Why Weren’t the Bankers Held Accountable?

Here’s a story by a United States District Judge postulating on why no bank executives were tried for what appears to have been major fraud resulting in the momentary collapse of the banking system.

Who was to blame? Was it simply a result of negligence, of the kind of inordinate risk-taking commonly called a “bubble,” of an imprudent but innocent failure to maintain adequate reserves for a rainy day? Or was it the result, at least in part, of fraudulent practices, of dubious mortgages portrayed as sound risks and packaged into ever more esoteric financial instruments, the fundamental weaknesses of which were intentionally obscured?

(read more at the New York Review of Books.)

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