Judge Jed S. Rakoff: The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?


Judge Jed S. Rakoff: The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?

Judge Jed S. Rakoff: The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?

NY Books-

Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans leading lives of quiet desperation: without jobs, without resources, without hope.

Who was to blame? Was it simply a result of negligence, of the kind of inordinate risk-taking commonly called a “bubble,” of an imprudent but innocent failure to maintain adequate reserves for a rainy day? Or was it the result, at least in part, of fraudulent practices, of dubious mortgages portrayed as sound risks and packaged into ever more esoteric financial instruments, the fundamental weaknesses of which were intentionally obscured?

If it was the former—if the recession was due, at worst, to a lack of caution—then the criminal law has no role to play in the aftermath. For in all but a few circumstances (not here relevant), the fierce and fiery weapon called criminal prosecution is directed at intentional misconduct, and nothing less. If the Great Recession was in no part the handiwork of intentionally fraudulent practices by high-level executives, then to prosecute such executives criminally would be “scapegoating” of the most shallow and despicable kind.


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3 Responses to “Judge Jed S. Rakoff: The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?”

  1. The entire economic crisis has been well documented to be criminal and prosecutable. The judges in the federal courts appear to be part of the organized crime. There is no good excuse for zero prosecutions and no help to the victims. But evil greed and corruption from every level of government and all the big banks. The Occ letter dated 1997 should have been public knowledge the borrower is the ultimate party to the securities pools. The testimony of the foreclosure task force meeting should have been publicized to let the judicial system know 90 percent of the mortgages have no paperwork to foreclose. Hidden from us by all the AG’s from all states. http://victoryoverchase.blogspot.com/2012_03_01_archive.html
    list of parties admitting “we don’t know who own the loans.”

    Countless Foreclosure Rulings are Wrong!
    Jeff Barnes, Esq. wrote: “We have been provided with a copy of U.S. Bank Global Corporate Trust Services’ “Role of the Corporate Trustee” brochure which makes certain incredible admissions, several of which squarely disprove and nullify the holdings of various courts around the country which have taken the position that the borrower “is not a party to” the securitization and is thus not entitled to discovery or challenges to the mortgage loan transfer process.” The second page sets forth that U.S. Bank, as Trustee, “does not have any discretion or authority in the foreclosure process.” If this is true, how can U.S. Bank as Trustee be the Plaintiff in judicial foreclosures or the foreclosing party in non-judicial foreclosures if it has “no authority in the foreclosure process”?
    US Bank Brochure

    see attached pdf or http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/assetsec.pdf

    The government and the judges have to know the harm done to the people which is continuing as we speak. The unlawful land grab going on every day for over five years now. The breach of the settlement and the servicers and trustees taking the property when both these parties by OCC statements and US Bank admission are no party to the foreclosing.

  2. dinsfla says:

    Shelley, This is no ordinary judge. Judge Rakoff is the leading expert on securities law.


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