A $25 billion settlement between the federal government, 49 states, and America’s five biggest banks does little to address the causes of the housing crisis.
Click here to read my column in The Sunday Wall Street Journal.
Click here to watch me talk about it with Matt Flener, anchor at Denver’s NBC affiliate 9News.
February 12, 2012
Re: Righting the wrong. The events of Sept 2008 have proven to me to be the crime of the century. The scariest part is the fact that Government has been so inept at dispensing justice. The AG’s that have settled with the banks in this case are a disgrace. Many people working for the institutions in question committed mass fraud and reaped billions in profit for themselves at the American tax payers expense. If you truly want to make an impact, you have to prosecute the individuals responsible, not the institutions themselves. People committed these high crimes, they should be paying the fines with their personal wealth and assets. They should be required to spend some time in jail, 10 to 15 yrs, give or take. They should be required to admit their wrongdoings. If you don’t severly punish the people committing these crimes, they will simply continue to commit them. The next time this occurs, and I believe there will be a next time, the world economy will end up in a depression, except for those committing these crimes.