What's this mean? Essentially the federal government just admitted that, by their own policy, the big bankers are above the law. Hopefully people will wake up to the fact that this doesn't make the bankers innocent, it makes the federal government an accessory to their crimes.
WASHINGTON -- The federal government until recently shielded big banks from criminal prosecution out of concern that convictions may damage the financial system, a top Federal Reserve official said Friday, explicitly acknowledging a policy long denied by the Obama administration.
The admission came during a tense exchange between William Dudley, president of the Federal Reserve Bank of New York, and Sen. Sherrod Brown (D-Ohio) at a Senate Banking Committee hearing meant to explore the cozy relations between federal regulators and the banks they supervise.
http://www.huffingtonpost.com/2014/11/21/fed-too-big-to-jail_n_6201476.html
