Why Aren’t Big Bankers in Jail? [FAIR]
- Why ask why, say their enablers in financial press -
By Janine Jackson
Jan 1, 2014
The man in charge of a bank that engaged in massive mortgage fraud chatted with a corporate media host (CNBC Squawk on the Street, 7/12/13) about the fact that virtually none of those who enriched themselves while eviscerating the life savings of many blameless people, derailing the US economy along the way, have faced criminal prosecution:
Jim Cramer: Shouldn’t they have indicted somebody who actually did bad things in banking?
JPMorgan Chase CEO Jamie Dimon: I think if someone did something wrong, they should go to jail.
Cramer: Well, who did? Who went to jail?
Dimon: One of the great things about America, failure is not illegal or wrong. You can’t just say it failed. But I do think America looked at the crisis—and this is too bad—and there was no, anywhere, Old Testament justice. What they saw is people got overpaid—and some of these people lost all their money, their reputation, all that. If someone did something wrong, they should pay. You’ve got to be specific. Did they do something wrong, or you just don’t like the fact that they failed? You make investments. They don’t always pay off. It doesn’t mean you’re a criminal.
Granted, Cramer is no one’s idea of a serious interrogator of the financial system (FAIR Blog, 3/13/09). But much journalism on the question of criminal prosecution of industry leaders amounts to similar apologia…
Full article link: http://fair.org/extra-online-articles/why-arent-big-bankers-in-jail/