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Except for that part where people did go to jail[1], it's just that they were all from smaller institutions rather than any of the top executives from national
by deadmetheny 9y ago
Except for that part where people did go to jail[1], it's just that they were all from smaller institutions rather than any of the top executives from national banks. That is certainly a problem, but it does illustrate that if you (like most of us) are a nobody, you're not necessarily gonna get away with anything.
[1] http://money.cnn.com/2016/04/28/news/companies/bankers-prison/index.html http://money.cnn.com/2016/04/28/news/companies/bankers-priso...
- kevindqc 9y agoWell the example they give, Edward Woodard, is someone who got 23 years sentence for fraud, which is not really related to what happened during the 2008 financial crisis? >From 2008 to 2011, Woodard and Stephen Fields, a former executive vice president and commercial loan officer at the bank, hid the bank’s financial condition, authorities said. Bank insiders also gave preferential financing to troubled borrowers to buy properties Bank of the Commonwealth owned, prosecutors said. So that was after the crisis - they wanted to hide how bad it affected them?
- camelite 9y agoThat's the second time in two days I've seen that cited in response to the claim no Banker went to jail. But as far as I can make out it's about Tarp fraud, which came at the crisis. Wheres it coming from, first Google result?