Finance Criminals

[malignd at aol.com]

Just read this article.  Sobering and infuriating (the content, not the article).



-----Original Message-----
From: David Morris <fqmorris at gmail.com>
To: P-list <pynchon-l at waste.org>
Sent: Tue, Dec 17, 2013 8:54 am
Subject: Finance Criminals


http://www.nybooks.com/articles/archives/2014/jan/09/financial-crisis-why-no-executive-prosecutions/


If the Great Recession was in material part the product of intentional fraud, the failure to prosecute those responsible must be judged one of the more egregious failures of the criminal justice system in many years. Indeed, it would stand in striking contrast to the increased success that federal prosecutors have had over the past fifty years or so in bringing to justice even the highest-level figures who orchestrated mammoth frauds. 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.


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