> But nearly no bankers responsible for the 2008 financial crisis ever went to jail
That is a myth. Dozens of bankers were arrested and put in prison over crimes related to the 2008 financial crisis. That includes a number of bankers at large enterprises. It excludes the very top tier bankers, at the systemically important financial firms, who all managed to skate.
It's not illegal, generally speaking, to make dumb investment decisions, and or to take a lot of risk, and lose money. The responsibility for the 2008 financial crisis is spread across both the public and private sector, from Congress & multiple Presidents to the Federal Reserve to hundreds of banks, thousands of bankers, and tens of thousands of mortgage brokers and realtors. Spurred on by low interest rates, it was collective financial insanity that millions of people willfully, cheerfully, participated in.
"The idea that no bankers went to prison for crimes related to the financial crisis is a myth, according to the watchdog overseeing the federal government's bailout fund. There have been 35 bankers sentenced to prison, said Christy Goldsmith Romero, the special inspector general for the Troubled Assets Relief Program (SIGTARP), in a report to Congress released Thursday."
"There have been 59 bankers convicted of crimes, including two executives at NOVA Bank in Philadelphia who were convicted on Wednesday of fraud conspiracy related to TARP funds. An additional 19 bankers have been charged with crimes, with many awaiting trials."
http://money.cnn.com/2016/04/28/news/companies/bankers-priso...
That is a myth. Dozens of bankers were arrested and put in prison over crimes related to the 2008 financial crisis. That includes a number of bankers at large enterprises. It excludes the very top tier bankers, at the systemically important financial firms, who all managed to skate.
It's not illegal, generally speaking, to make dumb investment decisions, and or to take a lot of risk, and lose money. The responsibility for the 2008 financial crisis is spread across both the public and private sector, from Congress & multiple Presidents to the Federal Reserve to hundreds of banks, thousands of bankers, and tens of thousands of mortgage brokers and realtors. Spurred on by low interest rates, it was collective financial insanity that millions of people willfully, cheerfully, participated in.
"The idea that no bankers went to prison for crimes related to the financial crisis is a myth, according to the watchdog overseeing the federal government's bailout fund. There have been 35 bankers sentenced to prison, said Christy Goldsmith Romero, the special inspector general for the Troubled Assets Relief Program (SIGTARP), in a report to Congress released Thursday."
"There have been 59 bankers convicted of crimes, including two executives at NOVA Bank in Philadelphia who were convicted on Wednesday of fraud conspiracy related to TARP funds. An additional 19 bankers have been charged with crimes, with many awaiting trials."
http://money.cnn.com/2016/04/28/news/companies/bankers-priso...