Banks Near Deal With SEC
U.S. securities regulators are in talks with several major Wall Street banks to settle fraud allegations related to mortgage-bond deals that helped unleash the financial crisis...
Criminal prosecutors have not brought cases against senior executives of any of the major financial firms involved in the crisis, including those that failed or were bought as they were collapsing, in part because they are not confident they can prove the individuals intended to defraud investors...
online.wsj.com
my comments:
1. Bank executives are unjailable. They don't go to jail, no matter how much they steal, no matter how many laws they break, and no matter how much economic pain they cause other people.
2. The companies, not the bank executives, will pay the fines. The companies will pass these costs on to their customers. So, the same class of people who were the victims of the fraud, end up paying the fines for the fraud. The companies also pay all the legal costs, and pass those on as well.
3. Therefore, there are zero consequences for the decision-makers: the bank executives, and the SEC regulators.
4. Therefore, as soon as popular anger subsides, they will go back to doing what worked so well for them, even if it works very badly for the nation as a whole.
Why Isn't Wall Street in Jail? rollingstone.com
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