Merkley explains to Fed official: Ending too-big-to-jail means "putting people in jail"

Kari Chisholm

OK, this is just a little bit awesome. On Friday, the President of the New York Fed, William Dudley, appeared before the Senate Subcommittee on Financial Institutions and Consumer Protection -- and our own Senator Jeff Merkley.

In his opening statement, Dudley claimed that "too big to jail" is no longer the way things work. That's the opening that Merkley was looking for. Especially since the number of people who have gone to jail is exactly... zero.

The whole video is just truly epic -- but this is the segment that's the big highlight:

William Dudley: I think we've actually set a new precedent that no bank is too big to be found guilty if they've committed a crime.

Jeff Merkley: OK, but that doesn't involve jail. 'Jail' involves putting people in jail. Ordinary Americans would find it fascinating that this plea agreement which basically involved a financial payment -- a fine -- constitutes ending too-big-to-jail if nobody is going to jail.

Watch the video:

By Kari Chisholm Nov. 25, 2014