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I was under the impression that bankers didn't go to jail because they had manipulated the law and regulations so that what they were doing wasn't actually illegal "technically."
It is only partly true that they did manipulate the rules to allow what should be illegal to become legal and they continue to do that.
But it is also true that wide spread fraud was committed by both banks and ratings agencies which lead to the losses of billions of dollars from retirement accounts, pension funds and mutual funds and private investors. These deals between mortgage brokers, banks, Wall Street investment houses with ratings agencies represent collusion prosecutable under RICO statutes. These were acts of organized white collar crime. Eric Holder decided that the greater good was to not prosecute. "They are too big to fail or jail."
This is the first time in the history of the US Financial sector that such massive fraud and collusion has gone unpunished.
And so it will get much much much worse in the next crash.
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[–] novictim ago
No idea.
Why did no bankers go to jail after 2008's revelation of systemic fraud and interest rate rigging? No idea.
Why was Clinton not prosecuted by Comey? Same answer.
[–] psychosomatic 0 points 1 point 1 point (+1|-0) ago
I was under the impression that bankers didn't go to jail because they had manipulated the law and regulations so that what they were doing wasn't actually illegal "technically."
[–] novictim ago
It is only partly true that they did manipulate the rules to allow what should be illegal to become legal and they continue to do that.
But it is also true that wide spread fraud was committed by both banks and ratings agencies which lead to the losses of billions of dollars from retirement accounts, pension funds and mutual funds and private investors. These deals between mortgage brokers, banks, Wall Street investment houses with ratings agencies represent collusion prosecutable under RICO statutes. These were acts of organized white collar crime. Eric Holder decided that the greater good was to not prosecute. "They are too big to fail or jail."
This is the first time in the history of the US Financial sector that such massive fraud and collusion has gone unpunished.
And so it will get much much much worse in the next crash.