View Poll Results: Should the Big Bankers and Walll Street execs get jail time?

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Thread: Should the Big Bankers and Wall Street execs get jail time?

  1. #21
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    The US Attorney's Office for the Southern District of New York has never been a haven for shrinking violets. If there was a prosecutable criminal offense those execs would have done the perp walk a long time ago.
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    If they purposely did something that led to the housing collapse, or their actions were criminally negligent, then yeah, put them on trial.

    If they were just doing what everyone else was doing on a bigger scale, because that's what the law allowed them to do, then I don't see how that's their fault.
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Of course bankers deserve jail time and to think otherwise is, literally, stupid.
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  4. #24
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    The ceo from Citigroup, Merrill Lynch, Lehman Bros., Bear Stearns, Wamu, and the big 3 audit firms that gave them unqualified good audits should all go to jail for violating the Sarbanes Oxley Act, IMO.

    1. Certifying Periodic Reports
    Sections 906 and 302 of the Sarbanes-Oxley Act enacted twin provisions of the United States Code requiring certification by the CEOs and CFOs of corporate documents; these provisions are 18 U.S.C. 1350 and 15 U.S.C. 7241, respectively. Each section gives two levels of criminal penalties, depending upon whether the violation was knowing or willful.

    Under 18 U.S.C., all CEOs and CFOs certify, in writing, that every periodic report filed by their public company under 13(a) or 15(d) of the Exchange Act, fairly represents the financial condition of the company. 18 U.S.C. 1350 also provides criminal penalties of up to 20 years for willful violations and up to 10 years imprisonment for violations where the executive knowingly signed a false certification.

    Under 15 U.S.C. 7241, a “principal executive officer of officers and principal financial officer of officers  or persons performing similar functions,” of a public company must certify each quarterly and annual report filed by the company under the new Exchange Act Rules 13(a) or 15(d). Furthermore, “a separate certification must be provided for each certifying officer, and the language of the certification cannot be varied from the language contained in” the statute.

    Certification is made based on the knowledge of the certifying officer, and ignorance will not be a defense to a charge of falsely certifying a quarterly or annual report if the certifying officer should have known that the certification was false. Therefore, the implementation of 302 of the Sarbanes-Oxley Act “creates a heavy burden on the CEO and CFO to become personally aware of material information on a timely basis, and also makes it difficult to argue in any investigation that the CEO or CFO in fact had no knowledge of material information that was available.”
    http://www.dallascriminallawyer.com/...-06.doc‎

    If you put www. in front of the following it should work: dallascriminallawyer.com/library/docs/SarbanesOxleyart4-06.doc

    Hank Paulson at Treasury was in constant contact with the financial CEO's to assess how much trouble they were in, and they failed to disclose it to their shareholders, many of whom got wiped out or nearly so. This is a clear violation of Sarbanes Oxley, and should have been prosecuted.
    Last edited by finebead; 10-25-13 at 08:51 PM.

  5. #25
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Quote Originally Posted by DaveFagan View Post
    Mojo - October 2013 | Mother Jones

    Warren to Wall Street Regulators: Put Big Bank CEOs in Jail

    http://m.motherjones.com/mojo/2013/10/elizabeth-warren-letter-wall-street-jail"This past weekend, the Department of Justice slapped a record fine on JPMorgan Chase for packaging and selling the mortgage-backed financial products that helped cause the financial meltdown. But Sen. Elizabeth Warren (D-Mass.) wants the administration to know that fines are not enough. On Wednesday, she called on Wall Street regulators to hold all those responsible for the 2008 crisis accountable.In a letter to the Federal Reserve, the Securities and Exchange Commission (SEC) and the Officer of the Comptroller of the Currency (OCC), Warren lauded the overseer of the TARP bailout program for cracking down on financial industry players who wasted, stole, or abused the federal emergency funds doled out to banks during the financial crisis, and implied that the three banking regulators should also punish individuals who helped cause the financial meltdown.Although the budget for TARP's inspector general was "a small fraction of the size of the budgets and staffs at your agencies," Warren pointed out, the program's watchdog has brought criminal charges against nearly 100 senior executives; obtained criminal convictions on 107 defendants, including 51 jail sentences; and suspended or banned 37 people from working in the banking industry.How about you guys, Warren asked. She called on the Fed, the SEC, and the OCC to provide records on the number of people the agencies have charged criminally and civilly, the number of convictions and prison sentences they have obtained, the number of people banned or suspended from working in the industry, and the total amount of fines leveled against Wall Street ne'er-do-wells."

    Don't billion dollar crimes deserve jail time?

    Is it curious that Warren has been prosecuting with jail time, but FEDS have not?

    Is this the result of the revolving door of employees between Wall Street and FED, etc.?

    I can't imagine multi million and billion dollar fines and no criminal prosecution, can you?

    This smells like fish, and our economy is still suffering, but these crooks remain rich, footloose, and untouchable.

    Is the new Mafia the elite bankers on Wall Street?
    If they committed a crime and are convicted yes......if not no.
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Yes, the ones found guilty after a fair trial.

