Why Aren’t Any of the Crash-Baiting Bankers in Prison?
Put away the pitchforks. Despite public rage, no Wall Street figure has been imprisoned for the chicanery that led to the 2008 financial crash — but maybe that’s OK, says Sam Buell, federal prosecutor on the historic Enron fraud case. While the crisis involved large-scale malfeasance, it’s hard to prove one banker intentionally duped another, and the American public was only indirectly victimized by reckless investment schemes. Tougher regulation, he argues, is a more vital and reasoned response, as a few high-profile sentencings are not going to fix the system.