"Too Big to Fail has become Too Big for Trial"

Criminality was rife throughout the sub-prime mortgage market, from the fraudulent applications completed by the borrowers, to the lenders who granted loans knowing repayments were uncertain, to the issuing banks and the credit rating agencies whose business expanded fourfold from c. 2000 to 2006. The issuing banks and credit rating agencies colluded to create the illusion of AAA securities based on fraudulent sub-prime mortgage debt - conspiracy to commit fraud.

Manipulation of LIBOR has been routine for years (the US Treasury attempted to alert the Bank of England to the problem in 2008) yet fines levied from the perpetrators of this conspiracy to commit fraud were well below the profits generated from the crimes. More importantly, these and other financial crimes (money laundering etc.) have been tacitly admitted but the absence of criminal trials means we've been denied knowledge of what happened, how it happened and who benefited. Instead of the revelations that would confirm the banking and monetary system as inherently corrupt, we are treated to sensational headlines of fines dished out to transnational banks without even an admission of guilt.

At least some politicians are prepared to "tell it like it is": Senator Elizabeth Warren asks federal bank regulators why no banks were taken to trial in the aftermath of the financial crisis.
http://www.youtube.com/watch?v=mavB1lbtIow

Hat tip to Chris for this

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