Richard M Bowen-
Astounding! Or so states the editorial board of the Wall Street Journal. Author and journalist William D. Cohan notes in a recent article that the WSJ op-ed asserted that bankers and traders didn’t go to jail for their bad behavior in the years leading up to the financial crisis “because they haven’t committed any crimes.”
Mr. Cohan, a former Wall Street investment banker, author of Why Wall Street Matters and several other best sellers, states in his article in the New York Times,“The truth is that contrary to the writers’ convoluted logic, bankers and traders did not go to prison, as certainly some should have, because federal prosecutors failed to even try to bring cases against them.”
He references Alayne Fleischmann at JP Morgan and my experience at Citigroup blowing the whistle on what we discovered and how both banks “lowered their credit underwriting standards with regards to the home mortgages they packaged into securities“ and as you know then sold them as AAA-rated investments.