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Why bankers aren't in prison
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: March 8th, 2011
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/02/28/...
"Forgive me," said Berkeley filmmaker Charles Ferguson upon receiving an Academy Award on Sunday night for his documentary "Inside Job." "I must start by pointing out that three years after a horrific financial crisis caused by fraud, not a single financial executive has gone to jail - and that's wrong." A number of people would agree, including a majority of Americans, according to opinion polls, who blame U.S. banks and other private institutions for the 2007-08 financial meltdown documented in Ferguson's film. "He raised exactly the right question," said William Black, a senior regulator at the former Federal Savings and Loan Insurance Corp., which helped clean up the far less costly S&L crisis of the late 1980s and early 1990s. More than 1,800 S&L officials were convicted of felonies in its aftermath, with more than 1,000 jailed. But the difference between then and now - and with the 1929 crash, which saw a number of bankers go to jail - is open to much debate. "We had well over 10,000 criminal referrals from regulators in the S&L crisis," said Black, now an associate professor of economics and law at the University of Missouri-Kansas City School of Law. "This time, zero."
Note: For other major media articles revealing the vast extent of unmitigated corruption related to the banking bailouts, click here. For reliable, eye-opening information on how the public is continually deceived about banking, click here. And for an excellent study guide on the facts presented in this revealing film, click here.
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