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FraudBytes: Justice Department Admits They're Soft on Fraud
+ " I am concerned that the size of some of these institutions [banks] becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy" --- In fact, failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future. [...] Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future.
justice  GFC  ethics  fraud  josephstiglitz  white-collar  worker  NINJA  loans  white-collar  crime  Law  &  barackobama  ponzischeme  banking  crisis  criminal  fraud  George  Akerlof  subprime  bank  crisis  lostdecade  greatrecession  moralhazard  trust  economic  history  mortgage  fraud  confidence  trustagent  white-collar  fraud  USA  greatdepression  DoJ  economics  toobigtofail  presidency 
march 2013 by asterisk2a

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