Too Big to Jail?
August 6, 2007 was a day that changed the world and yet its events went largely unnoticed. Without a massive government liquidity injection, most Wall Street money center banks could not have opened their doors that morning. They were insolvent.
During the ensuing six years no bank and no individual has been brought to justice for committing the most massive financial fraud in our nation’s history, a fraud that led to the collapse of Lehman Brothers and threatened to take down the entire western world’s financial system.
Does our Department of Justice (DOJ) believe Wall Street banks are too big to prosecute? This is no esoteric discussion for Baby Boomers, as our very financial future is riding on the outcome. A moral hazard has been created that now threatens to drown us in an even larger financial catastrophe.
Bill Black lays out the hard facts. Read more…
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