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For one thing, such cases tend to be difficult, and it's not immediately clear what offenses executives could be charged with.
"You can't get up in front of a jury and say, 'These guys were responsible for bringing down the economy, so please convict them of a crime,'" said Samuel Buell, a professor of law at Duke University, who studies criminal law and the regulation of corporations and financial markets.
If you feel that there should be more arrests made of Wall Street executives connected to our financial meltdown then can you name some specific crimes that they committed and should be prosecuted for?
If you feel that there should be more arrests made of Wall Street executives connected to our financial meltdown then can you name some specific crimes that they committed and should be prosecuted for?
Are you looking for laws broken on an international level, or laws they helped create and broke them?
What laws did Hitler or Saddam break that he and his merry men lived under of their own choosing?
Repealing Glass Steagal so that they could play casino with other people's money is one that comes to mind.
There are also many cases that were quietly snuffed out such as the one dealing with John Mack and insider trading.
When you have the head of the SEC going between a government job and the private sector, those things such as pesky little laws are easily dispelled.
If you feel that there should be more arrests made of Wall Street executives connected to our financial meltdown then can you name some specific crimes that they committed and should be prosecuted for?
No one has been arrested, because Barney Frank can't be arrested for official activities.
You can't arrest people once those people get the laws changed in order to make what was once illegal activity into perfectly legal actions. Wall Streeters skirt the law by pumping hundreds of millions, if not billions into Washington through lobbying efforts and get the politicians to rewrite the laws for them so that what was once illegal is changed into 'legal' status. Saying that these banksters didn't break the law and therefore should not be arrested is a completely myopic and specious argument when it is the banksters themselves that got the politicians in their pockets with millions of dollars in contributions to rewrite the laws for them.
Repealing Glass Stegall will go down as the worst mistake this country has ever made. Phil Gramm should be in jail for blatant corruption.
Nice try. Lefties don't care that no laws were broken nor that some who were found to break laws are being prosecuted. Just like those "tax breaks" or "loopholes" they squeal about which are in fact laws. No they just want to rant about the evil rich like they're told. These loons have been protesting at the wrong place since day one like I've said many times which is why they are a joke and should be treated as so. Bunch of idiots running around squealing about things they know nothing about except they want a piece of it for free.
If you feel that there should be more arrests made of Wall Street executives connected to our financial meltdown then can you name some specific crimes that they committed and should be prosecuted for?
The real crooks are our politicians and regulators who took the bribes and changed laws and policies that greased the skids for the housing bubble and CDO market to start ... and those same politicians who didn't act when the banks were giving loans to unqualified people ... and didn't act when the housing appraisers were fraudulently over pricing the homes ... and didn't act when the GSE's bought the known bad (toxic) mortgages and turned them into mortgage backed securities ... and didn't act when the rating agencies gave them AAA ratings knowing full well they were toxic and would fail ... and didn't act when the investment banks sold these toxic investments around the world to unsuspecting investors ... and didn't act when these investment banks got insurance (credit default swaps) on the toxic investments because they knew they would default ... and didn't act when the investments banks got bailed out and then turned around and gave out huge bonus's over and over again ... who didn't act when they saw the fraudulent scheme that was designed to fail did fail and threatened the solvency of the USA ...
These corrupt politicians are elected to protect the united states not aiding in the process to destroy it. These politicians did this with full knowledge of the outcome ... they counted on it ... because the ultimate goal is to crash the economy and start a revolution to change our government to socialism and away from capitalism.
....................Repealing Glass Stegall will go down as the worst mistake this country has ever made. Phil Gramm should be in jail for blatant corruption.
Better include Barney Frank, his boyfriend, and Chris Dodd, as well as Bill Clinton, who ultimately signed the repeal, in your list too.
You can't arrest people once those people get the laws changed in order to make what was once illegal activity into perfectly legal actions. Wall Streeters skirt the law by pumping hundreds of millions, if not billions into Washington through lobbying efforts and get the politicians to rewrite the laws for them so that what was once illegal is changed into 'legal' status. Saying that these banksters didn't break the law and therefore should not be arrested is a completely myopic and specious argument when it is the banksters themselves that got the politicians in their pockets with millions of dollars in contributions to rewrite the laws for them.
I'll look into this a little more but if what you're saying is accurate that wall street had the laws changed so that they could then take advanatage of new opportunities then I guess no one is going to get arrested then since they didn't actually break any laws?
I'll look into this a little more but if what you're saying is accurate that wall street had the laws changed so that they could then take advanatage of new opportunities then I guess no one is going to get arrested then since they didn't actually break any laws?
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
On Oct. 21, with the House-Senate conference committee deadlocked after marathon negotiations, the main sticking point is partisan bickering over the bill's effect on the Community Reinvestment Act, which sets rules for lending to poor communities. Sandy Weill calls President Clinton in the evening to try to break the deadlock after Senator Phil Gramm, chairman of the Banking Committee, warned Citigroup lobbyist Roger Levy that Weill has to get White House moving on the bill or he would shut down the House-Senate conference. Serious negotiations resume, and a deal is announced at 2:45 a.m. on Oct. 22. Whether Weill made any difference in precipitating a deal is unclear.
On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant. The previous year, Weill had called Secretary Rubin to give him advance notice of the upcoming merger announcement. When Weill told Rubin he had some important news, the secretary reportedly quipped, "You're buying the government?"
It's a looooooooooong history of corruption and conflicts of interest that is Hollywood movie worthy. This country, government, and financial system is corrupt to its core and most people have no idea how deep it goes. The CFTC is even worse:
In 1998, during the Clinton administration, then-CFTC Chairwoman Brooksley Born urged Congress to place over-the-counter derivatives, then a $100-trillion business, under the agency's control. She was rudely slapped down by her fellow financial regulators, who said things were fine. That was before derivatives helped bring down Enron Corp. in 2001 and the world financial system in 2008.
One of Born's predecessors as CFTC chair was Wendy Gramm, wife of former Sen. Phil Gramm (R-Texas), who pushed through key financial deregulatory legislation while he was senator.
After leaving the CFTC, Wendy Gramm joined the Enron board. She was still there when the company went under. The CFTC chair to whom Judge Levine supposedly made his pledge, according to Painter, was Wendy Gramm. (I couldn't reach her or Levine for their comments on Painter's remarks.)
You really think any bankster is going to jail when they have friends and authority figures in their back pocket that run our most important financial regulatory agencies? They'll likely never go to jail after they got the law rewritten in their favor by buying every single politician in Washington.
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