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We Should Have Jailed the Bankers After the Last Crisis — “Lock up the bankers” was more than a populist slogan. It was a demand for something better than a plutocratic order that allows the rich to do whatever they wish. : politics

todayMay 27, 2021 5

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The public is seldom aware of what banks do and if punishments happen. Bankers do get jailtime, the SEC doesn’t go soft on that even billionaires aren’t safe. But this is all on inside trading, an a crime on itself that’s actually very hard to define. Even during the last crisis a couple went to jail over this.

Now the problem is though with the populist idea of holding CEO’s responsible is this reasonable. Banks employ tens of thousands of people, can you expect the top to actually be aware what goes on at specific trading desks? To give you an example with the rigging of the LIBOR globally about two dozen people were involved, they went to jail (I’m not sure if all went but a fair chunk went). So you are talking among a dozen of banks, employing together hundreds of thousands of people, with 24 crooks among their midst (probably not the only one). Can a CEO truly know this?

I have 350 people work for me between two companies, and I face almost monthly a situation that’s outright criminal from my staff (I work in a country where corruption is extremely common). I can’t imagine when my company grows beyond 1.000 I get to see and know everything. Ironically in this country my name is on the licenses, so I’m personally responsible though this is rather uncommon elsewhere.

“Going after the bankers” is just populist bullshit, but what should have changed is legislation leading up to what happened in 2007/2008. Unfortunately with Trump that only got further reduced.

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