The progressive former Democratic US Senator Ted Kaufman wrote at Forbes, on 22 July 2014:
Another year has passed with no one from a Wall Street bank going to jail for the criminal behavior everyone knows helped cause the financial crisis. Fines against Wall Street banks are reaching $100 billion, but all will be paid by stockholders. Bank CEOs and managers pay no fines and face no prison.
There has been no reform — zilch, nada — of the credit-rating agencies. They are right back rating securities from issuers who pay them for their ratings.
If you still can’t trust the credit-rating on a bond, and if Wall Street’s bigs still stand immune from the law even after the 2008 crash they had played a huge role to cause, then in what way can the US Government itself be called a ‘democracy’?
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