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Matt Taibbi: Wall Street Has 'No Fear Of Individual Punishment'

08/24/2012 11:10 am ET | Updated Aug 24, 2012

Matt Taibbi has said it before and he’ll say it again: Wall Street bankers responsible for the financial crisis need to be punished. The problem is, no one has the "real guts" to do it.

“There’s no fear of individual punishment” on Wall Street, Taibbi said on Eliot Spitzer’s "Viewpoint." “That’s the problem.”

The sentiments are nothing new from the man who famously coined the term “Vampire Squid” in reference to Goldman Sachs. Earlier this month, Taibbi wrote a blog post slamming Attorney General Eric Holder for dropping charges relating to Goldman's bets against financial instruments it was selling to clients.

“The one thing you pay any lawyer to have is balls," he wrote. "Our nation’s top attorney has none,”

In the past, Taibbi has also noted that Wall Street bankers lack incentives not to commit crimes, especially when considering that “there’s been almost not a single instance of an individual suffering in any way for any of this stuff,” he said on "Viewpoint." Indeed, with the statute of limitations for alleged crimes during the financial crisis set to pass soon, that may be how things end up.

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