RT Article
T1 Too big to fail, too powerful to jail?: on the absence of criminal prosecutions after the 2008 financial meltdown
JF Crime, law and social change
VO 61
IS 1
SP 1
OP 13
A1 Pontell, Henry N. 1950-
A2 Black, William K. 1951-
A2 Geis, Gilbert 1925-2012
LA English
YR 2014
UL https://krimdok.uni-tuebingen.de/Record/1853975265
AB Various explanations have been offered regarding the causes of the current global economic crisis that was spawned by the collapse of mortgage-based securities in the U.S. that were sold world-wide and that contained "toxic assets" comprised of subprime loans. There is ample evidence that such loans were originated through fraud. Firms recorded huge profits, and executives were awarded large bonuses even though some had led their companies into bankruptcy and plunged both the U.S. and global economies into the greatest recession since the Great Depression. This paper assesses the reasons why there have been no major prosecutions to date, and compares the U.S. government's response to that in the savings and loan crisis. It analyzes the influence of large financial institutions on lawmaking, regulation, and the allocation of enforcement resources, the continued general lack of understanding of financial fraud including control fraud, and problems related to the higher status and power of potential defendants.
NO Literaturverzeichnis: Seite 12-13
K1 Corporate Crime
K1 Financial Fraud
K1 Financial Meltdown
K1 Large Financial Institution
K1 Mortgage Fraud
DO 10.1007/s10611-013-9476-4