There have been recent news reports about the $5 billon dollar fine levied by the Justice Department on Goldman Sachs for deliberately misleading mortgage bond investors during the period leading up to the 2008 housing bubble crash.
We are supposed to be impressed by this but I have long been cynical about these fines because for these banks it is clearly seen by them just as part of routine the cost of running their business, like paying the electricity bill. These highly publicized fines seem to be part of some kind of understanding arrived at between the banks and the Justice Department to avoid admitting criminality and real punishment.
After all, if investors had been deliberately misled, it was not because of an act of god like a hurricane or an earthquake. There had to have been people who were doing the deliberate misleading. Who are they and why have none of them, not a single one, been sent to jail for it, especially when petty frauds involving many fewer victims and much less money are punished so harshly?
Seth Meyers exposes this scam of paying fines and avoiding admitting to doing anything wrong.