Ben Bernanke: More execs should have gone to jail for causing Great Recession

[wayneflorida 0]

Gee Ben, for a Harvard guy you are pretty slow. I thought this back in 2009.

http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

[Amazon 7]

wayneflorida

Gee Ben, for a Harvard guy you are pretty slow. I thought this back in 2009.

http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

Most of us on Main street that went thru that had that thought as they manipulated so many Americans into bankruptcy.
Those that got rich.... were uttering crap like... "Its just business"

No it wasn't just business, they are no better than a thug that breaks into your home and takes everything you have worked a lifetime for.

[kallend 2,027]

wayneflorida

Gee Ben, for a Harvard guy you are pretty slow. I thought this back in 2009.

http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

You and a whole lot of other posters on here thought that:

Also.

Also.

And the cynic's view.

It seemed to work for Iceland.

...

The only sure way to survive a canopy collision is not to have one.

[ryoder 1,590]

And compare it to the S&L Crisis:

William Black: Sure. The savings and loan debacle was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history.

In the current crisis, that same agency, the Office of Thrift Supervision, which was supposed to regulate, among others, Countrywide, Washington Mutual and IndyMac — which collectively made hundreds of thousands of fraudulent mortgage loans — made zero criminal referrals. The Office of the Comptroller of the Currency, which is supposed to regulate the largest national banks, made zero criminal referrals. The Federal Reserve appears to have made zero criminal referrals; it made three about discrimination. And the FDIC was smart enough to refuse to answer the question, but nobody thinks they made any material number of criminal referrals [either].


Source: http://billmoyers.com/2013/09/17/hundreds-of-wall-street-execs-went-to-prison-during-the-last-fraud-fueled-bank-crisis/

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[Elisha 1]

kallend

***

Gee Ben, for a Harvard guy you are pretty slow. I thought this back in 2009.

http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

You and a whole lot of other posters on here thought that:

Also.

Also.

And the cynic's view.

It seemed to work for Iceland.

Yes, and I appreciate and agree with the sentiment...but keep in mind that Iceland is just a teensy bit smaller than the good ol' US of A and it would be a bit harder to manage the fallout/recovery than Iceland.

[Anvilbrother 0]

Is it still too late to try? What is the statute of limitations.

Postes r made from an iPad or iPhone. Spelling and gramhair mistakes guaranteed move along,

[StreetScooby 5]

The senior people at the rating agencies (Moody's, etc.) should have definitely gone to jail. They were on the take, and every one knew it. They were the firewall to shutting it down, and they didn't. Instead, they sucked in massive fees for blessing junk paper.

We are all engines of karma

[kallend 2,027]

StreetScooby

The senior people at the rating agencies (Moody's, etc.) should have definitely gone to jail. They were on the take, and every one knew it. They were the firewall to shutting it down, and they didn't. Instead, they sucked in massive fees for blessing junk paper.

And their defense was their First Amendment right to lie.

...

The only sure way to survive a canopy collision is not to have one.

[Elisha 1]

kallend

***The senior people at the rating agencies (Moody's, etc.) should have definitely gone to jail. They were on the take, and every one knew it. They were the firewall to shutting it down, and they didn't. Instead, they sucked in massive fees for blessing junk paper.

And their defense was their First Amendment right to lie.

Have they (the ratings agency execs) really stated such? If so, then yea...unbelievable that they weren't charged. I think Inside Job (the documentary) mentioned that the ratings agencies, if not really "on the take", that low level analysts were afraid to honestly rate securities since they didn't want to have a bad reputation when trying to "move up" to higher paying positions at those investment banks whose securities they were reviewing.

[kallend 2,027]

Elisha

******The senior people at the rating agencies (Moody's, etc.) should have definitely gone to jail. They were on the take, and every one knew it. They were the firewall to shutting it down, and they didn't. Instead, they sucked in massive fees for blessing junk paper.

And their defense was their First Amendment right to lie.

Have they (the ratings agency execs) really stated such? If so, then yea...unbelievable that they weren't charged. I think Inside Job (the documentary) mentioned that the ratings agencies, if not really "on the take", that low level analysts were afraid to honestly rate securities since they didn't want to have a bad reputation when trying to "move up" to higher paying positions at those investment banks whose securities they were reviewing.

Oh, yes, they tried that defense in court but the judge denied it. Although they have used it successfully in the past.

www.lexology.com/library/detail.aspx?g=19e62d0f-e1ad-4405-854b-a12f7fa040d1

...

The only sure way to survive a canopy collision is not to have one.