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When Crime Pays: Bankers Behind Financial Crisis were Promoted, not Jailed

Livinglies's Weblog

https://www.vice.com/en_us/article/the-bankers-behind-the-financial-crisis-actually-got-promoted?curator=MediaREDEF

The Bankers Behind the Financial Crisis Actually Got Promoted
David Dayen

Millions lost their homes and jobs, and not only did the bankers not go to jail, most of them got new and better gigs, according to a new study.

By now it’s well known that no senior bank executives went to jail for the fraudulent activities that spurred the financial crisis. But a new study shows many of the senior bankers most closely tied to pre-crisis fraud didn’t suffer one bit in the aftermath. They mostly kept their jobs, enjoying the same kinds of opportunities and promotions as their colleagues.

Worst of all, the most plausible explanation the researchers came up with for why senior management didn’t fire the people who blew up the economy is that they didn’t want to admit their own failure as bosses. And if nobody on Wall Street…

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