25 Comments - Belle - Wednesday, Nov 13, 13 @ 12:40 pm: Really. Thanks for reminding us of these scumballs. We all need to consider who and why we got to this low point every once in awhile. The sliminess goes so much higher than this creep. - Empty Chair - Wednesday, Nov 13, 13 @ 12:43 pm: Can you explain the value of a head on a stick - or a banker in court - in the case of the financial crisis and the “big banks?” As we have seen with the London Whale trial, there is little value to these charades other than making people feel like “someone is paying” for the wrong doing. In reality though, these individuals are not “paying” for their wrong doing. The better solution - one that is currently going on - is the SEC and other regulators working with the *institutions* to make sure that they A) admit wrongdoing to set precedent and B) pay massive settlement costs which are used for relief to those affected by their risky behavior. That is what is going on right now with Bank of America (see more here: http://online.wsj.com/news/articles/SB10001424052702303914304579191990504524748 and here: http://www.usatoday.com/story/money/business/2013/11/09/us-seeks-864m-from-bofa-over-countrywide-loans/3484227/). Too often in America, we’re in favor of style over substance. We have it in our politics. I don’t want to see it in our judicial system. Let’s have effective punishments rather that set precedents, rather than demonstrative punishments that create pariahs. - Rich Miller - Wednesday, Nov 13, 13 @ 12:44 pm: ===The better solution - one that is currently going on - is the SEC and other regulators working with the *institutions* to make sure that they A) admit wrongdoing to set precedent and B) pay massive settlement costs which are used for relief to those affected by their risky behavior.=== Call me crazy, but I kinda imagine that the banks would settle a whole lot more quickly and pay a whole lot more money if a few of their CEOs were put behind bars where they belong. - RNUG - Wednesday, Nov 13, 13 @ 12:51 pm: I have to side with Rich on this one. Fines the banks can pay and then deduct as the cost of doing business really don’t mean that much to the individuals making the decisions. Worst case they don’t get a bonus or a chance to exercise their stock options. Not that much of a deterrent effect. But start to affect them personally, and you will get their attention. IMO, the best thing would be to heavily fine the individuals, depriving them of some of their personal gains … that would take away some of the incentive to cheat. - Empty Chair - Wednesday, Nov 13, 13 @ 12:51 pm: You’re crazy. Even if - biiiiiiiig if - you could prove that a CEO played a major role in the decision to make specific extra-risky investments (something that I don’t think any lawyer in America could prove), you don’t think there’s just another CEO waiting in the wings, who will assume the position and keep up BAU? If one guy out of 100 falls, I’ll take my chances and keep going. These guys are in the business of risk. Don’t forget that. - Stones - Wednesday, Nov 13, 13 @ 12:54 pm: Off the cuff - wouldn’t it be ironic to see Kevin Trudeau come out of prison weighing about 300 lbs? - Rich Miller - Wednesday, Nov 13, 13 @ 12:58 pm: ===something that I don’t think any lawyer in America could prove=== One of the things they convicted George Ryan for was a $200 tax beef. $200. It’s the equivalent of spitting on the sidewalk. And he had some of the best legal representation money could buy. You greatly underestimate the ability of aggressively creative prosecuting. If they truly want you, they can get you. Period. - wordslinger - Wednesday, Nov 13, 13 @ 12:59 pm: Empty Chair, you crack me up. Interesting theories of prosecution. The next time someone knocks over a liquor store, perhaps the government will allow them to admit wrongdoing to set precedent and pay a portion of the proceeds in a fine. No one’s talking about prosecuting “risk.” Crimes were committed. They are well-documented. People took heavy losses because of them. But as Attorney Gen. Holder told us, some banks are too big to jail. - dupage dan - Wednesday, Nov 13, 13 @ 1:07 pm: This guy was a quack peddling quackery. Only a complete idiot would have bought into his schemes. Bank fraud on the level that was committed recently is not something the average jamoke would be able to recognize easily. And they got away with it. They are still walking around free and clear. Likely with a lot of our money. But, hey, we got Trudeau! We got the bad guy! We made the world safe for dieters everywhere! zzzzzzzzzzz - Nosmo King - Wednesday, Nov 13, 13 @ 1:07 pm: I agree with you, Rich. Not one person was brought to justice over the mortgage meltdown. But Kevin Trudeau is no babe-in-the-woods. He flaunted a federal court consent decree by continuing to hawk his BS diet books, hid tens of millions in complex off-shore schemes (allegedly), and made certain he had no ascertainable assets all in an attempt to thwart a $37 million judgement. Then he proceeded to live the life of Riley. I always believed those monied, connected, lawyered-up menaces to society get away with everything. But like Jesse Jackson, Jr., if you dare the Feds to come at you, they will. And they’ll come hard. I see Trudeau’s conviction as a win for the little guy. Not the other way around. - DuPage - Wednesday, Nov 13, 13 @ 1:15 pm: =He lied and lied and lied.