SEC Charges Bank Executives With Hiding Millions of Dollars in Losses During 2008 Financial Crisis

Obama was wrong. There were many illegal acts by banks and bank executives during the crisis. The charges have just not been filed. This is the first charge that I have seen.

“Today’s charges reflect an all too familiar pattern – corporate executives once seen as rising stars embrace deception to avoid losses and conceal negative news, with investors and the FDIC insurance fund left to pick up the pieces,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “But accountability for these executives begins today.”

But when will John Mack of Morgan Stanley or Dick Fuld of Lehman be charged?

SEC Charges Bank Executives With Hiding Millions of Dollars in Losses During 2008 Financial Crisis