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Fortunately, we by-and-large do not send people to jail without that kind of due process just because large numbers of people are angry at them for whatever reason.
The worst thing is, that the core of capitalism had to be rescured by socialism. Not that socialism is bad, or capitalism is bad. But the core of capitalism stand on, what isnt profitable, isnt sustainable. The system hasnt been provitable, but had been rescured by all the goverments and the money they gather from the inhabitants.
The worst thing is, that the core of capitalism had to be rescured by socialism. Not that socialism is bad, or capitalism is bad. But the core of capitalism stand on, what isnt profitable, isnt sustainable. The system hasnt been provitable, but had been rescured by all the goverments and the money they gather from the inhabitants.
Socialism is not when the government does stuff.
Earlier quoted context omitted.
Socialism is not when the government does stuff.
Socialism is when all the people of a country put theyr money together to pay for a system. Such as your taxes or a goverment healthcare. The banks have been rescured by such money.
Articles like this never seem to make the case for which crimes were specificly commited. They always talk about the fallout of the financial crisis (losing money on wall street isnt a crime afaik). Idk much about this topic, so im sure crimes could be involved, but its weird how these articles dont start with why didn't someone go to jail for .
How about we start with massive amounts of loan fraud? https://themreport.com/daily-dose/12-08-2020/the-role-of-len...
FYI The actual article is audio/podcast. I skimmed through it and it was considered more effective to go after individuals by civil suite. My personal understanding is a lot that the fraud was widespread among low level mortgage officers (not sure if that's the right word) who were doing things like exagerating a loan applicants income, assets, etc. These individuals may or may not have known the extent of their crim…
[1] https://www.justice.gov/opa/pr/wells-fargo-bank-agrees-pay-1...
Articles like this never seem to make the case for which crimes were specificly commited. They always talk about the fallout of the financial crisis (losing money on wall street isnt a crime afaik). Idk much about this topic, so im sure crimes could be involved, but its weird how these articles dont start with why didn't someone go to jail for .
Here's a sampling of books and blogs to comprehend what led to the Great Financial Crisis.
* Griftopia by Matt Taibbi
* https://www.rollingstone.com/politics/politics-news/the-9-bi...
Earlier quoted context omitted.
How about we start with massive amounts of loan fraud? https://themreport.com/daily-dose/12-08-2020/the-role-of-len...
Worth noting that if you were going to go after loan fraud you likely would be charging low level folks in the mortgage pipeline (appraisers, mortgage brokers, etc) or even the borrowers, not Wall Street CEOs.
> Mortgage originators that emphasized profit-fueled quantity over loan quality, which resulted in the misreporting of key financial information in 48% of loans securitized by nongovernment agencies;
If 48% of your company's financial transactions were fraudulent, would you expect the CEO to bear responsibility for that? At that point, I'd expect to see a RICO case, or something come out of it.
These stories all seem to ride on similar popular sentiments: 'bad things happened, and rich people were involved, so they should go to jail'. Having read a few of the books cited at the bottom, I have been repeatedly surprised at how these financial disasters came to be; it often seems like the people at the top were deceiving themselves more than anyone else. Bethany McLean's other book, "The Smartest Guys in the R…
If I "deceive myself" by thinking I can drive with my eyes closed, and I crash my car and destroy someone's property, aren't I then required to pay the damages or face jail time? It's odd that we can all agree on cases where the number of participants is small, but for some reason, if an entire economy is affected, we have to pretend that the people responsible weren't actually responsible and shouldn't be punished i…