The Financial Crisis
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How Everyone Got Away With "Collective Embezzlement"

It's worth taking a long, slow read of this morning's Times story on lack of prosecution in general and particularly the lack of Justice Department civil or criminal cases regarding the "financial crisis." For one thing, there are at least two instances of someone directly lying to the reporters in the story (although it is unknown to us which of the parties giving conflicting accounts is lying). Elsewhere, people put the blame on regulatory inaction: "In 1995, bank regulators referred 1,837 cases to the Justice Department. In 2006, that number had fallen to 75. In the four subsequent years, a period encompassing the worst of the crisis, an [...]