cdu likelyup soon in senate inquiry into asic, page-214

Hi
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There have been comments by some CuDeco posters on Hot Copper that no action will be taken against the Financial Systems and that there will be no action taken in connection with trading activities on the ASX

Foreshadowing possible criminal charges against two banking giants , the Washington USA Attorney General offered an ominous warning this week saying, "There is no such thing as too big to jail.''
"Some have used that phrase to describe the theory that certain financial institutions, even if they engage in criminal misconduct, should be considered immune from prosecution due to their sheer size and their influence on the economy,'' the Attorney General said on the Justice Department website.

"That view is mistaken," "And it is a view that has been rejected by the Department of Justice. To be clear: No individual or company, no matter how large or how profitable, is above the law. When the Department of Justice conducts investigations, we will always follow the law and the facts wherever they lead.''

The criminal inquiries have been proceeding as prosecutors and regulators attempt to resolve the matters without creating havoc in the larger financial system.

"It is true that criminal charges involving a financial institution can sometimes trigger serious follow-on actions by that company's financial regulators,'' the Attorney General said Monday. "In some cases, it may even trigger the loss of the institution's charter.''

The attorney general said it would be "irresponsible not to consider'' such damaging results.

"But rather than wall off banks from prosecution, the potential for such severe consequences simply means that federal prosecutors conducting these investigations must go the extra mile to coordinate closely with the regulators that oversee these institutions' day-to-day operations,'' the Attorney General said. "So long as this coordination occurs, it is fully possible to criminally sanction companies that have broken the law, no matter their size.''

The Attorney General said the "cooperation will prove key in the coming weeks and months as the Justice Department continues to pursue several important investigations.''

"While I will not specify any particular targets, I will say this: I am personally monitoring the status of these ongoing investigations, I am resolved to seeing them through, and in doing so, I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law."


It remains to be seen what the outcome of the Senate Inquiry into ASIC will be, and how the submissions made by some CuDeco shareholders will be assessed.

But it is to be hoped, in my opinion, no guilty party will be exempt from the Law of Justice.


cheers,

Max