http://www.bloomberg.com/news/2011-05-12/no-jail-…-Lowenstein.html
Roger Lowenstein Moreover, the settlement was dwarfed by Mozilo’s compensation, which included (but was in no way limited to) stock sales of nearly $140 million prior to Countrywide’s collapse.Prosecutors investigated Mozilo but didn’t charge him. Their decision was disappointing at an emotional level, but indictments cannot be geared to repairing feelings of frustration.
Lanny Breuer, head of the Justice Department’s criminal division, told NPR he sought to bring cases only where guilt could be proved beyond a reasonable doubt, and without filtering decisions through the screen of public opinion. This statement was remarkable only in that Breuer felt it had to be said.
Seligman says he sees “a serious enforcement effort,” both civil and prosecutorial.
It’s hard, of course, to second-guess any specific decision not to indict. But it’s worth remembering that in the American legal system, people who merely act badly or unwisely do not do time. And people who contribute to a financial collapse aren’t guilty of a crime absent specific violations that make them so.
We should be thankful for that.
Thoughts?
http://epicureandealmaker.blogspot.com/2011/05/put-down-your-pitchforks…
The best I've probably seen.
It's funny you posted this today because I just had a heated debate with a kid that stayed in my hostel about Taibbi's article. He kept saying that he wanted people from GS's mortgage desk in jail for the abacus deal. He was so excited about the rumors that Levin was looking into purjory charges over the definition of "massive short."
Oh and after he was done going on his rant about the greed and corruption of Wall St., he mentioned that when he's back in the States he wants to break into banking because he wants to make a lot of money.
That's pretty funny.
OP: Thank you for putting that longer part in bold, I like it when the federal government occasionally takes the opportunity to remind us we DO have civil liberties
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