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Comment by momoschili

21 days ago

None of the highest up were sent to jail. CEOs perfectly fine taking responsibility for the profits, but what happened to taking responsibility for the fraud they enabled?

26 comments

momoschili

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bandrami  21 days ago

Literally dozens of CEOs went to jail, which is again why I think this may be the biggest ball-drop of the media this century (and there have been some pretty huge ones competing with it)

  • x-complexity  21 days ago

    > None of the highest up were sent to jail. CEOs perfectly fine taking responsibility for the profits, but what happened to taking responsibility for the fraud they enabled?

    > > Literally dozens of CEOs went to jail, which is again why I think this may be the biggest ball-drop of the media this century

    The GP's remark is centered around the *sentiment* that none of the C-suite / execs in the Big Banks (Merrill, Goldman, BoA, Citi) were jailed for their involvement / excessive speculation in the 2008 crisis.

    The keywords there being "Big Banks": If it's a national household name, OR if their positions are coveted by finance employees, it's a Big Bank. Otherwise, it's not a Big Bank.

    > > > Your Google skills may need some work because this is the first result for "bank CEO jailed by TARP":

    1) This is a goalpost shift from "bank CEOs jailed for causing / excessively speculating up to the 2008 crisis".

    2) TARP was established as a result of the crisis (i.e. AFTER it happened), and therefore cannot be used to mark execs that were jailed for their involvement / excessive speculation in the 2008 crisis.

    3) "TARP defraudment" is a different matter, and not "Causing the 2008 crisis" or "excessive speculation"

    > > > https://archives.fbi.gov/archives/atlanta/press-releases/201...

    The case cited only tangentially involves TARP, when the bulk of the case was about the President of FirstCity Bank & his associates defrauding the bank with loans that *they themselves had involvement in*.

    • bandrami  21 days ago

      If you want to argue the wrong 200 bankers went to jail I think that would be a great discussion to have, but that's absolutely not where the public narrative is right now, which is that these convictions simply never happened

      2 replies →

  • momoschili  21 days ago

    yet you have failed to provide even a single name as of yet. It's easily google-able that all of the major players got off scott-free.

  • afpx  20 days ago

    What about Pershing Square? in 2008 Bill Ackman gave a presentation on how to crash the housing market and profit from it. Looks like he's still out there destroying peoples' lives.

    • tasuki  20 days ago

      I see it differently: the crash was coming anyway (the market was being irrational). He can't crash the housing market, unless there's a good reason for the housing prices to crash. Turns out there was a reason.

    • Aurornis  20 days ago

      Do you have evidence that he committed a specific crime?

      Jailing people is for crimes committed, not for punishing people you dislike.