In 2008, the banks that caused the financial crash were handed $700 billion in taxpayer money. Not one senior banker went to prison.
The numbers are staggering when you actually look at them together:
– 8 million jobs lost
– 6 million homes foreclosed
– $700 billion bailout approved in 48 hours
– Angelo Mozilo settled for $67.5 million — kept the rest
– Dick Fuld walked away with $480 million before Lehman collapsed
– 0 senior bankers prosecuted
The DOJ had cases. The evidence existed. The decision not to prosecute was made at the highest levels.
What actually happened, who made those decisions, and why the system was designed to protect itself is what I've been documenting in this series.
Full breakdown here: https://youtu.be/TmK5GcPRXKE?si=WsNZe6n2ST1-t_hs
In 2008, the banks that caused the financial crash were handed $700 billion in taxpayer money. Not one senior banker went to prison.
byu/CryptoPulse22 ineconomy
Posted by CryptoPulse22
2 Comments
You’re correct o one went to prison however all the banks paid back the loan (with interest) early. Thus it actually was a good boat to the economy. Allowing all the banks to fail and 100s of thousands of additional people out of work would have crashed the economy firth into a full blown depression similar to the 30s
If you are going to show statistics, you should also include the amount that was actually handed out and how much was recovered.
>Early estimates for the bailout’s risk cost were as much as $700 billion; however, TARP recovered $441.7 billion from $426.4 billion invested, earning a $15.3 billion profit (an annualized rate of return of 0.6%), which may have been a loss when adjusted for inflation.[[3]](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008#cite_note-wsj1214-3)