Attorney general to resign, spent final year fighting financial crime

by Rachel.Norvell26 Sep 2014

Eric Holder spent his last year making up for lost time by pursuing the nation’s largest banks for their role in the financial crisis.

The U.S. attorney general announced his resignation Thursday after nearly six years as the nation’s top prosecutor. Holder has spent the last year making up for lost time in an effort to hold banks accountable for their role in the financial crisis, according to Bloomberg News.

Holder was criticized during his tenure for not prosecuting the largest banks and their top executives. He was reported saying in a March 2013 Senate Judiciary Committee meeting that some banks are too big prosecute.

“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” Holder said, according to a March 2013 Wall Street Journal article. “And I think that is a function of the fact that some of these institutions have become too large.”

However, since last fall, Holder has pursued a series of multibillion-dollar penalties against big financial institutions, including the nearly $17 billion settlement last month with Bank of America. The Justice Department also announced in July a $7 billion settlement with Citigroup, and last year, JPMorgan agreed to a $13 billion settlement.

No decision has been made on Holder’s replacement.


  • by Jason Nolan | 9/26/2014 11:00:23 AM

    Eric Holder was the best friend the financial industry ever had. He was a paper tiger, pointing to "record" settlements as some sort of evidence that justice was being served. All the while, Dimon, Blankfein and the rest of the criminal cartel are literally "laughing all the way to the bank". Good riddance. In the meantime, let's make sure we close down a few mortgage brokers in Schitscreek, AR since they are the real problem.

  • by Brion McDermott | 9/26/2014 11:09:18 AM

    Excellent response Jason Nolan, you have a grasp of our mutual problem. Unfortunately Holder leaving will only bring another political AG into the fold. It's amazing that we've never received an apology for "not creating" the financial meltdown now that they've proven the banks and investment houses were the real culprits..............but then they already knew that way back when!!

  • by Wm Matz | 9/27/2014 8:59:23 AM

    In the OCT 2010 Niche Report my feature article about why lenders were not doing mortgage mods I included a detailed refutation of Dimon's claim that brokers were responsible for the crisis. Holder's belated interest in the mortgage crisis has little benefit for the borrower. But as we win more and more individual cases against the banks, there looms the possibility of death by a thousand cuts.


Is TILA-RESPA a good or bad thing long term?