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The reason why there aren't any bankers in prison is Enron. Enron and Arthur Andersen were aggressively prosecuted. Many top execs went to prison, Fastow and S
by CalChris 9y ago
The reason why there aren't any bankers in prison is Enron.
Enron and Arthur Andersen were aggressively prosecuted. Many top execs went to prison, Fastow and Skilling. Lay would have gone but 'died' before sentencing. But Arthur Andersen also lost 85,000 jobs. Enron lost 4000+. Employees pensions were wiped out.
Politicians and prosecutors do not have the stomach for that. Citizens don't have the backbone to elect politicians who have that stomach. (US Attorneys are appointed by an elected politician and confirmed by elected politicians.)
This is really just one more wrinkle on too big to fail. That and regulatory capture. And also Citizens United. And a few other things.
- jacobolus 9y agoWhy the scare quotes around 'died'?
- CalChris 9y agoBecause by 'dying', Lay's conviction was vacated. Of course, that meant he didn't go to jail but it also meant that he didn't pay any fines, leaving his rather large estate secure as an inheritance. W even went to his funeral.
- jessaustin 9y agoDo you imply that Lay was not present at the funeral? I think that could be a pretty good idea for a movie...
- dTal 9y agoYou didn't really answer the question.
- ryankennedyio 9y agoI don't know why this is being downvoted, because it is quite accurate. Jesse Eisinger's "The Chickenshit Club" - is a book written entirely about the OP subject. I remember a podcast with the author, and this was a key point.