Four years after the 2008 economic crisis, not a single top Wall Street executive has gone to jail. "These executives knew that they could take these huge risks and even break laws and pay no real price, and that’s what happened," says Glenn Greenwald, author of With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful, and a blogger for Salon. "It’s not just a travesty of justice that we haven’t punished them for past transgressions. The real danger is that we’re continuing to send the signal to the world’s most powerful financial actors that they don’t have any fear of criminal accountability when they commit these obvious crimes."
PRESIDENT BARACK OBAMA: Well, first, on the issue of—on the issue of prosecutions on Wall Street, one of the biggest problems about the collapse of Lehmans and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasn’t necessarily illegal, it was just immoral or inappropriate or reckless. That’s exactly why we needed to pass Dodd-Frank, to prohibit some of these practices. You know, the financial sector is very creative, and they are always looking for ways to make money. That’s their job. And if there are loopholes and rules that can be bent and arbitrage to be had, they will take advantage of it. So, you know, without commenting on particular prosecutions—obviously, that’s not my job, that’s the attorney general’s job—you know, I think part of people’s frustrations, part of my frustration was a lot of practices that should not have been allowed weren’t necessarily against the law, but they had a huge destructive impact.
Link to video at DemocracyNow.org
Link to video at CapitalismWithoutFailure.com