Are banksters finally being held accountable?
Many are familiar with the proverbial golden rule: do unto others as you would have others do unto you. Some have put a twist on the golden rule to say it now means that those with the gold make the rules. The behavior that led to the financial meltdown at the end of President George W. Bush’s second term and, more to the point, the conduct after the meltdown seem to have given support to the modern twist on the golden rule. In particular, no banking institution or senior executive of the same has been subjected to criminal sanction for the evidently criminal behavior in the lending industry and otherwise that resulted in many families across the country losing their homes and otherwise being forced into a downward spiral with the onset of the Great Recession in 2008.
Now – finally – it appears that Federal authorities may actually pursue criminal cases against key players in the financial games that put the economy of the nation and, indeed, of the world on the brink of catastrophe. Whether the United States Justice Department actually follows through on the pending criminal investigations will say a lot about the extent of basic fairness and accountability in this country. In short, such criminal prosecution and sanction would promote the rule of law generally. Holding those truly responsible for the fraud and other financial shenanigans would, among other things, go a long way toward securing greater consumer protection in the lending industry and enhanced standing for whistleblowers under employment law to report future violations.