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Bank Exec Gets 8 Years in Prison: How is this different from the big banks?

A bank executive blamed for the first failure of a bank that received funds from the Troubled Asset Relief Program (TARP) has just been sentenced to 8 years in prison. I agree with Neil Garfield that he is just the fall guy for several hundred other people that did the same thing. This guy got hammered because he was not politically connected enough or did not have enough money to hire the best lawyers.

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The problem I have here is not that this guy went to jail, but rather that he was doing the same thing that the other banks were doing, in one form or another. It looks like he is thrown under the bus in place of several hundred people who deserve the same fate. Taking the money from investors under false pretenses and then keeping a substantial chunk of it as trading profits seems to be right in line with what this guy did. Making false claims about losses and taking bailout money to cover those losses sounds pretty much like this case as well. False entries and fabrications are the stock and trade of every bank that is trying to foreclose on loans that a e subject to claims of securitization. And THAT is why I am a proponent…

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