Friday

Should Wall Street Bankers Go to Jail?


My bet is that if you ask any ordinary guy on the street, you'd get a loud "sure" out of that question. Apparently I'm not the only one to think so, either. BNET agrees. Apparently other professionals do too.

A UC criminologist agrees that the fear of prison can keep white collar crime rates down. Others point out that rich wall street bankers don't have any fear of civil fines and penalties. For example Goldman chief Lloyd Blankfein is a billionaire several times over, so getting hit with even a million dollar fine is peanuts.

An even better example is Maurice Greenberg, the former AIG chief, who paid a $15 million fine to settle federal charges that he had misrepresented the insurance giant's financial performance. In the process he admitted that if there had been jail time, he'd not have settled.


As far as most people are concerned, these rich wall street bankers drove our economy into the dumpster, cost thousands of people their homes, put several million people out of work, and they deserve some jail time.

Reports are that the mess at Goldman Sachs is being investigated for criminal charges. 'bout time.

Ron Burdge
Helping consumers protect themselves since 1978.