I get ginned up as much as the next person when I read about any government action against the financial institutions that robbed millions of people of their jobs and retirement--and their dignity and respect. But, in some way, this is a game.
Unless the heads of these institutions go to jail, nothing will change.
Let's review some of the reality here.
J.P. Morgan was fined $153 million and Goldman Sachs was fined $550 million for their role in ecurities fraud linked to mortgage investments sold to investors.
What happened? None of the CEOs lose their jobs and their pay goes up to record levels.
And the industry, has a whole, party's hearty--while millions suffer.
The government spends its timenabbing the little fish engaged in insider trading, but they let the other ones walk free--and, in return, they get to dine with the president.
So, it's great that the government is--FINALLY--taking action against banks, "accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation."
But, civil action is not enough.
Fines are never paid by those responsible for the illegal action--the shareholders pay.
These CEOs have to pay with their freedom. Let's get creative with RICO statutes and criminal fraud.
Until these folks are marched off to jail, nothing will change because the message will be: create a massive fraud and make a pile of money and nothing happens to you...you keep your huge wealth, your job and, baby, the future is wide open to do it again.
The people paid with their jobs and their futures.
Those responsible have to pay with their freedom
Jail. Them. Now.