thedailybell.com / By Staff Report / January 22, 2013
More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall Street executives “too big to jail”? In The Untouchables, premiering Jan. 22, 2013, at 10 P.M. on PBS (check local listings), FRONTLINE producer and correspondent Martin Smith investigates why the U.S. Department of Justice (DOJ) has failed to act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink of collapse. Through interviews with top prosecutors, government officials and industry whistleblowers, FRONTLINE reports allegations that Wall Street bankers ignored pervasive fraud when buying pools of mortgage loans. Tom Leonard, a supervisor who examined the quality of loans for major investment banks like Bear Stearns, said bankers instructed him to disregard clear evidence of fraud. “Fraud was the F-word, or the F-bomb. You didn’t use that word,” says Leonard. “By your terms and my terms, yes, it was fraud. By the [industry's] terms, it was something else.” – PBS
Dominant Social Theme: Everyone on Wall Street deserves to go to jail – or at least a lot of them, and it’s an injustice that they are not there yet.
Free-Market Analysis: PBS executives apparently want people to go to jail. Or some people anyway.
Wall Street people.
But here are some people they seem to be leaving out.
They don’t seem to want company execs of failing “green” companies that have borrowed hundreds of millions from the US federal government (that will never be returned) to go to jail.
They don’t seem to want people who evidently and obviously tampered with the voting in Illinois and elsewhere during the presidential election to go to jail.