Why No Big Name Prosecutions?
Larry Ribstein ponders the government’s failure to prosecute some big businessman as the ultimate scapegoat of this financial crisis, in the way that it prosecuted Michael Milken and Jeff Skilling. His conclusion: “Maybe it’s become just too obvious that we created the financial crisis. As even Oliver Stone showed in his movie, we borrowed all that money and thought the housing boom would never end. We saw the risks in the disclosure documents but ignored them, or refused even to look. We heard the doomsayers and preferred to ignore them. We elected the politicians who subsidized the housing bubble, and decided which firms should live and which should die. Maybe we have seen the face of the financial crisis. In the mirror.”

Sep 27, 2010
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