Should more bankers be in prison?


The question ‘Should more bankers be in prison?’ obviously refers to the US because no bankers are in prison or even criminally investigated in the UK.

What’s Inside America’s Banks?

‘Some four years after the 2008 financial crisis, public trust in banks is as low as ever. Sophisticated investors describe big banks as “black boxes” that may still be concealing enormous risks—the sort that could again take down the economy. A close investigation of a supposedly conservative bank’s financial records uncovers the reason for these fears—and points the way toward urgent reforms.’ (Full article in The Atlantic Magazine)

This video clip discusses an indepth analysis which was made of one of America’s oldest and most trustworthy banks, Wells Fargo:

Accusations of illegal, clandestine bank activities are also proliferating. Large global banks have been accused by U.S. government officials of helping Mexican drug dealers launder money (HSBC), and of funneling cash to Iran (Standard Chartered). Prosecutors have charged American banks with falsifying mortgage records by “robo-signing” papers to rush the process along, and with improperly foreclosing on borrowers. Only after the financial crisis did people learn that banks routinely misled clients, sold them securities known to be garbage, and even, in some cases, secretly bet against them to profit from their ignorance.