Eric Holder’s business legacy: ‘Too big to jail’?


The popular vein of criticism encapsulated in the phrase “too big to jail,” is the albatross that threatens to weigh down Holder’s legacy in the business realm.

It’s more than just a cheap shot leveled by people that don’t really understand the fine points and technicalities of the criminal justice system. U.S. District Judge Jed Rakoff, a former chief of the business fraud unit of the Manhattan U.S. Attorney’s Office, published a powerful article in the New York Review of Books last January that, while tempered with judicial disclaimers and caveats, unmistakably conveys his slack-jawed disbelief that the “colossal frauds” the government has alleged in so many civil cases could not also have engendered at least one successful criminal prosecution.

It really does seem incredible that criminal prosecutions haven’t happened.  The buck stopped with the US attorney general.