Wednesday, 5 December 2012

Unbelievable statistic from the US

"After the savings and loans scandal of the 1980's, some 3,500 bankers ended up criminally prosecuted and behind bars. This time around, no one on Wall Street has done jail time.

... the only thing worse than allowing the bankers to get away unscathed is prosecutorial misconduct. There's a world of difference, however, between being meticulous and careful in bringing cases and appearing to do nothing at all when trillions of dollars have been lost and not a soul has been held accountable"

From Bloomberg Businessweek, "Is This Big Fish Worth Catching" about the SEC chasing hedgefund manager Cohen for possible insider trading:

"That doesn't mean the government should stop looking into the misdeeds of the likes of Steve Cohen. But it shouldn't ignore those who did worse."

1 Trillion $ in 100 $ notes, with one person on the left as reference.


  1. Yes, This is what has become of the bankers in the USA. Their politicians have no guts to prosecute and are at their mercy. All of them just want to be in power at any cost. Worst thing is, the USA is actually setting an example for others countries to follow. I hope this mentality does not come here. But sad to say, I sensed that our goverments are already heading down the same path.

    Ultimately, the worlds financial market will have to explode if nothing is done about accountability. This is what is all about. This is the only way to restart from a clean sheet. Don't you think so? Even for those who saved, work hard and never borrowed, they too will be affected if world economy really explode. This is just not fair to them.

  2. For 20 years or so many clever people started to work for Wall Street. At least that attitude is changing, lots of people are fed up with the banks and all the financial engineering and prefer to work for "normal" companies.

    Not sure if it really has to explode or implode, but I agree, it has to change (a lot), and may be that can only happen suddenly. Very hard to predict how this will work out, also quite scary.

    Yes, lets hope that in this corner of the world leaders come to their senses and dont continue to copy whatever is done in Wall Street.