Thursday, August 18, 2011

Why no bankers in jail?

In the savings & loan industry crisis there were around 1,000 felony convictions. In the mortgage/banking meltdown--40 times the size of the S&L crisis--there have been 10 felony convictions.

After 9/11, much of the FBI was diverted into terrorist pursuit--but the white collar crime resources weren't replaced, gutting the agency's white collar crime enforcement.

And then the Republicans replaced the staff of the regulatory agencies with antiregulation people.

Apparently they're still there.

--William Black, associate professor of law, Kansas U. or some such.

Bank robbers like business certainty--the certainty that no cops will be around to bother them as they're robbing banks. And when the bank robbers are the banks' executives? They crave the certainty of knowing no pesky regulators will be coming after them.

Might makes right (wing).

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