I have railed before at how the big banks have been able to escape serious consequences for their acts that threw the global economy into turmoil and caused hardships for so many. While they have had fines levied against them, the Department of Justice and the Securities and Exchange Commission, the agencies entrusted with maintaining accountability, were satisfied to simply levy fines on the banks without threatening the senior executives with jail time, which would be the best way to deter future malfeasance. The fines themselves, even though large by normal standards, were usually just a few days’ profits for the banks that they could absorb as the cost of doing business. [Read more…]
