Will bankers be prosecuted?

[Phred42]

While Jon Q. Taxpayer would be committing a crime by purposely undervaluing his annual earnings on his tax returns, it appears when a company intentionally misleads investors it’s a lot of harm, but no foul.
http://www.economyincrisis.org/articles/show/2202

Will bankers be prosecuted?

http://www.iht.com/articles/2008/12/11/business/norris12.php

The American public is angry - and rightfully so. Over the past year, they have seen their country’s economy go to hell-in-a-hand basket. As Wall Street executives ran their companies into the ground, taxpayers became responsible for footing the bill to keep Wall Street afloat. In some cases the executives were rewarded with fat bonuses for their obvious malfeasance.

While Jon Q. Taxpayer would be committing a crime by purposely undervaluing his annual earnings on his tax returns, it appears when a company intentionally misleads investors it’s a lot of harm, but no foul.

A U.S. District Court judge wrote in a case brought against mortgage lender Countrywide Financial, that "the federal securities laws do not create liability for poor business judgment or failed operations."

However, the judge did leave the door open for future action against failed companies by stating that "the extraordinary case where a company's essential operations are so at odds with the company's public statements that many statements that would not be actionable in the vast majority of cases" could potentially be the basis of a complaint.

[wildbilln864]

1. not likely! nt

[ayeshahaqqiqa]

2. Now you know why bank robbers were looked on as heroes in the '30s

they were the only ones who did something to the dirty and corrupt bankers of the times. Bankers had a very bad rep during the '30s.

[Clovis Sangrail]

4. *were* ? /nt

[malletgirl02]

9. Kurt Weill and Bertel Brecht

In two of their musicals, Threepenny Opera and the Happy End, Bank owners are compared unfavorably to bank robbers. Quote from the epilogue of The Happy End, "robbing a bank is no crime compared to owning one". There is a really great satiric mock "hymn" to the bank and corporation owners. called "Hosanna Rockefeller". I can't find the lyrics, but when I have time to transcribe it from a recording, I'll post it.

[Clovis Sangrail]

3. the past is a good predictor

how many people went to jail and for how long re: Enron, Worldcom, Aurthur Anderson, et al ?

[MineralMan]

5. I believe they should be, along with

all the others who have bankrupted the country. If found guilty, all of their assets should be seized and turned over to the U.S. Treasury to be used to correct their misdeeds.

It is time to make those who work to destroy our economy in an effort to enrich themselves pay for their damage. Complete asset seizure should send an unmistakeable message.

This would, of course, require some new laws, I think, but would certainly put the fear into the robber barons.

[Phred42]

7. Agree with that

Treason = forfeit of all assets

[hankthecrank]

6. law for money, by money calls the shots

On an old take of the saying of Govt for the people, by the people. Its really for money, by money. You peons can just go pound sand. Now where did i put that gilleteen! :sarcasm:

[leftofthedial]

8. of course not

there is no justice in a plutocracy.

[old mark]

10. When pigs fly ...nt