first tuesday insight
91% of voters said big bank CEOs ought to be held personally and criminally responsible for wrongdoing perpetrated during the Millennium Boom.
Though you, our dear readers, don’t always agree with our insights, we are definitely on common ground with this one!
Unfortunately it seems that big bank CEOs have become too big to jail. At least that is their argument for immunity. Those who advocate protecting bank CEOs believe that jailing such high-powered and influential individuals would have a disastrous effect on the stability of our financial markets.
We beg to differ.
Holding bank CEOs personally responsible for criminal misconduct would create more stability in our financial and real estate markets. Aside from satisfying everyone’s healthy sense of justice, criminal prosecutions would create much needed legal precedent for financial services crimes.
We’re not calling for the guillotine yet, but it’s clear that the billion dollar settlements are not enough to deter the wolves of Wall Street.