Unaccountability (Econ.)

Sub-prime: The Perfect No-Prosecution Crime | 12Set2011 12:25:35

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Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites?  The cost of the wrongdoing associated with the rip-off and closure of nearly 800 Thrifts cost taxpayers more than $160 billion.  The current sub-prime/mortgage-backed security scandal is 40 times bigger according to Economics professor William Black.  That means the size of the crime is $6.4 trillion by my calculation.  Can you guess how many indictments there have been on financial elites who created this enormous mortgage crisis mess?  Zero, none, nada, zip.  Yes, not one single prosecution or conviction has been started of achieved.

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