OK

This is only a Preview!

You must Publish this diary to make this visible to the public,
or click 'Edit Diary' to make further changes first.

Posting a Diary Entry

Daily Kos welcomes blog articles from readers, known as diaries. The Intro section to a diary should be about three paragraphs long, and is required. The body section is optional, as is the poll, which can have 1 to 15 choices. Descriptive tags are also required to help others find your diary by subject; please don't use "cute" tags.

When you're ready, scroll down below the tags and click Save & Preview. You can edit your diary after it's published by clicking Edit Diary. Polls cannot be edited once they are published.

If this is your first time creating a Diary since the Ajax upgrade, before you enter any text below, please press Ctrl-F5 and then hold down the Shift Key and press your browser's Reload button to refresh its cache with the new script files.

ATTENTION: READ THE RULES.

  1. One diary daily maximum.
  2. Substantive diaries only. If you don't have at least three solid, original paragraphs, you should probably post a comment in an Open Thread.
  3. No repetitive diaries. Take a moment to ensure your topic hasn't been blogged (you can search for Stories and Diaries that already cover this topic), though fresh original analysis is always welcome.
  4. Use the "Body" textbox if your diary entry is longer than three paragraphs.
  5. Any images in your posts must be hosted by an approved image hosting service (one of: imageshack.us, photobucket.com, flickr.com, smugmug.com, allyoucanupload.com, picturetrail.com, mac.com, webshots.com, editgrid.com).
  6. Copying and pasting entire copyrighted works is prohibited. If you do quote something, keep it brief, always provide a link to the original source, and use the <blockquote> tags to clearly identify the quoted material. Violating this rule is grounds for immediate banning.
  7. Be civil. Do not "call out" other users by name in diary titles. Do not use profanity in diary titles. Don't write diaries whose main purpose is to deliberately inflame.
For the complete list of DailyKos diary guidelines, please click here.

Please begin with an informative title:

I almost always try to avoid repeating topics of diaries that are already in process. But, respectfully, this diary misses the most important point. It is great that JP Morgan has been sued--and congrats to NY Attorney General Eric Schneiderman. But, we've seen this picture before: suits are filed and the executives who committed fraud or financial crimes or misconduct are NEVER--NEVER--held accountable. If we want real change--not phony, uplifting change--these people must go to jail. NO DEALS.

Intro

You must enter an Intro for your Diary Entry between 300 and 1150 characters long (that's approximately 50-175 words without any html or formatting markup).

You can read the diary I referenced or read the upshot of the news here:

The federal mortgage task force that was formed in January by the Justice Department filed its first complaint against a big bank on Monday, citing a broad pattern of misconduct in the packaging and sale of mortgage securities during the housing boom.

The civil suit against Bear Stearns & Company, now a unit of JPMorgan Chase, was brought in New York State Supreme Court by Eric T. Schneiderman, the attorney general who is also a co-chairman of the task force, known as the Residential Mortgage-Backed Securities Working Group.

The problem is that this is not the news. The news is that bank executives still have their jobs and are still making huge pay AFTER they engaged, directly or through their subordinates, in illegal, criminal and improper misconduct.

Bank of America executives--who were central to deceiving investors--got a stay-out-of-jail card to the tune of a $2 billion settlement.

Barclays paid hundreds of millions of dollars in shareholder money to wipe away fraud charges–- and no executives went to jail.

Goldman Sachs execs were pleased to see a $550 million to pay offtheir criminal behavior--because they, too, stayed out of jail.

And, to top it off, the same JPMorgan now being sued has already shelled out $153 million, a bargain to make previous charges go away--without any jail time for executives.

Let's underscore: this is shareholder money that pays off these fines. It does not come from the pockets of the CEOs and top executives.

And, when the banks suffer losses because of fraud or wrong-doing, who pays the price? The secretaries, the clerks and the low-level people who get shown the door when the pyramid crashes down.

The only lesson learned is this: we can do it again because we won't pay a price for destroying peoples' lives.

Until these guys sit in jail, nothing will change.

Extended (Optional)

EMAIL TO A FRIEND X
Your Email has been sent.