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.

http://www.theatlantic.com/magazine/archive/2013/01/whats-inside-americas-banks/309196/

4 thoughts on “Should more bankers be in prison?

  1. Yeah…….make an example….make sure it doesn’t happen again. AS IF ????
    would be nice though…but these GUYS ARE ALL PLAYING THE GAME OF ” who’s the littlest we can give up to the alter. it’s all bull………the bankers would spill the beans or end up dead??

    Like

  2. Pingback: Should more bankers be in prison? | Welfare, Disability, Politics and People's Right's | Scoop.it

  3. Private Banks are more trouble than they are worth. They have done many “Naughties” but these have multiple causes.Investigations should be made in Britain,BSCParty support using the BofE as Home Mortgage provider without charging interest. this wud eliminate the need to foreclose & throw families out on the street.There are many other reasons to use BofE high street Branches.

    Like

    • Interest free mortgages sounds a great idea.. sort of hybrid of debt jubilee and housing QE. Not sure why it has to be the BofE? I’d favour proper nationalisation of the retail banks and complete separation from the investment banks. Also to stop the nonsense about the undemocratic independence of the BoE.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s