2 big 2 jail

Posted: 26 February 2011 in Uncategorized
Tags: , ,

It looks like they’re going to walk. All of them.

According to the New York Times, none of the heads of the banks and Wall Street firms that created the financial crisis is going to jail. They’re not even going to be tried. Some of the surviving banks might get a financial slap on the wrist for their fraudulent foreclosure practices. But that’s it. Case closed.

Not only was it decided the major financial institutions were too big to fail. It looks like, now, their executives have been deemed too big to jail.

Update

Yves Smith agrees with the the conclusion—that “no major banking industry figure is going to be brought to justice”—but debunks the “establishment-serving shallow arguments” of Joe Nocera, who wrote the New York Times article I link to above.

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Comments
  1. […] For the past 5 years, we’ve watched with a combination of incredulity and resignation the elaborate farce of Wall Street bankers, the same ones who brought the world economy to its knees and ushered in the Second Great Depression, being deemed too big to jail. […]

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