Why no bankers went to jail: It's the revolving door, stupid

  • Article by: William D. Cohan , Bloomberg News
  • Updated: January 22, 2014 - 6:12 PM

For government watchdogs, there’s the lure of lucrative jobs just beyond the revolving door.

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stplooklistnJan. 23, 14 5:54 AM

There needs to be a waiting period between public service and private employment something like Senators and newscasters have in their contracts. Just these highly paid scoundrels.

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cyberhaze9Jan. 23, 14 6:48 AM

This article is spot on, the corrupt an incestuous relationship between government and business is at the root of our country's problems and certainly the financial crisis. The "task force" Obama announced in his state of the union address two years ago was never funded or fully staffed and never brought one prosecution. It was a farce from the start. Instead, the government has been working tirelessly to remove liability of the institutions who caused the crash through egregious fraud at every level by arranging proportionately meager settlements where the institution admits no wrongdoing and pays a fine to wash their hands of past crimes. The lucrative relationship between big business and government, only exacerbated by Citizens United, ensures that the interests of big business are well represented (by both political parties), regardless of its benefits to the citizens of our country or lower level employees of these companies, and the financial elite know they can commit any crime without threat of prosecution in the same country with the greatest amount of its (less affluent)citizenry in prison in the world.

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nkuhlmanJan. 23, 14 7:09 AM

Jail is for the little people.

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rms316Jan. 23, 14 7:15 AM

These crooks nearly destroyed the economy. What they did was financially ruin the lives for millions of people and should be held accountable. Honorable people have certainly passed from public office to private business but these guys should be prosecuted. Eric Holder has been a disaster as head of the Justice Dept.

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markspringJan. 23, 14 8:00 AM

It is written that, "the love of money is the root of all kinds of evil." How true those words are. From the example highlighted in this commentary to campaign contributions by corporations to politicians, money corrupts our processes. Nothing will change until we eliminate corporate money in our political campaigns and put stringent restrictions on politicians moving from public service to private corporate life.

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karendavid816Jan. 23, 14 8:03 AM

It is hard to imagine when a firm is fined billions of dollars for fraud that there aren't some actual people committing the fraud. Oh well, at least Eric Holder is going after the firm that dared to lower the government's debt rating as trillions in new debt grew with no viable plan to control it.

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rlwr51Jan. 23, 14 9:19 AM

I think we're finding out why our founding father didn't like corporations. They almost outlawed them in the Constitution.

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vapausJan. 23, 1410:01 AM

I happen to feel that Goldman Sachs wields a level of influence over our political system that is far beyond my comfort level. Your reaction might be to say that I should vote accordingly. Except that it is not possible to vote in opposition to Goldman Sachs. George W Bush's treasury secretary- Henry Paulson from Goldman Sachs, Barack Obama's treasury secretary- Timothy Geithner from Goldman Sachs. The revolving door is yet another symptom of how money driven politics is degrading democracy.

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twinsajsfJan. 23, 1410:02 AM

We live in a Plutocracy. Government officials cannot afford to bite the hand that feeds them.

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rlwr51Jan. 23, 1410:38 AM

twinsajsf - I have been wondering lately if there is more of a threat than biting the hand that feeds them. These huge banking systems and corporations literally have the power to crush the whole country one way or another.

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