Financial Crisis Commission Finds Cause For Prosecution Of Wall Street

Financial Crisis Commission Finds Cause For Prosecution Of Wall Street

www.huffingtonpost.com

In the three years since major lenders teetered on the brink of collapse, prompting huge taxpayer rescues and amplifying an already painful recession into the most punishing downturn since the Depression, public indignation has swelled while few people who played prominent roles in the crisis have faced legal consequences.

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Gee..wouldn't it be nice if the people who caused the majority of our economic and financial woes were actually called to account? Sounds to me as if this was a very thorough and detailed investigation.

What are the realistic chances of this happening though? And if it does, it would more likely be civil than criminal, but maybe that's at least some hope...yeah and hope and $4 will get us a cup of coffee.

Full details are not yet available.

www.huffingtonpost.com
(visit the link for the full news article)

reply to post by ~Lucidity


Well its about bloody time, let's just hope they get the maximum, a guy holds up a seven eleven for 300 bucks and gets 10 years, another guys steals millions and millions of dollars from the people of America, and he gets a less???

This is a great start.

It has been a long time in the making. Good to see that the investigation changed its mandate to recommend prosecutions as well. This is going to give Wall Street a good reality check and is hopefully the start to putting on the breaks for a lot of the other ongoing problems as well.

reply to post by ~Lucidity


I would just love there to be some justice for these crooks!!!
I am so glad I was smart enough to stay out of the mortgage and credit scheme!!!!

I think we might see some state civil cases. It would help states raise money without spending milions fighting corporate lawyers. Plus many such cases are settled privately witht he company or person admitting no fault. The records also tend to get sealed.

In other words I see the companies paying back a miniscule about of what they stole. It will be done quietly and no one will be made uncomfortable.

reply to post by MikeNice81

Last time they got "busted" they paid fines that were (for them) in the laughable range. Do you think that maybe some of the people who lost their homes and pensions will ever see any recovery?

If it's a civil suit, can they access the bonuses of the CEOs or anything like that? (Boy even asking this question makes me feel very ignorant...)

reply to post by ~Lucidity


No the CEO's and such are usually protected because the companies are corporations. Basically you can go after the company but not the owners and employees. It would be hard to attack the personal assets of anybody that was involved.

reply to post by MikeNice81


Kinda thought that would be the answer, but I was wondering if there might be a loophole or exemption for any money or bonuses that were given out as a result of and could be directly traced to and alleged illegal practices. Probably not...they're pretty well protected.

Originally posted by MikeNice81
I think we might see some state civil cases. It would help states raise money without spending milions fighting corporate lawyers. Plus many such cases are settled privately witht he company or person admitting no fault. The records also tend to get sealed.

Locally, some of the people involved are being prosecuted by the Feds. A few are already in jail and more are going there. At this point, they are mostly mortgage brokers and their assistants who "assess" properties for loans. A few low-level bankers are implicated.
My source cannot talk about pending cases [and I don't ask] but the Feds often start from the bottom and work their way up, as the bad guys roll on their fellow conspirators. He did say that they aren't done yet and that the Feds will keep prosecuting. He is determined to punish those who have caused the suffering of so many.

I think that an SEC with teeth, enforceable laws, jail time for thieves, and incisive regulations are what is needed. I am not a financial expert, but it would seem that dividing commercial banks [mortgages and loans] from investment banks [stocks and bonds] from casinos [all derivatives, futures, etc.] would go a long way to fixing this.

I'd be interested in hearing what any ATS financial experts have to say about regulations, laws, structure, etc.

I'd be interested in that too. And it makes perfect sense that they'd have to start at the bottom and work their way up. This kind of thing could take years and year, and it takes special stamina and fortitude to stick with it and keep it on the priority list.

About freaking time!