Prosecute The Banksters?

Elliot Spitzer is onboard:  “”Anderson, before I sued, went after Merrill Lynch, which was the first case we filed many years back, I was told by their lawyer — this is a direct quote — “Be careful, we have powerful friends“…and the kicker: “Do you think the Justice Department will prosecute? Spitzer: If they don’t, shame on them. If they don’t, the Attorney General should resign if he can’t bring this case.

He’s not alone.  The brilliant and hilarious Matt Taibbi of the Rolling Stone has been repeatedly pointing out that the only guy who’s gone to jail over the whole financial crisis thing has been Bernie Madoff.  Max Keiser thinks we should hang a few banksters.  Or worse.

In fact, in the linked video Keiser points out that in the S&L crisis of the 1980’s more than eighteen hundred banksters went to jail.  But of course this little factoid actually cuts the other way:  what good did it do, prosecuting and jailing all those banksters?

I defer to no man in my disgust at the banksters.  But calling for criminal prosecutions is the wrong idea.  Just more political theater.  It benefits no one but the political actors.

What’s needed is this.

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