In all the coverage of the 10th anniversary of the 2008 financial crisis, one lasting legacy, too little noted, is the contagion of financial crimes and fraud that have plagued us since. See: A Denver attorney still cleaning up Lehman mortgage mess:
“Some people committed fraud because they could get away with it. But many of the borrowers were buying into an American Dream that was beyond their means. Greed and hope combined with disastrous consequences…
They thought they owned these homes, but after working three jobs, liquidating their 401(k)s, eventually getting a divorce from the financial stress, and moving in with their parents at 42 years old, it was obvious that the home owned them, not the other way around.
…After witnessing first hand what caused the thousands of stress fractures that sent Lehman tumbling down a decade ago, Carrington worries it is only a matter of time before it happens all over again.
‘Hardly anyone got prosecuted, and that suggests that there’s little risk in folks running these same plays,’ he said.”
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