  7. #27
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Quote Originally Posted by DaveFagan View Post
    Mojo - October 2013 | Mother Jones

    Warren to Wall Street Regulators: Put Big Bank CEOs in Jail

    http://m.motherjones.com/mojo/2013/10/elizabeth-warren-letter-wall-street-jail"This past weekend, the Department of Justice slapped a record fine on JPMorgan Chase for packaging and selling the mortgage-backed financial products that helped cause the financial meltdown. But Sen. Elizabeth Warren (D-Mass.) wants the administration to know that fines are not enough. On Wednesday, she called on Wall Street regulators to hold all those responsible for the 2008 crisis accountable.In a letter to the Federal Reserve, the Securities and Exchange Commission (SEC) and the Officer of the Comptroller of the Currency (OCC), Warren lauded the overseer of the TARP bailout program for cracking down on financial industry players who wasted, stole, or abused the federal emergency funds doled out to banks during the financial crisis, and implied that the three banking regulators should also punish individuals who helped cause the financial meltdown.Although the budget for TARP's inspector general was "a small fraction of the size of the budgets and staffs at your agencies," Warren pointed out, the program's watchdog has brought criminal charges against nearly 100 senior executives; obtained criminal convictions on 107 defendants, including 51 jail sentences; and suspended or banned 37 people from working in the banking industry.How about you guys, Warren asked. She called on the Fed, the SEC, and the OCC to provide records on the number of people the agencies have charged criminally and civilly, the number of convictions and prison sentences they have obtained, the number of people banned or suspended from working in the industry, and the total amount of fines leveled against Wall Street ne'er-do-wells."

    Don't billion dollar crimes deserve jail time?

    Is it curious that Warren has been prosecuting with jail time, but FEDS have not?

    Is this the result of the revolving door of employees between Wall Street and FED, etc.?

    I can't imagine multi million and billion dollar fines and no criminal prosecution, can you?

    This smells like fish, and our economy is still suffering, but these crooks remain rich, footloose, and untouchable.

    Is the new Mafia the elite bankers on Wall Street?
    Of course they should. But they are part of the Corporate Elite that help run the country and the Republocrats have never met a banker they didn't like. So they get away with whatever they want in most cases. Hell, they can run their business poorly, leverage well beyond reasonable, and when the system crashes they'll just get billions in tax payer bailouts while unemployment soars and the People are left to suffer.
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  8. #28
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Quote Originally Posted by DaveFagan View Post
    Mojo - October 2013 | Mother Jones

    Warren to Wall Street Regulators: Put Big Bank CEOs in Jail

    http://m.motherjones.com/mojo/2013/10/elizabeth-warren-letter-wall-street-jail"This past weekend, the Department of Justice slapped a record fine on JPMorgan Chase for packaging and selling the mortgage-backed financial products that helped cause the financial meltdown. But Sen. Elizabeth Warren (D-Mass.) wants the administration to know that fines are not enough. On Wednesday, she called on Wall Street regulators to hold all those responsible for the 2008 crisis accountable.In a letter to the Federal Reserve, the Securities and Exchange Commission (SEC) and the Officer of the Comptroller of the Currency (OCC), Warren lauded the overseer of the TARP bailout program for cracking down on financial industry players who wasted, stole, or abused the federal emergency funds doled out to banks during the financial crisis, and implied that the three banking regulators should also punish individuals who helped cause the financial meltdown.Although the budget for TARP's inspector general was "a small fraction of the size of the budgets and staffs at your agencies," Warren pointed out, the program's watchdog has brought criminal charges against nearly 100 senior executives; obtained criminal convictions on 107 defendants, including 51 jail sentences; and suspended or banned 37 people from working in the banking industry.How about you guys, Warren asked. She called on the Fed, the SEC, and the OCC to provide records on the number of people the agencies have charged criminally and civilly, the number of convictions and prison sentences they have obtained, the number of people banned or suspended from working in the industry, and the total amount of fines leveled against Wall Street ne'er-do-wells."

    Don't billion dollar crimes deserve jail time?

    Is it curious that Warren has been prosecuting with jail time, but FEDS have not?

    Is this the result of the revolving door of employees between Wall Street and FED, etc.?

    I can't imagine multi million and billion dollar fines and no criminal prosecution, can you?

    This smells like fish, and our economy is still suffering, but these crooks remain rich, footloose, and untouchable.

    Is the new Mafia the elite bankers on Wall Street?

    People who commit crimes can be prosecuted. Being a greedy a'hole isn't enough.

    If they violated the law, they should be prosecuted to the full extent of the law. If they didn't, then the law should be changed.

    Say I go into a high end retail store and see two items of the same type: one's very expensive and one's pretty cheap. If I were to switch the tags and try to get the expensive one for the price of the cheaper one then I'd be guilty of fraud and could face some serious jail time. It seems to me that's not very different from knowingly taking risky sub prime mortgages and selling them as low risk investments... except that this is about a billion times worse.

  9. #29
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Quote Originally Posted by Mithros View Post
    People who commit crimes can be prosecuted. Being a greedy a'hole isn't enough.

    If they violated the law, they should be prosecuted to the full extent of the law. If they didn't, then the law should be changed.

    Say I go into a high end retail store and see two items of the same type: one's very expensive and one's pretty cheap. If I were to switch the tags and try to get the expensive one for the price of the cheaper one then I'd be guilty of fraud and could face some serious jail time. It seems to me that's not very different from knowingly taking risky sub prime mortgages and selling them as low risk investments... except that this is about a billion times worse.

    When a bank is fined $$$$billions of dollars and agrees to pay it, don't you think that a crime must have been committed? Is a little common sense in order?

  10. #30
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    Re: Should the Big Bankers and Wall Street execs get jail time?

    Quote Originally Posted by Gipper View Post
    These are not cases for criminal court, and only a far-left ideologue would disagree. Making bad investments are not felonies.

    That is absurd.
    jail should be reserved for people who have to be physically incapacitated so they do not harm others. If people defraud others sue them into the poor house.



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