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Wall Street banks and executives have not gotten into any criminal trouble after in the three the economy collapsed.And that is making a lot of people angry.
Inside Job, the Oscar wining documentary we watched in class, put these leaders in to light. Director, Charles Ferguson on the topic: "I must start by pointing out that three years after a horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail, and that's wrong."
Bankers get off easily, but Madoff, and other Ponzi schemers are serving long prison sentences.
Do you think those, whose hand put the country in to a economic down spin, should be prosecuted? Is there a difference between Goldman Sachs and Madoff?
http://www.npr.org/2011/04/20/135575032/after-financial-crisis-wheels-of-justice-turn-slowly
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At this point, I'm not sure what good prosecution would do. It wouldn't change where we are and it wouldn't change the system or the greed that is allowed to drive the system. I would rather see legislators and other great thinkers (:D) put their minds into real solutions. I think we all came to a point of agreements that there is an appropriate balance between free market and regulation. Wouldn't it be nice if instead of pointing fingers those with power put their heads together and found a better balance?
ReplyDeleteI agree with Beth comments on the whole, although I think it was necessary to prosecute Lee Farkas because he actually committed major crimes. Lanny Breuer stated that, "What he did led not only to the downfall of TBW, perhaps the second-largest mortgage lending company in the United States, but also led to the failure of one of the country's largest commercial banks, Colonial." This prosecution helps people know that they will be held accountable for crimes. Since what Goldman did was legal I don't see how the Justice Department could prosecute them, and that is why I think there is a difference between Goldman Sachs and the actions of Madoff and Farkas. Although it takes time and resources to prosecute against those who led us into the financial collapse, I think the prosecution of Farkas highlights how some instances of greed and corruption have to be dealt with.
ReplyDeleteAgreed.
ReplyDelete