Why Aren’t Any Bankers in Prison for Causing the Financial Crisis?

The title is from this linked article.

In it, the government’s lead prosecutor in the Enron scandal explains why convicting white-collar criminals isn’t as straightforward as most people think it should be.

A lot of ATS members (and others) think bankers should be in gaol. This should open their eyes to the difficulty of putting them there.

Here’s a teaser:

The difficulties that government prosecutors face in cobbling together fraud cases against even the most nefarious executives illuminates the fact that, legally, corporations are big, fancy responsibility-diffusion mechanisms. It’s what they were designed to do: Let a bunch of people get together, take some strategic risks they might otherwise not take, and then make sure none of them is devastated individually if things go south.

Or, as it’s more commonly described, ‘limited liability’.

Enjoy the reality.

a reply to: Astyanax

Nah just carry on throwing drug users in jail don't worry about bankers and terrorists. By terrorists I mean the real ones, the UK And USA.

Wow things like this really make you see how well orchestrated this backwards "evolution" of society really is. Evil trumps Good. Thats the reality. But I am sure once trump or hillary are in power American lives will improve drastically.....

I've been saying this for a many years now. If you want to "change the system" rethink corporate, and international laws. A corporation used to have to prove their effective contribution to society to get the limited liability rights. That's no longer the case. The purpose and intent has been twisted. If someone would bother to look into the history of this twisting, and then bring it to light in a way that could not only be understood, but backed up with relative ease, then perhaps the people could in time make changes to this law so that it better suited the society as it was originally intended.

a reply to: Astyanax

Well Iceland got around that though. Do corporations have a different classification or definition there?

Iceland Jails Bankers, Erases Citizens’ Debt, Recovers Strongly

That was posted by our partners at Disinfo.com as originally cited on Bloomberg

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
...The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
... Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.

There is simply no political will to really go after them here in the US it appears.

a reply to: pl3bscheese

And 5 years after that it would be changed back. Corps control enough of governments to influence law making so we the people have less power than them to influence our "democracy" politically. regardless of where you live.

a reply to: WanderingNomadd

Another kid with a defeatist attitude. You're going far.

They're too big to fail...except in Iceland.

a reply to: Lazarus Short

Just for some context: Iceland's total population is less than that of Raleigh, NC. And no, Iceland wasn't the Delaware of international banking. The country's total population was that of Bakersfield, CA. Context. What could or was done in Iceland is analogous to Bakersfield, CA 'cooking the books' and that's it. Trillions of dollars were not funneled through Iceland, as some believe. If it were, the heads that rolled over there would still be there. Context.

a reply to: Astyanax

Still they are responsible for more international suffering even than the hate group's and terrorists of this world.

Like yourself I believe that such men should have been held to account and letting them get off scott free is sure a recipe for future disaster.

It is to my mind proof that there are one set of law's for the poor and another for the wealthy even if that wealth is undeserving, it is a case of the wolf being kind to the fox that watches the chicken coop.

It is also indicative of the one rule of all government's, most law and order is not for the public but to control the public and men such as these are very much seen as being outside the normal stricture's of such law's since they operated on a different set of principle's to the rest of us.

That said there have been good banker's I am certain but sadly I personally do not know of any and neither can I name any from history that I would call good.

The bankers aren't imprisoned because there is no real justice in this world.

a reply to: pl3bscheese

I have far from a defeatist attitude, I oppose being a part of the system anyway I can. I now work for a month then use that money to backpack around places I want to go for 2 months enjoying hikes, landmarks, attractions and of course necessary camping. All i lose is a permanent house that costs a fortune anyway.

You on the other hand believe in the system, which is fine its your choice. But don't label me a defeatist when actually im both an optimist and a realist. I believe we can, at some point, lose this reliance we have on being under someones tyrannical rule and learn to govern ourselves. Government should be a token force administrating the essentials not a bastion of power and control. But I am a realist because people have been attempting to change the political system, from both the inside and outside, for years. It has gotten progressively worse and that is'nt changing and its a global effect that is also getting worse the more countries are grouped together like the EU. At some point people will wake up, look at the system and just say "Time for a change". If they don't, If they keep playing this game of "My guy is better than your guy" when in fact they all suck, then bubi Humanity Hello Human cattle prods. "Subject number 1192938 please report to the chipping booth. Thank-you now if you proceed further down the convouyer belt a man is waiting with your unique barcode tatoo. Thank-you, Your Government appreciates your cooperation, you may now join the latest additions to sing your unified national anthem in homage to your leaders".

