Arresting Two Mid-Level Employees at a Too-Big-To-Fail Wall Street Bank Is a Good Start, But Only Holding Senior Executives Accountable Will Stop the Wall Street Crime Spree
“Wall Street is a high crime area and has been on a crime spree for years. That has been enabled by the double standard of justice where Wall Street’s too-big-to-fail banks and executives have been too-big-to-jail or even prosecute. That has rewarded and incentivized more crime, which can only be stopped and deterred if law-breaking firms and executives on Wall Street are prosecuted like everyone else,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“It has been well known for a long time that JPMorgan Chase’s high risk ‘London Whale’ derivatives gambling violated many laws. The only question is whether or not JPMorgan and its executives were too-big-to-jail. Finally, two mid- to low-level employees at an actual too-big-to-fail Wall Street bank have been arrested,” said Mr. Kelleher.
“But, while the Feds are making a big splash by arresting the ‘London Whale’ minnows, there will be no justice until the whales in the executive office are charged. Two arrests are a good start, but it must be the beginning of a major change at the Department of Justice and the SEC where they finally apply the law without fear or favor to the wealthy, powerful and well-connected of Wall Street. All eyes are on the next moves by DOJ and the SEC. Are they going to just arrest minnows or are they also going after the law-breaking whales that made the key decisions, disclosures and public statements?” asked Mr. Kelleher.
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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.
