Too Big To Jail 0
At Psychology Today Blogs, Ken Eisold, in a piece headlined “Crime without Punishment,” marvels at the implications of Daniel Gross’s theory as to why banksters still stalk the streets. A nugget:
So just as banks deemed “too big to fail” are supported to keep the economy robust, now, the argument goes, all but the most inconsequential financial institutions have to be supported because prosecuting those who violated the guidelines and laws would send the wrong message. This is not only an extraordinary vulnerability in our jerry-built financial system, but also “moral hazard” on an astonishing scale.