Former Regulator: Clear Fraud in Financial Crisis — Why Isn’t Anyone in Jail?
In the aftermath of the corporate scandals earlier this decade, investor confidence was (partially) restored by a parade of “perp walks” of fallen chieftains like Ken Lay, Bernie Ebbers, and Dennis Kozlowski.
But nearly two years into the bursting of booms in housing and mortgage securities, scant few related arrests have been made — and most of those have been focused on individual mortgage brokers vs. major industry leaders.
“There is no poster child [for the housing scandal] because you need to investigate, and you need to bring cases and we haven’t done either against the major players,” says William Black, Associate Professor of Economics and Law at the University of Missouri — Kansas City and a former federal regulator.
click here to read the full article @ yahoo news: http://finance.yahoo.com/tech-ticker/article/133224/Former-Regulator-Clear-Fraud-in-Financial-Crisis—-Why-Isn%27t-Anyone-in-Jail?tickers=BAC,WM,CFC,XLF,JPM
