Former Attorney General Eric Holder famously said some banks were too big to jail. He recently reiterated that government prosecutors under his reign were correct in their enforcement approach of leveling “record-setting penalties” against financial institutions rather than “trying to make examples of people” by throwing them in jail. He claims that the nature of the eye-popping penalties that he extracted from these banks changed bank culture for the better without the need to jail the individual executives at the helm.
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