers have nothing to fear from the U.S. justice system,” writes Simon.