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Look I love Elizabeth Warren but this whole article is really over the top. > leaders of financial institutions are painfully aware that there are consequences

Look I love Elizabeth Warren but this whole article is really over the top. > leaders of financial institutions are painfully aware that there are consequences They were fined lousy 280m and the CEO was allowed to resign a full 3 years after it was first reported. Really, REEAAALLLY painful stuff there.

AstroJetson 10y ago
Its becoming cases of the wheels of justice turn, they turn slowly but they turn. The rate they are turning has become much faster (never --> 3 years is a big speed improvement) and the people that are getting caught in those wheels is a much higher level. 5 years ago clerks, now a CEO.
- wheelerwj 10y ago
  Then maybe we should ditch the wheels and use Hammers of Justice instead? The ceo PERSONALLY made more money during the scam than entire bank was fined. really epic stuff here, I mean, Really, way to dish out the pain!
  - dmix 10y ago
    The difference is he didn't personally direct people in a criminal way for personal profit. The fact heads didn't role is what is the real issue here. There should have been a strong internal house cleaning after this became known to the top. But they apparently didn't react in a satisfactory way. This is where the CEO was at fault. He didn't send the right signal that this type of behavior will result in a skewering. And he (and others at the top) deserved to lose their job as a result. But to claim he was knowingly profiting from some sort of criminal conspiracy is unhelpful hyperbole. Whether or not the people who created this internal culture and ignored the malicious behavior of thousands should be criminally liable is another issue. But he was certainly separated enough from it where anything beyond a shameful career ending is a bit much.
  - tedunangst 10y ago
    The bank was also fined many times more than it made from the scam.
    - wheelerwj 10y ago
      i mean, i guess if you dont factor in 100% stock price increase they didn't make that much money.
cortesoft 10y ago
And keep his stock valued at $109million..... I am sure he is quite distraught.
samstave 10y ago
The pain is only in the risk to their pocketbook. Not any other actual risk...
- wheelerwj 10y ago
  most of us are entrepreneurs,so we should all appreciate the value of the corporate vail. But this is criminal identity theft. all of us would expect real consequences for that kind of activity.

AstroJetson 10y ago

Its becoming cases of the wheels of justice turn, they turn slowly but they turn. The rate they are turning has become much faster (never --> 3 years is a big speed improvement) and the people that are getting caught in those wheels is a much higher level. 5 years ago clerks, now a CEO.

wheelerwj 10y ago
Then maybe we should ditch the wheels and use Hammers of Justice instead? The ceo PERSONALLY made more money during the scam than entire bank was fined. really epic stuff here, I mean, Really, way to dish out the pain!
- dmix 10y ago
  The difference is he didn't personally direct people in a criminal way for personal profit. The fact heads didn't role is what is the real issue here. There should have been a strong internal house cleaning after this became known to the top. But they apparently didn't react in a satisfactory way. This is where the CEO was at fault. He didn't send the right signal that this type of behavior will result in a skewering. And he (and others at the top) deserved to lose their job as a result. But to claim he was knowingly profiting from some sort of criminal conspiracy is unhelpful hyperbole. Whether or not the people who created this internal culture and ignored the malicious behavior of thousands should be criminally liable is another issue. But he was certainly separated enough from it where anything beyond a shameful career ending is a bit much.
- tedunangst 10y ago
  The bank was also fined many times more than it made from the scam.
  - wheelerwj 10y ago
    i mean, i guess if you dont factor in 100% stock price increase they didn't make that much money.

cortesoft 10y ago

And keep his stock valued at $109million..... I am sure he is quite distraught.

samstave 10y ago

The pain is only in the risk to their pocketbook. Not any other actual risk...

wheelerwj 10y ago
most of us are entrepreneurs,so we should all appreciate the value of the corporate vail. But this is criminal identity theft. all of us would expect real consequences for that kind of activity.