Lol ^^^ Part joke part actual distant future. Seems far fetched until you meet a Hillary supporter who truely and passionately believes she will actually make a good president even though there is zero evidence to support such a claim.
Or a trump supporter who thinks, and I quote "Trump will prevent the battle of the empires". Again no evidence, Logical or fact, to support such.

Brainwashing in full effect people I am just glad where I am from the elections are'nt constantly in your face.

You can keep changing the batteries in a broken remote but it still wont work.

Another kid with a defeatist attitude. You're going far.

I could say the same to you and just replace the word Defeatist with the word Ignorant. I don't resort to petty name calling when voicing my views and opinions though. Someone who denies fact or pushes known untruths is a different matter.

originally posted by: WanderingNomadd
a reply to: pl3bscheese
"Trump will prevent the battle of the empires". Again no evidence, Logical or fact, to support such.

Yea that was my exact quote. Hillary WANTS to confront Russia and force them to retaliate, while the media spin machine will tell us all that they struck first (and people will believe it too).

Trump prefers to restore good relations with Russia. That is how he prevents the battle of the empires, because he will not actively seek to attack them or their interests.

But on topic, it is clear that Iceland demonstrates the proper model on how to put their citizens first and hold bankers responsible and accountable. This same model could easily be utilized here in the states. The will for it will only come with enough citizens making the demands and electing the right people.

Or we could go the route of Bill Williamson. This movie was only approved though by forcing the anti 2nd amendment message in the opening speech.

a reply to: Astyanax

Why Aren’t Any Bankers in Prison for Causing the Financial Crisis?

Sorry , no idea what you are talking about....

a reply to: AmericanRealist

Yeah I understand hillary is evil but I don't think trump is as good as people make him out to be. American patriotism and election fever influence Americans heavily.

The will for it will only come with enough citizens making the demands and electing the right people.

Demands maybe, elections no. The system is'nt corrupt because its flawed, It is corrupt because it was built to be so. If trump truely has a good agenda, this will obviously clash with bush and obamas achieved goals aswell as clintons furtherment. In which case they will do everything in their power to ensure he does'nt get in. And they will achieve it.

“It has always been the prerogative of children and half-wits to point out that the emperor has no clothes. But a half-wit remains a half-wit, and the emperor remains an emperor.”

“Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.”

“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”

"A tyrant will ignore peaceful crys. What he cannot ignore however, is violent shouts"

“Concerning non-violence: it is criminal to teach a man not to defend himself when he is the constant victim of brutal attacks.”

“It is better to die on your feet than to live on your knees.”

-------Why Aren’t Any Bankers in Prison for Causing the Financial Crisis?-------
simple:
WE are nothing...
bankers are the world

The big banking execs have government issued get-out-of-jail-free cards, otherwise know as Deferred Prosecution Agreements.
Under these agreements, the banks will agree to pay a fine (a fraction of what they made in profits from whatever criminal scheme they have been caught perpetrating ) and nobody gets charged or jailed. They don't even have to admit to any wrongdoing, just pay a fine then on to the next scheme.

For public consumption, they'll sometimes throw some lowly trader or two to the wolves, but the execs at the top, who profit the most by way of huge salaries, bonuses and golden handshake exit deals are untouchable.

There was a time when simply closing them down, writing off all debt generated under their criminal schemes and throwing them in jail would have worked. Today though, thanks to globalization, they are so enmeshed in politics and have so many people selected as leaders, they think they have everyone by the short and curlies! Hell, they even have national armies at their disposal to do their bidding. Despite all that, it's still no protection from being rounded up and hung from the nearest lamppost!

Thought I'd add this article as I still have it bookmarked from 2010. An interesting read and one that should make your blood boil.

www.bloomberg.com...

Anytime you're in a town bigger than tiny, look around.

The biggest buildings in town are where the biggest criminals live and work.

Banks and Churches.

Churches and Banks.

a reply to: WanderingNomadd

Hey noone, not even Trump is claiming to undue the system of the human condition. Just the political one, and foreign policy especially. Of course people with property will defend against those without. Even you have property you don't want others taking from you. Even you will work harder for a specific property. Even you would do what it takes to keep and secure that property.
a reply to: SentientCentenarian
the biggest buildings in my town are malls and stadiums. My local football team and the employees at the Foot Locker are the criminals??

originally posted by: AmericanRealist
a reply to: WanderingNomadd


a reply to: SentientCentenarian
the biggest buildings in my town are malls and stadiums. My local football team and the employees at the Foot Locker are the criminals??

No, but their owners might be

Stadiums... now THERE'S a waste of resources. Just change the name to 'Coliseum', add lions and undesirables and be done with the 'it's all just a game' charade.

Because Obama and his DOJ declined to pursue the matter.

It is really as simple as that.