In all seriousness, why aren't Fuld, Thain, Cassano et al not in jail?
In all seriousness, why aren't Fuld, Thain, Cassano et al not in jail?
Ask your Congressman
They were big supporters of mine.
Um, because they haven't violated the criminal code?
Why aren't the congressional staffers who were day trading on stocks overseen by members of congress?
What law did the Wall Street folks break?
luv2run wrote:
What law did the Wall Street folks break?
Too many to list. Stay tuned.
Has anyone seen this documentary (Inside Job) by Charles Ferguson, BTW?
Inside Job wrote:
luv2run wrote:What law did the Wall Street folks break?
Too many to list. Stay tuned.
Get us started by naming a few; maybe three? Remember to use proper statute citation form, ( ___U.S.C. ___), so we will know what laws you are referring to.
luv2run wrote:
What law did the Wall Street folks break?
Inside Job wrote:
Too many to list. Stay tuned.
Translation: They haven't been written yet. Bills have to be written and passed so we can see what is in them.
Here is how you know wikipedia is full of crap. Madoff was a HUGE Obama supporter. Conveniently left off.
ahnold wrote:
http://en.wikipedia.org/wiki/Bernard_Madoff
Wall Street is about as fixed as NBA playoff games involving the Lakers.
A convenient thing about Wikipedia is that you can add that information to the listing if you have supporting sources to cite. Knock yourself out.
Because they own the jail, the president, the FBI, and even you.
Because even though some of them did things that were morally repugnant, most of them were clueless beyond their analysis of the legality of their actions. In the context of the criminal code that was written when they were participating in those activities, they were completely legal. Their actions were the same sorts of actions that they had been performing for the prior 5 years. Nobody complained until everything started blowing up. This indignation comes across awkwardly when it was largely nonexistent earlier. Of course it's unappealing to use taxpayer money to funnel bonuses to the wealthy, but specious arguments like 'Why aren't these guys in jail' only seem to waste time and detract from the legitimacy of actual discussions about what went wrong.
Risk metrics were terrible.
Compensation structures skew rewards toward clueless people who take risks that they don't understand in anything more than a cursory fashion.
There is a bizarre belief that has propagated regarding how essential certain investment banks and commercial banks are to the efficiency of the capital structure.
These all seem like more applicable (and nuanced) topics that would be productive to discuss.
A Skeptic wrote:
Get us started by naming a few; maybe three? Remember to use proper statute citation form, ( ___U.S.C. ___), so we will know what laws you are referring to.
1)White Bread Fraud (4-23-19-U.S.C.-63)
2)Coat Tails Fraud (11-3-19-U.S.C-62)
3)Fraud w/Blind Arrogance (7-28-19-U.S.C-55)
I think the writer's response was Bernie Madoff was a huge contributor to the Obama/Democrat party. This is not in dispute. It was odd how this was left off this page.
Voter wrote:
In all seriousness, why aren't Fuld, Thain, Cassano et al not in jail?
.
Because the Street owns the American political and justice systems