Thursday, April 14, 2011

FAIL: Financial Regulators

New York Times led with an interesting story today, about why there have been no high level prosecutions for the financial crisis of 2008.

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=1&_r=1

In essence, they say there were no prosecutions, because the regulators did not work to provide enough evidence of wrongdoing (or pretty much anything) leading up to, or during the investigations after the bubble burst.

So, does this mean that the regulators were in on it? That bribery is the reason they were so lax? Or perhaps it was institutional, and the people in charge had more to benefit from financial fraud than stopping it, so they created a task force that couldn't task anything?

I don't know. My gut says a combination of both. I do know that I, and everyone else in this country, and the world, should be disgusted by the apathy shown here. Regulators who didn't do their job were one of the major factors of the whole mess. Basically, its their fault, since it was their responsibility to stop something like this.

Heckuva job, Regulators!

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