Posted by martin:
Posted by SupremeCommander:
Posted by martin:
Posted by coolbeans:
Posted by martin:
Posted by izybx:
Seven years for a victimless crime is an abortion of justice. A week in county jail and expulsion from school seems appopiate
what about the $ cost to the school, etc?
the bank/insurance/rating sectors neglecting their legal fiduciary responsibilities cost taxpayers trillions in bailout-- no one serving time for that cost.
[Edited by - coolbeans on 10-05-2009 2:37 PM]
you are basically bringing up a moot point. One has nothing to do with the other.
if your argument is cost driven I think one has everything to do with the other... both incidents were variations of fraud which generated higher costs
1) which financial institutions where found guilty of irresponsible legal/fiduciary acts and 2) what is their current punishment? After that we can benchmark what their financial restitution was.
Bailout and legal fiduciary responsibility are 2 different things.
1) I think that was kind of the original point, that huge financial institutions obviously harmed the public good to such a massive point and nothing happened
2) there obviously was no punishment, short of the regulation that added an extra layer of administration, changing investment banks into bank holding companies. The public good was violated so much legislature was enacted to change the nature of the investment banking business to the point where "investment banking" is no longer legal
edit: and I never commented on bailout/fiduciary responsibility, only that there is a precedent of companies and indivuals not getting jail time for driving up costs
[Edited by - supremecommander on 10-05-2009 3:25 PM][Edited by - supremecommander on 10-05-2009 3:26 PM]