« 'The Cap-and-Trade Sulfur Dioxide Allowances Market Experiment' | Main | Links for 02-11-16 »

Wednesday, February 10, 2016

'Charge Senior Bank Bosses'

Phil Angelides asks a "simple question":

Charge senior bank bosses, says former commissioner, by Ben McLannahan, FT: Phil Angelides uncovered evidence of widespread fraud and corruption in the US mortgage market as chairman of the commission which produced the government report on the global financial crisis. Five years on, he is asking the Department of Justice why it has yet to call any senior bank executives to account. ... In a letter to Loretta Lynch, US Attorney General, Mr Angelides has challenged the DoJ to take action before the ten-year statute of limitation expires.
“I ask a simple question: how could the banks have engaged in such massive misconduct and wrongdoing without a single individual being involved? In a sense, it’s the immaculate corruption,” he told the FT. “It defies common sense, and the people of America know this" ... "it breeds a great amount of cynicism and anger about the nature of our judicial system.”

    Posted by on Wednesday, February 10, 2016 at 07:15 PM in Economics, Financial System, Regulation | Permalink  Comments (23)


    Comments

    Feed You can follow this conversation by subscribing to the comment feed for this post.