As Holder Steps Down, Big Bank Legacy Stands Out

As Eric Holder’s resignation as U.S. Attorney General was revealed today, thoughts quickly transitioned to his replacement, with some talk speculating that Obama will have an opportunity to right a wrong in regards to big bank law enforcement.

Although it is rarely reported on in the press, Holder’s legacy on Wall Street might be for his lack of investigation and prosecution of big bank crime.

Eric Holder provided prosecutors legal cover

It was Holder who, as a young DoJ lawyer in the late 1990s, wrote what became known as the “Holder letter,” which essentially provided prosecutors...