It is no exaggeration to say that since the 1980s, much of the financial sector has become criminalized, creating an industry culture that tolerates or even encourages systematic fraud. The behavior that caused the mortgage bubble and financial crisis was a natural outcome and continuation of this pattern, rather than some kind of economic accident. It is important to understand that this behavior really is seriously criminal. This isn’t about neglecting some bureaucratic formality. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation, and tax evasion; and directly committing frauds that worsened the worst financial bubbles and crises since the Depression. None of this conduct was punished in any significant way.

Read more: Corruption, Financial Fraud, JPMorgan Chase, Goldman Sachs, JP Morgan, White Collar Crime, Wall Street, Finance, Wall Street Crimes, Financial Crisis, Mortgage-Backed Securities, Securities Fraud, Wall Street Corruption, Business News