"This is the problem of intelligent people doing stupid things for selfish reasons."
I'm gonna disagree. What these people are doing is very much the smart thing to do. They make huge, I mean HUGE amounts of money by doing just these sort of things, and yet what was the risk for them? Even those people who are directly implicated by this scandal will probably just have to pay some fines, or maybe even be forced to resign! Dear god how will they survive? Oh that's right, they'll survive off their massive net worth that they stole.
I personally support a minimum sentence of life in prison. Not because I hate them or anything, no, it's a matter, as everyone says, of incentives. In any other crime the magnitude affects the sentencing, and these guys colluded and stole money in the billions, maybe trillions of dollars. If they don't all end up in prison, what does that say to any future banker criminals? It says: steal as much as you want, because even if you get caught there's really nothing we can do about it.
I'm going to pull the following statement out of my ass, but I'm willing to bet it's probably true:
"There are already laws punishing theft and fraud in America."
The law doesn't apply to everyone in the same way. Making a new severe law to punish Wallstreet crime sounds exactly like the kind of thing that will have no lasting effect. These bankers pay our politicians, inject themselves into regulatory bodies, lobby for lower oversight/more exemptions, they know how to get around this stuff.
This problem needs to be tackled on an infrastructural level.
We need some basic state-owned utility banks in America, that'd be a start, something like they've got over in Germany:
I'm gonna disagree. What these people are doing is very much the smart thing to do. They make huge, I mean HUGE amounts of money by doing just these sort of things, and yet what was the risk for them? Even those people who are directly implicated by this scandal will probably just have to pay some fines, or maybe even be forced to resign! Dear god how will they survive? Oh that's right, they'll survive off their massive net worth that they stole.
I personally support a minimum sentence of life in prison. Not because I hate them or anything, no, it's a matter, as everyone says, of incentives. In any other crime the magnitude affects the sentencing, and these guys colluded and stole money in the billions, maybe trillions of dollars. If they don't all end up in prison, what does that say to any future banker criminals? It says: steal as much as you want, because even if you get caught there's really nothing we can do about it.