Charles Ferguson: How Financial Criminalization Crashed the Economy, and the Culprits Got Off Scot-Free
It is no exaggeration to say that since the 1980s, much of the American (and global) financial sector has become criminalized, creating an industry culture that tolerates or even encourages systematic fraud. The behavior that caused the mortgage bubble and financial crisis was a natural outcome and continuation of this pattern, rather than some kind of economic accident.
It is important to understand that this behavior really is seriously criminal. We are not talking about neglecting some bureaucratic formality. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation, and large-scale tax evasion; assisting in concealment of criminal assets and activities by others; and directly committing frauds that substantially worsened the worst financial bubbles and crises since the Depression.
We live in a nation with two standards of justice, one for the little people and one for a privileged elite.
I do not think I need to tell you of the horrible effects of injustice. The criminals will break the law again. The criminals will gain in power. The criminals will become even richer.
That is quite the lesson for our children and the larger society. Don’t work. Don’t labor. Steal. That’s the way of American Investment banking.
- Charles Ferguson: How Financial Criminalization Crashed the Economy, and the Culprits Got Off Scot-Free (huffingtonpost.com)
- Madoff, Facebook and the sub-prime mortgage fiasco: from the Guardian (blogs.vancouversun.com)
- Predator Nation Author Says Crime Pays Very Well On Wall Street (bigthink.com)
- Corporate criminals gone wild (salon.com)
- Business insurance news: Financial sector ‘still vulnerable’ (premierlinedirect.co.uk)
- Heist of the century: university corruption and the financial crisis (guardian.co.uk)
- “The Brittle Grip”: Wall Street And The Financial Sector Aren’t Accustomed To Criticism (mykeystrokes.com)