Even before the 2008 financial crisis, these behaviors were happening. Unchecked, cheating by bankers distorts the market equilibrium and creates a bubble. The

Even before the 2008 financial crisis, these behaviors were happening. Unchecked, cheating by bankers distorts the market equilibrium and creates a bubble. The easiest example to see/understand for me is the pretend real-estate value on banks' books during the housing/mortgage bubble. We had a chance to deflate the bubble completely, but by failing to prosecute the individuals, we only did it partially. Without criminal prosecutions, this is going to happen again soon. With criminal prosecutions it would still happen again, but we would be insulated/innoculated for at least one generation of bankers and bank managers. We had an opportunity at that time to