3 ms·
> The 2008 crises was not built on outright fraud by most of the banks. ... It was not caused by some cabal of bankers specifically doing something illegal. Th
by CalChris 10y ago
> The 2008 crises was not built on outright fraud by most of the banks. ... It was not caused by some cabal of bankers specifically doing something illegal.
That is not true.
Why Only One Top Banker Went to Jail for the Financial Crisis
http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html http://www.nytimes.com/2014/05/04/magazine/only-one-top-bank...
- ecorealist 10y agoThanks for posing this article. Kareem Serageldin was certainly guilty but actually goes to strengthen my original argument -- it is rare to find Arab financiers on Wall St, it is telling that the one prosecution on the 2008 CDO disaster is an Arab guy!
- goseeastarwar 10y agoAs Larry Summers said on a recent episode of "The Axe Files" podcast, you can't litigate bankers being stupid.