= Trudeau missed his calling. He should have gone into politics, he would have fit right in. - RNUG - Wednesday, Nov 13, 13 @ 1:23 pm: They don’t always get you. There was plenty of wrongdoing documented in the book ‘Shakedown’ but the feds didn’t seriously go after Jesse Sr. Worst the feds ever did there was ask for repayment of some misused funds but, surprise, there was no money to repay things in that 501. - Rich Miller - Wednesday, Nov 13, 13 @ 1:32 pm: ===They don’t always get you.. but the feds didn’t seriously go after Jesse Sr. === I said if they really want you they’ll get you. - Nonplussed - Wednesday, Nov 13, 13 @ 1:40 pm: Empty Chair, your argument fits your nickname. Bank of America was brought to trial because the trial was actually against Countrywide, which BOA acquired. Other banks have not been brought to trial. They have settled in what looks to a layman like “demonstrative punishments”. http://www.economist.com/news/finance-and-economics/21588928-banks-must-pay-and-comply-even-if-it-isnt-clear-why-or-what-culture-fear - OneMan - Wednesday, Nov 13, 13 @ 1:43 pm: But he and Rod are know working on a book Things THEY don’t want you to know about federal prison… - DuPage - Wednesday, Nov 13, 13 @ 1:52 pm: =if they really want you they’ll get you.= I had heard a lot of people were very upset when George Ryan got rid of the death penalty, reducing to life ALL prisoners on death row. They really, really wanted him because of that. The rest is history. - Lobo Y Olla - Wednesday, Nov 13, 13 @ 1:58 pm: =if they really want you they’ll get you.= I had heard a lot of people were very upset when George Ryan got rid of the death penalty, reducing to life ALL prisoners on death row. They really, really wanted him because of that. The rest is history. Um, no. The death penalty is still available at the federal level. Ryan dumped the state DP. The Feds would have no ax to grind because of that policy decision. - DuPage - Wednesday, Nov 13, 13 @ 2:09 pm: =”The feds would have no ax to grind”= No not officially, but large numbers of the (IL) law enforcement community hated that decision, and wanted to get back at Ryan. They have a lot of friends in the federal law enforcement community. The feds are happy to get tipped inside information on questionable conduct from state and local law enforcement. - Liandro - Wednesday, Nov 13, 13 @ 2:14 pm: Much harder to go after the big companies. They bribe…er, lobby…to have so many things tilted in their advantage that it changes the game. I doubt Trudeau had anyone powerful in his corner. The big banks, on the other hand, have supporters all over place. The legal system isn’t my thing, though, so perhaps that is just a populist streak showing itself. You can only see so much brazen legal thievery without developing one. - You can't go after them - Wednesday, Nov 13, 13 @ 2:22 pm: The sad fact is that although what the bankers did was immoral, it wasn’t illegal for the most part. D.C. is just like Springfield. Who do you think writes all the banking laws and has a large say who is brought in to act as regulators? The banking industry. The same thing happens in Illinois. The special interests draft the legislation and try to get their people into the regulatory agencies. The fix was in from the start. - Tom Joad - Wednesday, Nov 13, 13 @ 2:27 pm: Trudeau thumbed his nose at the Court’s orders .He was fined 37 million dollars and refused to reveal where he was hiding his stash of money. The Feds had to go after him. - D.P.Gumby - Wednesday, Nov 13, 13 @ 2:35 pm: After the program at Abe Library on Gov. Kerner and the Nixon hit job on him, it is ever more frightening how the power of the DOJ to nail anyone for anything has only increased. - titan - Wednesday, Nov 13, 13 @ 3:36 pm: +++ But how about a little, tiny federal effort at punishing the banksters who drove the world economy off a cliff? +++ The powers that be were co-conspirators with the fatcat bankers. There might be some hesitancy to shine too much light into those corners. - Cook County Commoner - Wednesday, Nov 13, 13 @ 4:25 pm: Other than a few bankster show trials, like the prosecution of Trudeau, I doubt we’ll see much action in the dock regarding the meltdown. The federal government cannot risk the little people learning its involvement in the meltdown. We’ve been losing good paying manufacturing jobs suitable for the unskilled for decades. The solution appears to have been inflating a housing bubble with cheap credit. The Wall Street crowd couldn’t pull this off without government involvement or benign neglect. You have 2 choices for government involvement in the meltdown: Mind boggling incompetence or intentional action. Either choice is troubling. - Jake From Elwood - Wednesday, Nov 13, 13 @ 5:28 pm: I for one am gratified they finally got that Trudeau, and his pesky comic strip, too! lol Sorry, comments for this post are now closed.