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Posted by on Jan 10, 2014 in Banks, Business, Economy, Finance | 6 comments

Why Bankers Have Gotten a Pass

111221_bofa_hmed_1241p_grid-6x3 (1)Today’s New York Times has an interesting article on why no bankers have yet been indicted on criminal charges, nor banks accused of fraud ( http://goo.gl/GzUW7T). According to Judge Jed Rakoff, who has been unhappy with the way the financial debacle has been handled, the problem has been prosecutorial weaknesses. Judge Rakoff would like to see prosecutors taking more aggressive stances with the banks and their top executives.
It seems that though the vast majority of American citizens are outraged by Wall Street and the investment bankers getting off the hook when they were responsible for the financial meltdown and came away smelling like roses, our legal system is impotent in bringing the bad guys to justice.

http://goo.gl/GzUW7T

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  • JSpencer

    According to Judge Jed Rakoff, who has been unhappy with the way the financial debacle has been handled, the problem has been prosecutorial weaknesses.

    “Prosecutorial weaknesses”? The word that comes to mind for me is obsequiousness. It’s really disgusting how little accountability there is for people of wealth, power, and influence. The condition could hardly go any more directly against what gives our country a soul in the first place.

  • sheknows

    Well said JS. I would add only that most people realize that the powers that be ARE the government. They made the march on Wall St go away with very aggressive crowd control and a media campaign to make light of it or decry it at every possible turn. This SHOULD have been a defining moment for the people. Not since the 60’s have people banded together to call for justice. I fear we will not ever become a voice again and this nation will be a nation of well behaved, passively interested, government conditioned and controlled sheep.

  • JSpencer

    That’s not a very far-fetched fear at all imo. The culture, the sensibilities of people are far different now than they were earlier in my lifetime. People are so easily distracted and “soothed” anymore. I wonder how many of them even know or care about what is being lost? Of course I’d love to be wrong about this..

  • The_Ohioan

    From what I understand, the problems are several.

    There’s a revolving door between Congress/Justice and employment in one of the biggest law firm that represents the financial interests, Covington and Burling – and

    Justice doesn’t want to prosecute if they don’t have a good chance of winning.

    The chances of indictment are slim since a lot of the manipulation was legal if not moral.

    The manipulation was legal because of the amount of money spent on congressional candidates who wrote the laws.

    The amount of money spent on congressional candidates is overwhelming because finance campaign laws are ineffective.

    Finance campaign laws are ineffective because of the Supreme Court’s rulings.

    The Supreme Court’s rulings are based on the philosophy of the court members and

    The members of the Supreme Court are chosen by the “serving” administration.

    Which is why elections matter. Any questions?

  • sheknows

    Thanks T_O. The only thing I would say is that “justice doesn’t want to prosecute if they don’t have a good chance of winning” doesn’t hold much water. There is SOOOOOOO much evidence which proves wrongdoing, their defense attorneys would be as hard to scare up as Jewish protesters at a Neo-Nazi rally. Also, JP Morgan admitted they broke the Federal Securities law.

    The real reason there is no prosecution is money! Money, Money, Money. Just like money making pharmaceuticals are too big, the expression “too big to fail” was first coined about banks. I think the government fears prosecution because some of the fingers might point in their direction…certainly upsetting to their congressional investors anyway.

  • The_Ohioan

    sk

    Yes, JP Morgan and others have admitted wrong doing and paid billions for it. Not one of the officers of the company has been indicted on criminal charges, though. You can’t send a corporation to jail even if they are “people, too”.

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