Thursday, September 4, 2014

Why Are No Bankers in Jail?

It’s been two years since the Great Recession ended according to the experts. This is despite the fact that millions of consumer are still suffering the financial pain and consequences of the Great Panic of 2008 that was brought on by a handful of greedy bankers and investment firms. Oddly, no one has gone to jail for their involvement in bringing on the Great Panic of 2008.

Apparently, the Department of Justice concluded that no crimes were committed; there was only bad judgment on the part of the Wall Street bankers and investment firm executives who perpetrated the fraud on the American public.

How does the federal government expect consumers to have faith in our financial system when some 50 or more banking executives and investment firm managers knowingly rigged the system for their own selfish benefit, and caused devastating financial hardship for millions of honest Americans, who lost their jobs, savings, and homes as a result of “poor judgment” by these scoundrels?

While the federal government believes a debt has been paid in the form of nearly $80 billion in settlements from the banks and investment firms who were culpable in this fiasco, consumers don’t see it that way because the average consumer will not see a penny of that $80 Billion. That money will go into the federal treasury. Once again, the guilty go free and the American consumer gets pickled.  It's unbelievable considering it was the American consumer who bore the brunt of the losses in the form of home foreclosures, lost savings, forfeited retirement funds, and lost jobs and wages. And still, no one has gone to jail for their actions.

To complicate matters, once-respected auditors and tax accountancy firms were also culpable in cooking the books and providing misleading financial reports to shareholders and the government. But, they too, have walked away from this travesty with a mild slap on the wrist.

So, if you want to know why so many Americans are disenfranchised with the “system,” you need look no further than the halls of justice. They’re empty.

2 comments:

Debbie Foster said...

I agree - Why is it that so many articles state that the Attorney General and other representatives say they are willing to prosecute these criminals but we see nothing happen. "We The American Consumer" are still being faced with foreclosures and taking our property. I believe we need to find a true Humanitarian Civil Attorney to represent us as "The American Consumer", together. The rhetoric is on our side. I like to believe that there is an ethical attorney out there, willing to start the process for the people. I would like to speak to him or her. :) thanks for the article.

Debbie Foster said...

I agree - Why is it that so many articles state that the Attorney General and other representatives say they are willing to prosecute these criminals but we see nothing happen. "We The American Consumer" are still being faced with foreclosures and taking our property. I believe we need to find a true Humanitarian Civil Attorney to represent us as "The American Consumer", together. The rhetoric is on our side. I like to believe that there is an ethical attorney out there, willing to start the process for the people. I would like to speak to him or her. :) thanks for the article.