Seven years have passed since the peak of the2008 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 touchthese 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 thestock market. The estimated total crisis-related loss equals around 40% of 2007’s gross domestic product.
This post was published at Wall Street Examiner by Tara Clarke ‘ November 23, 2015.