Kaufman: Why has no banker gone to jail?
By Ted Kaufman - delawareonline
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The New York Times summed up the reaction of observers, saying “Still, some critics have questioned why the agency chose to make Mr. Tourre – a midlevel employee who was 28 at the time of the mortgage deal – the face of the crisis. Not one executive at Lehman Brothers, which filed Wall Street’s biggest bankruptcy ever at the height of the crisis, was charged with wrongdoing.”
Exactly. The questions I have been asking for years remain. Why has not one of the bank executives who were running the show even been indicted? Why has no one gone to jail?
In his closing arguments Mr. Martens came up with at least one possible answer to those questions. Mr. Touree, he said, was living in “a Goldman Sachs land of make-believe,” where deceiving investors is not fraudulent.
We have allowed Wall Street banks to operate in that land of make-believe for years. Over and over again, they get away with slap-on-the-wrist money penalties, fines often so small they seem to be regarded as a cost of doing business.
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