I seem to remember newly-minted Senator Elizabeth Warren asking a panel of financial regulators when the last time was that any of them had actually forced a bank to admit wrongdoing. None of them could provide an example of that happening. Perhaps, Senator Warren made her point:
In an unusually aggressive move, the S.E.C. is seeking to extract an admission of wrongdoing from the nation’s biggest bank. If JPMorgan concedes to that demand, such an admission would reverse a longtime practice at the S.E.C., which has allowed defendants for decades to “neither admit nor deny wrongdoing.” The people briefed on the case added that the agency had not threatened to file civil charges against JPMorgan executives.
This is not enough, obviously. Until Jamie Dimon and most of his staff are begging for nickels under a bridge, we will not have justice. But I like to note progress where I see it.
I think her comment was:
“When was the last time you took a Wall Street bank to trial?”
Elizabeth Warren Gets to Work
Isn’t that pretty much the same thing? It’s not like banks go to jail. So, if they agree to a fine AND accept culpability, that’s the same as being ruled against in a trial.
Your version is also welcome, though actual prosecution of banks and the bank officers responsible for wrongdoing would be even better. With fines and penalties commensurate with the value of the scam and prison terms to the architects of the schemes.
Yes, I agree. I’d also like to see more personal responsibility rather than corporate responsibility. I don’t care if a bank is fined, and if the fine is big enough to be truly deterring, it could often tank a Too Big to Fail organization. Throw people in jail once in a while and you’ll get better behavior.
What’s next for the banksters? Potty-training?
Meanwhile, no US troops hit by IEDs in Iraq. Iraqis not so fortunate. Iraq car bombs kill at least 50 in Shia areas of Baghdad.
Ah, the post-Saddam-evil-empire continues its lurch towards safety, stability, wealth, and happiness.
‘seeking to extract an admission of wrongdoing’ is not the same as ‘extracted an admission of wrongdoing’.
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you have to start with the first to get the second
How amazing would it be if in the United States Elizabeth Warren was considered a centrist?
The first step in getting a truly progressive and liberal party in the United States is destroying the Republican party.