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Prosecutors Balk, Bankers Walk

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Post by confuzzled dude Sun Jan 26, 2014 10:36 pm

"One of the most disturbing realities of the 2008 financial crisis is that no Wall Street executives have been held accountable. After searching more than five years for the reason some people have gotten away with the financial equivalent of murder, I think I have finally figured it out: It’s the revolving door, stupid.

The chance for senior government officials to make millions of dollars after their public service ends convinces them -– subliminally or not -– to pull their punches" 

"Preet Bharara, the U.S. attorney in the Southern District of New York, explained why he hadn’t prosecuted any Wall Street executives. He supplied the usual pabulum about how he wanted nothing more than to bring such cases, but that piles of subpoenaed documents revealed no evidence of prosecutable wrongdoing. If that’s true, then Bharara should release the evidence publicly so that the American people can see what he has seen."

http://www.bloomberg.com/news/2014-01-21/prosecutors-balk-bankers-walk.html

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Post by Marathadi-Saamiyaar Sun Jan 26, 2014 10:55 pm

They should make economic crimes as equal to blue collar crimes. these suits have all the money, connections, and influence to get away from any crime.

In India it is EVEN worse. until the white collar crimes are treated on par with any other crime, things will not change in India as well.. Same revolving door and across the spectrum nexus in India.

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Post by FluteHolder Sun Jan 26, 2014 10:57 pm


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Post by confuzzled dude Sun Jan 26, 2014 11:19 pm

Marathadi-Saamiyaar wrote:They should make economic crimes as equal to blue collar crimes. these suits have all the money, connections, and influence to get away from any crime.
What about Dick Cheney & Dubya types.
Marathadi-Saamiyaar wrote:
In India it is EVEN worse. until the white collar crimes are treated on par with any other crime, things will not change in India as well.. Same revolving door and across the spectrum nexus in India.
This revolving door is nothing new nor only relegated to the ruling class, it has been the next logical step/standard practice for many retired govt. folks.

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Post by confuzzled dude Sun Jan 26, 2014 11:25 pm


"Thus, in the 1970s, in the aftermath of the “junk bond” bubble that, in many ways, was a precursor of the more recent bubble in mortgage-backed securities, the progenitors of the fraud were all successfully prosecuted, right up to Michael Milken.

Again, in the 1980s, the so-called savings-and-loan crisis, which again had some eerie parallels to more recent events, resulted in the successful criminal prosecution of more than eight hundred individuals, right up to Charles Keating. And again, the widespread accounting frauds of the 1990s, most vividly represented by Enron and WorldCom, led directly to the successful prosecution of such previously respected CEOs as Jeffrey Skilling and Bernie Ebbers."

-> So when did this all change, after 9/11? if so, Bin Laden seems to have achieved a lot more than he thought.

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Post by Marathadi-Saamiyaar Sun Jan 26, 2014 11:38 pm

confuzzled dude wrote:
Marathadi-Saamiyaar wrote:They should make economic crimes as equal to blue collar crimes. these suits have all the money, connections, and influence to get away from any crime.
What about Dick Cheney & Dubya types.
Marathadi-Saamiyaar wrote:
In India it is EVEN worse. until the white collar crimes are treated on par with any other crime, things will not change in India as well.. Same revolving door and across the spectrum nexus in India.
This revolving door is nothing new nor only relegated to the ruling class, it has been the next logical step/standard practice for many retired govt. folks.

The problem is plain, simple, and identical in both the US and in India.

The legislative body that needs to make the law is neck deep in these white collar crimes. The executive wing has vested interest in the financial sector - either they are from that sector or will go back to that sector (remember Kashkari, who served for just 1 year before heading some big hedge fun?). In India, the executive wing has members who all have business interests that are immersed deep in the financial sector.

Not sure what the best solution for this is.

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