There is probably a better thread for this, but...
There have been many Dwellar complaints over the fact that no bank executives
have been held personally accountable for the financial crisis starting back in 2008.
The following article seems to me to hold out some hope, after all.
How to Punish Corporate Fraudsters
NY Times - ERIC R. HAVIANOCT. 22, 2015
Quote:
<snip>Few outside the legal community are familiar with the concept of “exclusion,”
which permits many federal agencies — including the Securities and Exchange Commission,
the Federal Deposit Insurance Corporation and the Department of Health and Human Services
— to temporarily or permanently block corporations that violate their rules from doing business with them.
Importantly, it can also be applied to individual corporate officers, such as chief executives
and lower-level executives, and is especially effective in the finance and health care industries.
Since most big banks are federally insured, and many large health care companies do business
with Medicare or Medicaid, barring an executive from that work can be a professional death sentence.
For example, the F.D.I.C. can bar someone for life from any federally insured bank
by demonstrating in an administrative hearing that the person violated federal banking regulations
or failed to correct any “unsafe or unsound practice.”
To exclude a health care executive from federal health programs,
the Department of Health and Human Services can also conduct an administrative hearing
to show that the executive engaged in fraud. And the S.E.C. can bar a financial services executive
by filing a civil case in federal court, showing that the person is unfit “to serve as an officer or director”
of a public company and proving that the executive knew about or recklessly ignored the improper activity.
Others have also been barred from any federally regulated bank over the past 15 years,
including the former C.E.O. of the now-defunct American Sterling Bank
and an executive of Louisiana’s First Guaranty Bank.
In addition, the Bear Stearns executives who were acquitted of criminal charges after the financial crisis
were later barred from the securities industry for several years.
<snip>
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