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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThis is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis
By Neil Irwin, Published: September 12 at 9:54 amE-mail the writer
Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this:
So, yeah. Zero Wall Street CEOs are in jail. And thats not because the federal government tried to prosecute a bunch of them but lost the cases. There were no serious effortsat criminal prosecutions at all.
Which isnt to say nobody is in jail. There have been prosecutions of various mortgage brokers and other small fish who lied or encouraged clients to lie on their applications for a home loan. The crisis exposed some outright fraudsters who are now in the slammer, such as Bernie Madoff and Allen Stanford. And, yes, major banks have been working through billions of dollars in civil settlements for shady behavior in the runup to the crisis.
But its shocking that for a crisis that drove the global economy off a cliff, caused millions of people to lose their homes and generally spread mass human misery to almost every corner of the earth there is no defining prosecution. No man or woman who led one of the firms directly culpable for the catastrophe has been put in a prison-orange jumpsuit. You might think that by now we could say that orange is the new charcoal pinstripes. But we cant.
more
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/12/this-is-a-complete-list-of-wall-street-ceos-prosecuted-for-their-role-in-the-financial-crisis/
Scuba
(53,475 posts)jsr
(7,712 posts)progressoid
(49,944 posts)durablend
(7,455 posts)SHEESH!
Shemp Howard
(889 posts)I am disappointed in Obama on many levels. And this is one of them. If an apparent outsider and progressive like Obama is not going to move against these financial criminals, then who will? Nobody, I guess.
Edmund Burke: "Evil flourishes when good men do nothing."
Shemp's corollary: "If you don't prosecute evil, you gonna get more evil."
So this will happen again and again, until the middle class has no money left.
GoneFishin
(5,217 posts)jsr
(7,712 posts)Any man who can bring down the hell-fire of war simply on his own word is hard to call anything else.
Jerry442
(1,265 posts)...the too-big-to-fail banks were insolvent (and may still be), covering up their insolvency by carrying worthless assets on their books at inflated values. If Obama's DOJ had started an investigation of the TBTF banks, that would have probably triggered an audit which would have revealed their insolvency, which would then have required the government to take them over. Once in control of the TBTF banks, gathering evidence necessary to send the top finance people to a long, long, vacation in Club Fed would have been a piece of cake.
No guts, no glory.
orpupilofnature57
(15,472 posts)Democrats are supposed to criticize each other, especially when they vote, act , or talk like Republicans .
polichick
(37,152 posts)truebluegreen
(9,033 posts)jtuck004
(15,882 posts)jsr
(7,712 posts)Last edited Thu Sep 12, 2013, 02:32 PM - Edit history (1)
jtuck004
(15,882 posts)with and enrich themselves while yanking 10 million families out of their homes in foreclosure, which kept Mi$$ RobMe and his ilk in the chips.
orpupilofnature57
(15,472 posts)Safetykitten
(5,162 posts)jsr
(7,712 posts)Solly Mack
(90,758 posts)Every now and then an example is made so they can have someone to point at and declare how justice is equal and that "no one is above the law".
Response to n2doc (Original post)
Name removed Message auto-removed
JDPriestly
(57,936 posts)rrneck
(17,671 posts)you bribe a politician to make your crimes legal.
OnyxCollie
(9,958 posts)Did I miss it, or didn't it happen?
jsr
(7,712 posts)"I think on a national level, your department of law there in the White House would look at some of the things that we've been charged with and automatically throw them out."
woo me with science
(32,139 posts)It was posted here:
http://www.democraticunderground.com/1251320503
Of note, this sentence was also in the article:
Recent reports have suggested some government financial enforcers will fail to file significant charges in time to avoid the five-year statute of limitations for many financial misdeeds in the 2008 crisis.
I need to start putting all the "promise" articles into a file for better tracking.
Off topic, I'm still waiting on this one posted by Pro:
http://www.democraticunderground.com/10023388548
geek tragedy
(68,868 posts)that rises beyond a level of reasonable doubt as to each and every element of the violation of criminal law claimed.
'shady behavior' is not enough to get a criminal conviction. It's notoriously hard to prove fraud in financial accounting cases if they're halfways careful in covering their tracks.
Doctor_J
(36,392 posts)Obama and Holder fucked this up, badly. And this is a huge reason that a lot of Obama's voters in 2008 have lost interest. Please, please stop defending every Obama action, regardless of how right-wing or corrupt it is.
geek tragedy
(68,868 posts)court? The world is a lot more complicated than blog posts.
GoneFishin
(5,217 posts)harun
(11,348 posts)geek tragedy
(68,868 posts)they honestly believed everything they said in public or filed with the SEC.
Whenever they decide to commit fraud, they write "let's take this offline."
Plaintiffs' lawyers get to see every single one of their emails if the stock tanks.
ProSense
(116,464 posts)these prosecutions don't count: http://www.stopfraud.gov/news-index.html
Amonester
(11,541 posts)But since you (and I) are on Ignore they won't even see it.
whatchamacallit
(15,558 posts)Rex
(65,616 posts)Plutocracies don't work that way. Did you see Reagan go to jail or did you see Ollie North take his place in jail?
indepat
(20,899 posts)fairness, impartiality, judgment, and politics might come into question, that is unless the thinking is no one will actually notice what the DOJ does and does not do.
grahamhgreen
(15,741 posts)rhett o rick
(55,981 posts)And the next administration, unless some miracle gives us Sen Warren, will continue to avoid taking on the banks.
The longer this goes on the less wealth the middle class will own. In a decade the middle class will all be paupers.
woo me with science
(32,139 posts)No chance of conviction for many if charges aren't filed by the end of the year.
GoneFishin
(5,217 posts)Follow by shoulder shrugging accompanied by "aw, shucks darn it, the statute of limitations has expired."
:thanks: