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The recent arrest of six Volkswagen executives over the companies egregious emissions cheating scandal shows that in fact various regulators are capable of arresting corporate executives and charging them criminally. Of late three former currency traders were charged criminally as well. Charged and convicted are two very different things but it is at least a step in the right direction when it comes to the rule of law in this country. Jon Corzine’s recent settlement of the MF Global fiasco and bankruptcy that saw no criminal charges further cemented the modern untouchables aura of the banksters. This I’m sure has a lot to do with the fact that their behavior remains largely unchanged in the post bust period since 2007 as they have demonstrated that not only does bankster crime pay handsomely, the probability of criminal prosecution is about the same as being abducted by aliens and used for unmentionable medical experiments. I may yet live to see an executive get thrown in jail, but I’m certainly not going to hold my breath.

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