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COMMUNITY PUNDITS
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Carolab 01:26 PM on 11/22/2012
Mozilo was investigated for securities fraud and insider trading and never charged or tried but instead paid a settlement to the SEC. 

Not a single architect of the financial crisis that brought America to its knees has yet been charged. And of all the crimes against "the People," the financial crisis ranks as one of the all-time worst.

As Yves Smith at business blog Naked Capitalism  Read More...
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jwalter
The State is a gang of thieves writ large.
03:26 PM on 11/24/2012
Fannie Mae and Freddie Mac exist to purchase risky loans. That is the reason why they were created. If you want the banks to stop making bad loans, stop the government from buying them.
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SKYCAT315
03:11 PM on 11/24/2012
Here is a crazy idea that the bankers/ wall street will hate when a corporation is charged with a crime and found guilty then the CEO during the time the crime was committed is the one guilty as well and any board member will be considered accessories and equally guilty as well.
These people did not rob a bank with a gun they robbed the country with a bank, and it's not the first time remember the Saving & Loan mess, and who could forget the wonderful things that were done with junk bonds when will the American public ever learn.
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SKYCAT315
02:54 PM on 11/24/2012
If a corporation is a person as the surpream court has ruled then just who is the one who goes to jail are corporations going to create a VP of Jail Time guy who's paid to go to jail when the corporation breaks the law? No jail time just fines for the big thieves so the moral of the story do not rob the pizza delivery guy thats good for at least 3-5 in most states rob the whole country help crash the economy get mega rich and only the corporation pays a fine of appox. 1% of what it made and keeps on doing business now that's what I call an incentive to follow the rules.
02:33 PM on 11/24/2012
Bankers are above the law, always have been (at least since the elimination of the gold standard,) they own the money. Only when the defrauded ex-home owner with nothing to lose goes postal and takes out one of the thieves will there be motivation.

In this country, we do not jail our wealthy, we make them pay a (usually small) portion of the profit from their scam as a 'fine.' Why should they stop? You MUST give them motivation, as there is no LEGAL option open to us (not one that changes anything,) despite what "the system" (and Fox) would have you believe.

The banks ARE out of control, once again, thanks, Ronnie and Georgie - Reaganomics, the gift that keeps on taking...
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Kenneth Alton
12:47 PM on 11/24/2012
"All animals are equal, but some animals are more equal than others"
- from the literary and political classic "Animal Farm", by George Orwell

In a world where "corporations are people too", did anyone really expect any other outcome?
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omegapoint
Why don't you just make 10 the loudest number?
12:17 PM on 11/24/2012
When institutions withhold documents or obfuscate evidence any authoritarian procedure is justified ...obviously. What gets in the way of disclosure? Freedom and judges who have less interest in getting to details than protecting their political turf. I don't see why busting into files like a SWAT team isn't acceptable when, if theres nothing to hide there shouldn't be any objection. What we need are armies of auditors and clawback exponentially increased from what the standards are today. If Justice is what we really want then CLAWBACK is like a Time Machine to put things back where they belong. Authoritarianism and Clawback. YEA.
10:37 AM on 11/24/2012
Calling Senator Warren.
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Daniel Kauwe
i like stuff except when i do not
10:19 AM on 11/24/2012
stuff like this makes me wonder about the golden status of free market systems...how does a free market system deal with situations like this if there is no regulation present?
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Charlie Self
writer/photographer
06:03 PM on 11/24/2012
It doesn't.
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Daniel Kauwe
i like stuff except when i do not
06:05 PM on 11/24/2012
i guess that's why i wait for the next great conceptual advancement in the monetary realm.
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declutterbug51
08:48 AM on 11/24/2012
"As a result, some legal scholars question whether the lawsuits will help accomplish a primary goal cited by authorities in bringing such cases: deter future fraud and misconduct." One does NOT need to be a legal scholar to understand the concept of slapping the hands of a child who steals cookies from the cookie jar does NOT prevent the child from doing it again. Come On! When the general public commits fraud and does not conduct themselves correctly...we are punished, sometimes over the top punished for the crime. When are ALL people who commit fraud going to be held to the same standard of punishment??
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Eliott Terrance
Talking truth to power since 1929
07:49 AM on 11/24/2012
Where are the arrests?
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robert horwitz
07:37 AM on 11/24/2012
Make them afraid to show their faces on public streets.
06:59 AM on 11/24/2012
All they have to do to scare these banking executives is to take them out of their comfy mansions and leave them in a neighborhood, where honest homeowners got sc*ewed over by their fraudulent practices, and announce their arrival for a night or two. Of course they should be afforded very minimal security.
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declutterbug51
08:49 AM on 11/24/2012
Now THAT is a long lasting punishment that has the potential to change their fraudulent ways!!
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Dennis Higgins
06:38 AM on 11/24/2012
They were terrified of Elizabeth Warren heading Consumer Protection Agency...how they gonna like her on the Banking Oversight Comm.???? I hope she rips them a new assh*le.
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mcmutter
A Groover has to expect a few setbacks .....
05:43 AM on 11/24/2012
let's change our banking laws .....

these guys need to have some limits established for them ......
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dmr569
Peace, Order, and Good Government
04:09 AM on 11/24/2012
So much for "government of, for, and by the people." The "people" sit, foreclosed, in homeless shelters and tent cities and mentally review all that rubbish they learnt in civics class, while their elected "representatives" represent the bankers and other corporate CEOs.