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Who Are We Going to Sue?

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Terrel L. Shields

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Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
It seems in every financial crisis a defalcation or 2 or 200 have occurred. In the dot.com days it was Marthy Stewart and Frank Quattrone as the poster boy and girl for stock fraud. In 1987 billionaire Michael Milkin was banned from the street. He now remains a respected financial figure, still ranking in the top 500 richest people in America, and has repeatedly asked for pardons for his crimes. He got a fairly light sentence considering he was accused of insider trading. Martha is still selling goodies to the unwashed masses and Frank? He got off scott free after years of legal wrangling. Credite Swisse paid his legal bills and he heads a merchant banking fund...and they called Reagan the teflon man. Martha probably did the least damage and got the harshest sentence...20 lashes with a wet noodle.

If the Feds step into every bank, investment house, and badly run corporation or insurance group, then who will they sue? Themselves? Wanna bet there won't be any significant figure who will be indicted, convicted and serve a single day in jail for any serious financial loss? Yep, there were so many doing it, nobody has to take the blame....maybe we should do like we do hackers. If we catch them we give them a job with the company they hack to show them how to stop other hackers...nice work if you can get it.

After the OP. Watching Charlie Rose on PBS interview Citibank CEO - Rose questioned how anyone would, could be held accountable and the CEO's defense was that this meltdown was a total surprise to everybody.... really. Schiff, Shiller, Taleb, Krugman, Roubini, 20,000 appraisers? We, by default, must be nobodys, right? No blame. No villans. Nope. Total surprise
 
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