Matt Taibbi on How We Let Banks Off the Hook

Journalist Matt Taibbi assesses the Obama Administration’s approach to holding banks accountable for their behavior, and early indications are not promising. Taibbi tells Bill that fearing another economic calamity is no excuse for turning a blind eye to shockingly unethical decisions and management.

“The rule of law isn’t really the rule of law if it doesn’t apply equally to everybody. If you’re going to put somebody in jail for having a joint in his pocket, you can’t let higher ranking HSBC officials off for laundering $800 million for the worst drug dealers in the entire world,” Taibbi tells Bill. “Eventually it eats away at the very fabric of society.”

Watch Bill’s full conversation with Matt Taibbi.

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  • Jimmy

    Considering the new SEC pick is to regulate her former clients, and the new treasury pic is to regulate his former bailout lender, the Justice department should feel right at home. The only ones that are going to be hooked in this environment will be the taxpayer.

  • Strawman411

    Mr. Taibbi has been shouting from the rooftops on this and related subjects for a long time.

    It is past time for the MSM to start paying attention, and to call for (Wall St.) heads to roll.

  • Syed Ashraf Meer

    Sadly, the rich and powerful have always made the poor and disenfranchised suffer for their sins. I suppose that is why in religion we are promised paradise in the next life, we aren’t going to get it in this one.

  • Syed Ashraf Meer

    Sadly, the rich and powerful have always made the poor and disenfranchised suffer for their sins. I suppose that is why in religion we are promised paradise in the next life, we aren’t going to get it in this one.

  • Connie Williams

    Unfortunately, this is nothing new…We should empty the prisons of non violent drug-related offenders and put the white collar criminals in their place! The racial disparity would be seen more clearly by Americans if all the people in prison were white.

  • overdoneputaforkinit

    They accept the explanation from whomever has the most money. It works that way whenever the difference in power between victim and perpetrator is very large.

  • Charles Reed

    The truest statement that was never made. Yes I believe at first Obama may have believe his advisers, but now I believe he just chooses to ignore it because he used the heartache to win the election and now he not got the financial backing to be able to help America.

    So Obama now stuck with the phony statement “people wanted to live outside their means”.

    Yesterday in Chicago a 15 year old girl was murdered because her parent did not dream out of that community!

  • Anonymous

    Another pathetic lesson on why the greedy want more money, it allows them greater capacity. Once we get past the denial issue, ie., that marijuana is the problem not our sick society, we can look to create/elect a far more enlightened government.

  • ccaffrey

    “The most common way people give up their power is thinking they don’t have any.” – Alice Walker

  • Michael Pettengill

    What is not asked of Taibbi reflects a radical left-wing bias.

    Why did you not ask, “why is Obama accused of being an anti-business socialist by Republicans if his administration is being so friendly to business?”

    “Why are Republicans not demanding a big crack down on the CEOs of the banks and big corporations for their obvious crimes – why is the opposition party in control of the House not exercising oversight on the prosecution by Justice and the SEC?”

    “Why do the American people want less government, less government oversight and regulation, as reported in surveys recently?”

    “Given the attacks on Obama as anti-business, anti-bank, anti-free market by Republicans, the attacks on the weak Dood-Frank law, the lack of any action by the House Republicans to seek strong prosecution efforts by Justice and SEC and instead active efforts to weaken regulation, isn’t Obama simply responding to the will of the American people which seems to want the banks and corporations treated with kid gloves?”

    President Obama is after all, the president of all of We the People, not just president of the black people, the president of Democrats, the president of the radical leftists, so should he not govern based on the will of We the People as reflected in who the vote into Congress? Voters are not paid for their votes, and it is absolutely clear from all the money in politics that the Republicans are the Party of anti-government involvement in business, and while Obama defeated Mitt Romney, is did not do so because he was a big government liberal, but because he drove up Romney’s negatives, not for being rich, but more because he put his dog on top his car decades ago.

  • VforVictory

    To quote you:

    “Republicans are the Party of anti-government involvement in business”.

    Paul Ryan then appeared on a Boston talk radio program and denied he lobbied the Obama administrationfor the home state aid.
    On October 28, 2010, after the Wisconsin Republican penned at least five letters to two federal departments seeking grants under the Obama administration’s economic recovery package, Ryan responded to a caller on WBZ’s Nightside with Dan Rea who asked if he sought any of the money. Ryan said that he would not vote against something “then write to the government to ask them to send us money.”

    And I won’t even go into the lies and tax avoidance that Romney took part in.

    He lost the vote for many reasons, for starters: tax avoidance; hiding money in a Cayman Island Bank; Oppressive language about the poor (47%); lies about struggling when he never has. Those were probably the top 4 things that were brought into the light that made people lose interest in him.

    As for Obama, he is just like all the other big money corporate whores that run this country. Which would include your “magic underpants” wearing Romney.

    When you realize that the corporations control our government and not the other way around then you will stop fighting with us and go after the ones who deserve your wrath.

    It’s not Republican vs. Democrat. They are all the same. Wolves in sheep’s clothing. What is truly at the crux of it is the Rich oppressing the poor, who by the way, used to be middle class.