Will those who led the financial system into crisis ever face charges?


The ABA (American Bar Association) Journal has the article Will those who led the financial system into crisis ever face charges?

The article is about William K. Black.

Black’s expertise long preceded the scandal at hand, making his defense testimony in U.S. v. Charikov all the more ironic. He made his bones prosecuting fraud back in the savings and loan crisis during the 1980s and early ’90s. As a senior financial regulator, he was a leader in bringing criminal and civil cases against individuals to clean up a then-unprecedented scandal involving officials looting their own financial institutions, largely through self-dealing and extreme risk-taking. More than 1,000 were convicted, many of them high-level.
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For years the DOJ has come under withering criticism for not going after high-level executives and other officials in top banks and lending institutions. Black put it succinctly while discussing the Sacramento acquittals: “They’ve been chasing mice—in this case Russian-American mice—while watching the lions roam free.”

Even though I am a huge fan of William K. Black, I learned a lot about him and the 2008/2009 Financial crisis from reading this entertaining article. If you have not been following this as closely as I have, you might learn a lot about how the system is rigged, and which current Democratic Presidential candidate is likely to do something about this and which one is not.

There is a hint of an answer in my previous post Hillary’s Record on Regulating Wall Street Amounts to a Non-Confidence Vote. Bill Clinton’s statements to the S & L Regulators when Clinton took office is what convinced William K. Black to resign as a senior regulator.

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