The best is enemy of the good.
The profoundest truths are paradoxical.
Tuesday, January 22, 2013
Frontline: Wall Street. Too Big To Jail?
More than four years after the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud.
Are Wall Street bankers simply "too big to jail?"
Tonight on FRONTLINE, veteran correspondent Martin Smithinvestigates why the Department of Justice has failed to act on credible evidence that Wall Street ignored pervasive fraud when buying and selling the toxic mortgages at the center of the financial meltdown.
Tom Leonard, a supervisor who examined loans for major investment banks, tells Smith he was instructed to disregard evidence of fraud. "Fraud was...the F-bomb.You didn't use that word."
Smith asks assistant attorney general Lanny Breuer why no Wall Street executives have been criminally indicted.
"I think there was a level of greed, a level of excessive risk taking in this situation that I find abominable and very upsetting," he says. "But that is not what makes a criminal case."
Will the titans of Wall Street ever face prosecution in the wake of the meltdown?