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The crime ‘nobody’ committed

In Human Events: "J.P. Morgan and the crime nobody committed":

The Wall Street Journal on Monday reported that the Securities and Exchange Commission “doesn’t intend to charge any individuals in its planned enforcement action against J.P. Morgan Chase & Co. for the allegedly fraudulent sale of mortgage bonds, according to people close to the investigation.”

So America’s largest bank will “pay a significant financial penalty” to settle the SEC’s charges, which stem from an investigation into the 2008 crisis that nearly crashed the financial system of the entire planet, but no one will be asked to admit any wrongdoing. SEC officials say they still reserve the right to “take enforcement action against individuals whenever the law and the evidence justify doing so,” but evidently at the moment they do not. The penalties for J.P. Morgan will reportedly be much less than the half-billion dollars paid by Goldman Sachs.

Since none of the political figures involved in creating the subprime mortgage crisis faced any criminal charges, or even much in the way of electoral consequences, that makes it a clean sweep: it was the “crime” of the century, but nobody committed it.

1 comment to The crime ‘nobody’ committed

  • asombra

    “None of the political figures involved in creating the subprime mortgage crisis faced any criminal charges, or even much in the way of electoral consequences.” There were no criminal charges because the perps were mainly Dems, which means the media let it slide, and obviously the Holder DOJ wasn’t about to go after them. That was predictable and perhaps unavoidable, but the lack of electoral consequences was inexcusable, since it basically sent the message that no matter how badly you screw over the public, you CAN get away with it, without even so much as “taking responsibility” the way Hillary Clinton did over Benghazi. Is there any wonder things are so bad? Is there any wonder politicians are doing whatever the fuck they want and basically giving the public the finger? Don’t blame the abusers; blame those who not only tolerate but enable the abuse.