Why Bank Executives Haven't Paid For Role In Financial Crisis

New York Times:

It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted?

Read the whole story: New York Times

Comments

[AcademicFreedom]

04:26 PM on 04/26/2011

Here is the situation - if these guys get arrested and tried as the felons they are, the Fed will be implicated, including Timmy G; numerous temples in NYC will have to close because they will not be receiving donations from their members who would be in jail. Then, there would be many other implicated; people like Rahm, Barney, Robert Rubin, and many many others. It is all a progrom against the US - try to figure out the situation at AIG and it will lead to Hank Greenberg, then to Ron Lauder, then to Kevin Warsh who is one of the most powerful and corrupt men in the world.

[Loxinabox]

12:50 PM on 04/15/2011

The budget deal, angrily rejected by Nancy Pelosi as it passed Thursday,
was the last straw for the left. The Daily Beast's Patricia Murphy on
why some liberals are now pushing for a primary challenge to the
president. "We don't have enough time to talk about the ways it violates
our values," Rep. Emanuel Cleaver (D-MO), chairman of the Congressional
Black Caucus, told The Daily Beast. Some legislative grumbling is inevitable when a party returns to power after eight years. But a number of Democrats are past protesting the president, discussing among themselves ways to recruit a primary challenger in 2012. “I have been very disappointed in the administration to the point where I’m embarrassed that I endorsed him,” Nancy Pelosi said. “It’s so bad that some of us are thinking, is there some way we can replace him? How do you get rid of this guy?” The member called the discontent with Obama among the caucus “widespread,” adding: “Nobody is saying [they want him out] publicly, but a lot of people wish it could be so. Never say never.” As always you can contact me at work http://www.michigan-businessreview.com and yes keep those jokes coming. "Too bad GE paid NO TAXES" They did the taxes just went directly to the Obama reelection campaign fund.
"So, does everybody still have their Obama bumper stickers on their cars?" Yes they do ...but their cars got repossed

[OldTulsan]

01:59 PM on 04/14/2011

Another example of the demise of the Rule of Law...

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=asU.b_fCjHTE
Wachovia's Drug Habit - Bloomberg.com

"...The bank didn’t react quickly enough to the prosecutors’ requests and failed to hire enough investigators, the U.S. Treasury Department said in March. After a 22-month investigation, the Justice Department on March 12 charged Wachovia with violating the Bank Secrecy Act by failing to run an effective anti-money-laundering program.

Five days later, Wells Fargo promised in a Miami federal courtroom to revamp its detection systems. Wachovia’s new owner paid $160 million in fines and penalties, less than 2 percent of its $12.3 billion profit in 2009.

[snip]

‘No Capacity to Regulate’

Large banks are protected from indictments by a variant of the too-big-to-fail theory.

Indicting a big bank could trigger a mad dash by investors to dump shares and cause panic in financial markets, says Jack Blum, a U.S. Senate investigator for 14 years and a consultant to international banks and brokerage firms on money laundering.

The theory is like a get-out-of-jail-free card for big banks, Blum says.

“There’s no capacity to regulate or punish them because they’re too big to be threatened with failure,” Blum says. “They seem to be willing to do anything that improves their bottom line, until they’re caught...”

The financial markets need the panic from prison sentences.

[Loxinabox]

12:29 PM on 04/14/2011

"After a two-year bipartisan probe, a Senate panel has concluded that Goldman Sachs Group Inc. profited from the financial crisis by betting billions against the subprime mortgage market, then deceived investors and Congress about the firm's conduct."
Goldman Sachs "investment" In Obama sure payed off well for them didn't it? We can only hope they throw the leaders of Goldman Sachs and Obama in prison and let them rot there for their crimes against America.

[Peanut Santiago]

10:53 PM on 04/14/2011

Uh, would you make room for Bush II and his gang of criminals?

Cheney is in a class by himself. I would put that guy in solitary.

[Loxinabox]

12:45 PM on 04/15/2011

That would be good with me....this story is not about Cheney so why bring him up now?

[Vinkaye]

11:34 AM on 04/14/2011

How can they send them to jail... didn't you know that our 3 branches of government are now Bank of America, JP Morgan Chase, and Goldman Sachs!

[Loxinabox]

12:30 PM on 04/14/2011

The three are only part owners of Obama do not forget the large investment GE has made!

[mickfan]

11:18 AM on 04/14/2011

Thousands of people have stolen billions of dollars and thanks to the Tea Party the public is too preoccupied with worrying about things like planned parenthood being funded to even notice. Would love to see the whole bunch go to jail

[Loxinabox]

12:31 PM on 04/14/2011

with Obama of course?

[OldTulsan]

02:00 PM on 04/14/2011

All politicians who acted as accomplices should be charged, tried, and punished.

[baxtron]

10:15 AM on 04/14/2011

You don't want to put criminals in jail. That would be unamerican. There are more important problems like destroying a nonexistant health care plan by the president and punishing poor mothers for not marrying wealthy.

[mickfan]

11:19 AM on 04/14/2011

I second that