Shocking Lack of Accountability:
I am going to have to agree with Jesse that part of the issue driving this collapse was the complete lack of fear of ramifications on the part of those bending the rules to suit their personal goals. I remember 11 years ago, when I wrote a story for Money magazine about simple broker fraud, being shocked by the realization that even the most egregious violations of trust—churning someone's account into oblivion, for example—more often than not resulted in a nonadmission of guilt and a three-month suspension from the markets. We still have much the same situation today despite high-profile imprisonments of Dennis Kozlowski, Jeff Skilling, and Conrad Black. And it means that people are still willing to break the rules with relative impunity
8:21 PM
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