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Wednesday, September 22, 2010

Senators Ask the Right Question

And the question is, "why aren't the people who broke banking and our economy going to jail?"

Senators pressed investigators on a lack of prosecutions of top Wall Street executives in the wake of the most severe financial crisis since the Great Depression.

"I will say right now that I'm frustrated," Sen. Edward Kaufman, a Delaware Democrat on the Judiciary Committee, said on Wednesday.

"We have seen very little in the way of senior officer or boardroom-level prosecutions of the people on Wall Street who brought this country to the brink of financial ruin. Why is that?"
The reason that there have been no prosecutions is because the the Cossacks work for the Czar, and the Czar, Obama, does not want the prosecutions, and instead wants to "look forward."

The technical term for this is "cowardice reinforcing rewards for moral hazard."

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