5 ms·

If I had to guess, Americans say they dislike the 2008 bailouts to mean they dislike how Wall Street banks caused a recession.

bandrami 8mo ago
I think most people think that TARP cost the government money (rather than the opposite) and that "only one banker went to jail" is still true (it hasn't been true since 2013). Which is honestly a pretty shocking indictment of the news media.
- momoschili 8mo ago
  Nobody that mattered went to jail. A few lackeys might have been thrown to the wolves, though it seems only 1 spent significant time in jail. Meanwhile the board members, C-suite of Lehmann, Bear Stearns, WaMu, etc didn't spend a second in jail. What's really shocking is you burying the lede.
  - bandrami 8mo ago
    There are dozens of people still in jail, including C suite officers. Like I said the media just absolutely dropped the ball on this.
    - momoschili 8mo ago
      Can you name any of them? As far as I know none of the CEOs of the major banks spent any time in jail. They tried to get the CEO of Wamu but he successfully countersued (LOL) to get the Feds to drop the charges? edit: it's unfortunate that you can't bring up any actual evidence to support your assertion
      - bandrami 8mo ago
        The TARP inspector general used to have a database of everybody they jailed but unfortunately it got DOGEd. It wasn't anybody famous but kind of the whole point of doing illegal things is that you try not to be high-profile when you do them.
      - elliotec 8mo ago
        It's also incredibly bizarre they'd go on such defense like this beyond zero evidence. Why on earth would someone make this shit up 18 years later?
        bandrami 8mo ago
        Because people are just straight-up misinformed about this and get angry when I point this out rather than being happy to find out they were wrong. Here's an article from 2016 which was before the big wave of convictions happened in 2017-2019; it was 35 already at that point: https://hartfordbusiness.com/article/fed-myth-busters-35-bankers-were-sent-to-prison-for-financial-crisis-crimes/ https://hartfordbusiness.com/article/fed-myth-busters-35-ban... And, again, I'll remind you that until five minutes ago you thought the number was zero, and yet you're not happy to learn you're wrong. Puzzling.
        lurk2 8mo ago
        These look to all be incidences of people who were convicting of defrauding TARP, which I doubt most people would even remember. Steve Carell and Ryan Gosling told me the credit rating agencies rubber-stamped bad derivatives and that banks were giving out loans without income verification. Did any executive or director ever go to jail for that?
        bandrami 8mo ago
        Lots of loan officers and auditors were jailed, yes (more of the former than the latter, IIRC)
        lurk2 8mo ago
        > Lots of loan officers and auditors were jailed, yes Do you have any names?
        elliotec 8mo ago
        Are you serious? You said “dozens of CEOs” have been jailed for their role in the 2008 crisis. That is categorically false. The article you posted is about a banker convicted in 2013 for fraud committed in 2011 that has nothing to do with contributing to the 2008 crisis. No CEOs were jailed for that. Take your anger somewhere else because the truth is that it’s still zero, just like it was 5 minutes ago and 18 years ago. What would you possibly have to gain from lying about stuff like this?
      - bandrami 8mo ago
        https://www.housingwire.com/articles/38536-failed-bank-ceo-g https://www.housingwire.com/articles/38536-failed-bank-ceo-g... https://www.justice.gov/usao-md/pr/former-president-and-ceo- https://www.justice.gov/usao-md/pr/former-president-and-ceo-... https://oig.federalreserve.gov/releases/news-bekkedam-senten https://oig.federalreserve.gov/releases/news-bekkedam-senten... https://www.washingtonpost.com/news/business/wp/2015/09/02/b https://www.washingtonpost.com/news/business/wp/2015/09/02/b... JFC you guys need to work on your web literacy
        lurk2 8mo ago
        First article is about TARP fraud. The other three are all 404.
        bandrami 8mo ago
        Sorry: https://www.washingtonpost.com/news/business/wp/2015/09/02/bank-executive-sentenced-to-8-years-behind-bars-in-bailouts-biggest-criminal-case/ https://www.washingtonpost.com/news/business/wp/2015/09/02/b... https://www.justice.gov/usao-md/pr/former-president-and-ceo-cecil-bank-sentenced-maryland-two-years-federal-prison-bank https://www.justice.gov/usao-md/pr/former-president-and-ceo-... https://oig.federalreserve.gov/releases/news-bekkedam-sentencing-jan2017.htm https://oig.federalreserve.gov/releases/news-bekkedam-senten... That's literally just from the first page of Google results, which you are also free to use if you want to learn more about this. And btw "it's just TARP fraud" is an idiotic thing to say: the fraud was in misrepresenting the banks' positions prior to the crash during the TARP audit.
        deaux 8mo ago
        > And btw "it's just TARP fraud" is an idiotic thing to say: the fraud was in misrepresenting the banks' positions prior to the crash during the TARP audit. People want CEOs to go to jail for knowingly playing a role in causing the crash. Misrepresenting banks' positions afterwards isn't it.
        8mo ago

bandrami 8mo ago

I think most people think that TARP cost the government money (rather than the opposite) and that "only one banker went to jail" is still true (it hasn't been true since 2013). Which is honestly a pretty shocking indictment of the news media.

