It is quite simple: punish actors not faceless corporations and follow the chain of command up to the highest paid executives and their legal and accounting advisers. We did this following financial fraud epidemics in the 1930’s, 1980’s and to some extent the early 2000’s following the tech wreck. The so called ‘smartest guys in the room’ (cough) can’t extract grotesque compensation based on profits made (after government bailouts) and then also deny responsibility for crimes committed in creation of those profits.
Chris Whalen had some refreshingly sensible comments on these issues this morning:
Chris Whalen, senior managing director at Kroll Bond Rating Agency, talks about the need for criminal prosecution of bankers and the Federal Reserve’s role in bank regulationHere is a direct video link.
More here: the Fed’s zero rate policies have taken a trillion a year of income from savers. All to unfairly and temporarily reflate bank profits (just until they implode again): not a good trade for the 99.9%. Here is a direct video link.
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