Justice on Wall Street


Over at JW Gray’s Thoughts, my friend James raises some valid concerns about the lack of true justice against the regulators and bankers who knowingly – or at best with great negligence – engaged in shady practices that precipitated the worst economic crisis in decades. It’s a sobering testimony to the systemic nature collusion and venality in our political and financial systems (which often overlap far more than they should).

No question that no one in wall street seems to be going to jail for harming the economy, but were any crimes even committed? Some people don’t think so. For example, Obama said that the banks didn’t commit any crimes. Even, so there is ample evidence that there are wall street crimes that are not being appropriately punished:

First, we have reason to think fraud was involved when banks were buying and selling mortgage securities. In fact, a hedge fund…

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