Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • AI Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    • Postcards
Login Archives Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • AI Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    • Postcards
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Wall Street

Will These Wall Street Criminals Finally Be Punished?

By Tara Clarke, Associate Editor, Money Morning • @TaraKateClarke • November 23, 2015

Start the conversation

Leave a Reply Click here to cancel reply.

You must be logged in to post a comment.

wall street criminalSeven years have passed since the peak of the 2008 financial crisis, and still, not a single too-big-to-fail chief executive officer (CEO) is in jail.

Sure, civil suits have been filed against the guilty Wall Street firms...

Civil suits that result in settlements that barely touch these global financial institutions' balance sheets. For instance, the $5.7 billion settlement paid out by five too-big-to-fail banks in May - JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Barclays Plc. (NYSE ADR: BCS), UBS Group AG (NYSE: UBS), and Royal Bank of Scotland Group Plc. (NYSE: RBS) - represent the earnings of about a day or two for each bank.

As for the Wall Street criminals behind the toxic loans that tanked the economy in 2008 - the actual people, not the institutions they hide behind - there has never been so much as a wrist slap, let alone a criminal conviction.

When all was said and done, these execs cost the United States nearly 9 million jobs (6% of the workforce), a 30% fall in housing prices, and a 50% dip in the stock market. The estimated total crisis-related loss equals around 40% of 2007's gross domestic product.

"America has become a banana republic run by Wall Street criminals," Money Morning Capital Wave Strategist Shah Gilani said earlier this year on May 20. "We all know the big banks are above the law. They are convicted, they admit their guilt (sometimes), and no one goes to jail - they just pay more fines."

That's why we were pleasantly surprised when The Wall Street Journal reported last week that U.S. officials are finally pursuing criminal charges against three Royal Bank of Scotland and JPMorgan execs...

Three Wall Street Criminals Finally Face Criminal Charges

Here's what WSJ had to say on Nov. 17, citing sources familiar with the ongoing investigation:

Officials are working to establish that the bankers ignored warnings from associates that they were packaging too many shaky mortgages into investment offerings and are weighing whether they can prove that constituted fraud, the people said.

At RBS, prosecutors are scrutinizing a $2.2 billion deal that repackaged home mortgages into bonds in 2007, the people said. In a 2013 civil settlement with RBS, the Securities and Exchange Commission described the lead banker on that deal, whom it didn't name, as trying to push it through over concerns of the diligence department.

At J.P. Morgan, prosecutors are focusing on two people who worked on a different residential-mortgage deal, the people said.

To date, both RBS and JPMorgan have written billions in settlement checks to the U.S. government to settle civil charges.

But in those settlements, feds never prosecuted the individuals responsible...

Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter

Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…

Claim My Free Report

Subscribe
Login
Notify of
guest

guest

0 Comments
Inline Feedbacks
View all comments


Latest News

September 15, 2023 • By Shah Gilani

We're Headed for a Second Banking Crisis - Here's What to Do

September 14, 2023 • By Tom Gentile

Tulips Are the Secret to Trading the Next 300% Rally in AI

September 14, 2023 • By Chris Johnson

Tulips Are Telling Me How To Trade the Next 300% rally in AI
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Penny Hawk Midday Momentum
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Quantum Data Profits Flashpoint Trader Darknet Alpha Accelerators Brutus Alerts Resource Traders Alliance L.A.U.N.C.H. Investor Rob Roy Trader Long-Term Equity Profits

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information

wpDiscuz