Executives unscathed as regulators let banks report criminal fraud
![[Ted Kaufman, a veteran of the S&L crisis-turned-U.S. Senator, says there haven't been enough cops on the beat. (Photo by Lagan Sebert / Huffington Post Investigative Fund)]](http://www.commondreams.org/files/article_images/toobigtojail.png "toobigtojail.png")
Ted Kaufman, a veteran of the S&L crisis-turned-U.S. Senator, says there haven't been enough cops on the beat. (Photo by Lagan Sebert / Huffington Post Investigative Fund)The financial crisis has spawned hundreds of criminal prosecutions for alleged fraud. Yet so far, defendants have been mostly minor players such as real-estate agents, mortgage brokers, borrowers and a few low-level bank employees. No senior executives at large financial institutions face criminal charges.
That’s in stark contrast to prosecutions during the savings and loan scandal two decades ago, when the government’s strategy targeted and snagged some of banking's most powerful players. The approach back then succeeded in sending scores of S&L executives to prison, as well as junk-bond king Michael Milken and business tycoon Charles Keating Jr.
No comments:
Post a Comment