Will Any of the Big Fish Go To Jail?

[marmar]

from the Working Life blog:


Will Any of the Big Fish Go To Jail?
Posted on 15 March 2013


Well, the answer is probably no — at least so far. I’m all for the Treasury socking away some money. But, the money collected for these pathetic fines (pathetic in the big scheme) does not come close to outweighing the pain these manipulators, crooks, big-shot financiers imposed on tens of millions of people around the globe. It’s a travesty.

So, another fine and no jail:

Two affiliates of SAC Capital, the giant hedge fund, settled insider trading charges with the Securities and Exchange Commission for $614 million on Friday, in what the agency said was the biggest ever settlement for such cases.

The settlements spare SAC’s founder, the billionaire Steven A. Cohen, who hasn’t been charged with wrongdoing. Mr. Cohen, one of the most successful hedge fund managers in the world, has long been considered a target of federal investigators.

But the settlements represent one of the biggest financial coups by the S.E.C. in insider trading cases yet. The amounts paid by SAC surpass the $400 million that Michael Milken paid to settle charges by the agency in 1990.

And on another side of town:

JPMorgan Chase ignored internal controls and manipulated documents as the nation’s biggest bank racked up trading losses last year, while its influential chief executive, Jamie Dimon, briefly withheld some information from regulators, a new Senate report says.

The findings by Senate investigators shed new light on the $6.2 billion trading blunder, which has claimed the jobs of some top executives and prompted investigations by authorities. The 300-page report, released Thursday, will escalate the debate in Washington over regulating Wall Street.

Well, duh. And yet Jamie Dimon walks around a free man. Hello? ...................(more)

The complete piece is at: http://www.workinglife.org/2013/03/15/will-any-of-the-big-fish-go-to-jail/

[jsr]

1. Not in this century

from the looks of it.

[Colorado Rambler]

2. The decision against Citizens United says it all

Neither party will go after these financial criminals. Those campaign chests need to be kept full. SUX!

[Brother Buzz]

3. I consulted my Magic 8-Ball

● Don't count on it
● My reply is no
● My sources say no
● Outlook not so good
● Very doubtful

[Egalitarian Thug]

4. Steal $2B and pay a $400M fine and go on stealing. Who wouldn't love that deal?

[reteachinwi]

5. Jail is perhaps too humane.

To punish the oppressors of humanity is clemency; to forgive them is cruelty.
Maximilien Robespierre

[socialist_n_TN]

6. BWHAAAAAAAAAAAAAAAAAAAAA!

[Ilsa]

7. Only if we frame them for another, nonfinancial, felony. nt

[KoKo]

8. Heard anything about John Corzine lately?

Sigh...hand tap and pay a fine.