During the Great Recession, many institutions were propped up financially because they were considered to be too big to fail. Because of the use of public funds, it was decided to watch the institutions more closely. Prosecutions are down since then, but not because of fewer irregularities. Prosecutions are down because;
“The researchers report that from 2007 to 2011, 44 percent of cases were resolved through the deals — known as deferred prosecution agreements and non-prosecution agreements.” – Salon
Effectively, firms that are too big to fail have become too big to prosecute, further shielding the people and activities that caused financial crises before. Rather than greater oversight and stricter adherence to regulations with greater probability of penalties, the institutions and their people are more protected than they were.
(Click on the photo for the link.)
“The Recession Hasn’t Changed A Damn Thing” – Salon
Pretending Not To Panic 