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- 2 回复 pengl
- Then nothing can be done other than praying?
smartman: ..."we've lost the momentum"...
to tell you the truth, we never had that momentum.
the point is, to my knowledge, we made LITTLE or NO ...
- 2 回复 smartman
- 1. the new financial regulations have largely prohibited banks from high risk financial transactions;
pengl: Then nothing can be done other than praying?
2. banks also began to realize the risk;
3. going forward, regulators will also regulate banks routinely and closely.
so, for a while, at least for quite a few years or a decade, the chance for next severe crisis like this is slim and virtully impossible.
however, banks are good at manipulation and they may give up CDS and create many other complex derivatives outside regulations, who knows. so, unless regulatory rules keep innovations (which I don't think the fed government can), financial crsis will eventually happen -- this is my personal long term pessimistic projection.
back to your original point: we have not imposed any severe penalty laws to punish capricious executives. so, those bank executives who should be responsible for the crisis are at large. that is why most people are angry that government has done little to punish those culprits.
that said, two weeks ago, the SEC together with NY state attorney at law, have for the first time since the crisis won a lawsuit on the court and the grand jury (7 man plus 3-women) unanimosuly indicted a few hedge fund executives (from Galleon Group) on insider trading. the CEO, named Raj XXX, an immigrant originally from Sri Lanka, was sentenced to 15 years in prison. Some other executives of the firm were also indicted for some years in prison (under 15 years). That was the first victory of Fed government in criminal lawsuit after the financial crisis. I had a former American (white man) colleague who joined SEC's lawsuit/persecution team over a year ago and worked very hard to eventually indict the Galleon Group successfully.
- 2 回复 pengl
- Thanks for your insightful info that shed some light on the puzzling question raised in my blog.
smartman: 1. the new financial regulations have largely prohibited banks from high risk financial transactions;
2. banks also began to realize the risk;
3. g ...
好文，学习了。- 2 回复 smartman
- however, in general, it is extremely difficult to indict these financial executives because it is too hard to collect strong evidence.
pengl: Thanks for your insightful info that shed some light on the puzzling question raised in my blog.
i would say, more than 99% culprits are actually still at large. the only comfort our average people can feel a little relieved is, most of these financial executives who should be responsible, lost their jobs after the crisis.