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this post was submitted on 10 Nov 2023
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chapotraphouse
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I'd say the point is more that the behavior that led to 2008 was substantially legal under a system designed to grease the wheels of financial capital at all costs
Sure. That too. But jack shit happens when what they're doing is actually illegal too. All over the west there are different financial laws where they definitely crossed the line, not a single country did shit to them for it. They are the ruling class and the system will not pursue them unless there is a threat to the system itself if they're not pursued.
A few years back it was discovered that several of Denmark's largest banks had a practice of systematically defrauding delinquent debtors by making them believe they still owed debts that had been paid back already or had passed the statute of limitation. The practice had gone on for at least four decades. Senior management of the banks knew about the "error" as it was euphemismically called for years. At the end the banks had to go through their books and pay some of the stolen money back but nobody ever mentioned the possibility of jail time, fines or any other kind of penalty for anyone.