If the US would hold the bankers accountable and prosecute them individually instead of levying fines on the corporations, there would be a change. The DoJ is part of the problem.
Daily Kos: Iceland Solves Banking Crisis by
Indicting Bankers, Forcing Mortgage Relief
Richard points to recent events in Iceland as another
successful application of Sweden's model. There, the
country's banks forgave loans equivalent to 13% of gross
domestic product, according to a Bloomberg article
The equivalent in the United States would be about
$1.95 trillion of mortgage debt writedowns. Icelandic
banks agreed to forgive all mortgage debt over 110%
of a home's value.
Not only that, Bloomberg relates a development that
would meet, I believe, with the approval of Tea Party
members and Occupy protesters alike: Bankers were
held personally liable for crashing the country's economy.
The CEO's of the country's three largest banks are among
200 who are facing criminal charges, and a special
prosecutor expects up to 90 more indictments. The
contrast with the United States could not be more obvious.
... The moral of the story is that a different approach to
dealing with the banks is necessary, both to restore the
U.S. economy and to prosecute financiers who broke the
law. As it stands, bankers have gotten off scot-free while
the country's economic growth has been largely anemic.
President Obama is allowing Secretary Geithner and
other top officials in the Obama administration to pressure
state Attorneys General to agree to a horrible settlement
deal with banks that would let them off the hook for
massive amounts of mortgage and foreclosure fraud.
In exchange for meager penalties, the banks get immunity
from future prosecution, even for misconduct that has not
been fully investigated and misconduct that might still be
Any settlement like this would amount to little more than
another bank bailout, and according to published reports
we might only have a small amount of time to stop it.
Call President Obama and tell him not to sell us out to
Wall Street. Click below for the number to call and a sample