Stock market crimes
There have been 35 bankers sentenced to prison, said Christy Goldsmith Romero, the special inspector general for the Troubled Assets Relief Program SIGTARP , in a report to Congress released Thursday. The TARP inspector general has been prosecuting cases of fraud in the use of those funds. Many of the crimes involved relatively small amounts of money at smaller banks, rather than massive fraud at Wall Street banks.
This guy thinks banks are STILL too big to fail. And he's not Bernie.
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But there are top executives who are sitting in jail for substantial sentences today. There have been 59 bankers convicted of crimes, including two executives at NOVA Bank in Philadelphia who were convicted on Wednesday of fraud conspiracy related to TARP funds. An additional 19 bankers have been charged with crimes, with many awaiting trials.
Goldsmith Romero said it's wrong to say that bankers now in prison only came from small banks.
Top executives at the so-called "too big to fail" banks have avoided any criminal charges, even as their banks paid tens of billions of dollars in fines to settle charges of wrong doing leading up to the financial crisis. Feds wrestle with 'too big to jail'. She said her office is continuing to investigate hundreds of cases at institution of all sizes.
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