momoschili 8mo ago
Nobody that mattered went to jail. A few lackeys might have been thrown to the wolves, though it seems only 1 spent significant time in jail. Meanwhile the board members, C-suite of Lehmann, Bear Stearns, WaMu, etc didn't spend a second in jail. What's really shocking is you burying the lede.
- bandrami 8mo ago
  There are dozens of people still in jail, including C suite officers. Like I said the media just absolutely dropped the ball on this.
  - momoschili 8mo ago
    Can you name any of them? As far as I know none of the CEOs of the major banks spent any time in jail. They tried to get the CEO of Wamu but he successfully countersued (LOL) to get the Feds to drop the charges? edit: it's unfortunate that you can't bring up any actual evidence to support your assertion
    - bandrami 8mo ago
      The TARP inspector general used to have a database of everybody they jailed but unfortunately it got DOGEd. It wasn't anybody famous but kind of the whole point of doing illegal things is that you try not to be high-profile when you do them.
    - elliotec 8mo ago
      It's also incredibly bizarre they'd go on such defense like this beyond zero evidence. Why on earth would someone make this shit up 18 years later?
      - bandrami 8mo ago
        Because people are just straight-up misinformed about this and get angry when I point this out rather than being happy to find out they were wrong. Here's an article from 2016 which was before the big wave of convictions happened in 2017-2019; it was 35 already at that point: https://hartfordbusiness.com/article/fed-myth-busters-35-bankers-were-sent-to-prison-for-financial-crisis-crimes/ https://hartfordbusiness.com/article/fed-myth-busters-35-ban... And, again, I'll remind you that until five minutes ago you thought the number was zero, and yet you're not happy to learn you're wrong. Puzzling.
        lurk2 8mo ago
        These look to all be incidences of people who were convicting of defrauding TARP, which I doubt most people would even remember. Steve Carell and Ryan Gosling told me the credit rating agencies rubber-stamped bad derivatives and that banks were giving out loans without income verification. Did any executive or director ever go to jail for that?
        bandrami 8mo ago
        Lots of loan officers and auditors were jailed, yes (more of the former than the latter, IIRC)
        lurk2 8mo ago
        > Lots of loan officers and auditors were jailed, yes Do you have any names?
        elliotec 8mo ago
        Are you serious? You said “dozens of CEOs” have been jailed for their role in the 2008 crisis. That is categorically false. The article you posted is about a banker convicted in 2013 for fraud committed in 2011 that has nothing to do with contributing to the 2008 crisis. No CEOs were jailed for that. Take your anger somewhere else because the truth is that it’s still zero, just like it was 5 minutes ago and 18 years ago. What would you possibly have to gain from lying about stuff like this?
    - bandrami 8mo ago
      https://www.housingwire.com/articles/38536-failed-bank-ceo-g https://www.housingwire.com/articles/38536-failed-bank-ceo-g... https://www.justice.gov/usao-md/pr/former-president-and-ceo- https://www.justice.gov/usao-md/pr/former-president-and-ceo-... https://oig.federalreserve.gov/releases/news-bekkedam-senten https://oig.federalreserve.gov/releases/news-bekkedam-senten... https://www.washingtonpost.com/news/business/wp/2015/09/02/b https://www.washingtonpost.com/news/business/wp/2015/09/02/b... JFC you guys need to work on your web literacy
      - lurk2 8mo ago
        First article is about TARP fraud. The other three are all 404.
        bandrami 8mo ago
        Sorry: https://www.washingtonpost.com/news/business/wp/2015/09/02/bank-executive-sentenced-to-8-years-behind-bars-in-bailouts-biggest-criminal-case/ https://www.washingtonpost.com/news/business/wp/2015/09/02/b... https://www.justice.gov/usao-md/pr/former-president-and-ceo-cecil-bank-sentenced-maryland-two-years-federal-prison-bank https://www.justice.gov/usao-md/pr/former-president-and-ceo-... https://oig.federalreserve.gov/releases/news-bekkedam-sentencing-jan2017.htm https://oig.federalreserve.gov/releases/news-bekkedam-senten... That's literally just from the first page of Google results, which you are also free to use if you want to learn more about this. And btw "it's just TARP fraud" is an idiotic thing to say: the fraud was in misrepresenting the banks' positions prior to the crash during the TARP audit.
        deaux 8mo ago
        > And btw "it's just TARP fraud" is an idiotic thing to say: the fraud was in misrepresenting the banks' positions prior to the crash during the TARP audit. People want CEOs to go to jail for knowingly playing a role in causing the crash. Misrepresenting banks' positions afterwards isn't it.
        8mo ago