Warren: What Does It Take To Jail Bankers?
By lucas@endneoliberalism On 7 Mar, 2013 At 10:38 PM | Categorized As Progressive Politics | With 0 Comments

Sen. Elizabeth Warren (D-Mass.) pushed for tougher penalties on banks caught money laundering hundreds of millions of dollars in drug money. “If you’re caught with an ounce of cocaine, you’re going to go to jail… But if you launder nearly a billion dollars for international cartels and violate sanctions you pay a fine and you go home and sleep in your own bed a night.”

3579096098_c3bc93ecf7Today’s Senate Hearing on money laundering slammed federal regulators who were pushed for expert advice on how to punish banks according to their crimes, from jail time to shutting banks for good.

All across the corporate world, big businesses pay fines that represent a short percentage of their profits and continue with business as usual. This one small battle will hopefully set a precedent for historic reform.

Picture credit: By Ken Mayer/ CC BY 2.0

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