The 2007-2009 financial crisis saw the miscreants, mainly the banksters but other companies were bailed out as well both domestically and internationally at tax payer expense of course. The one time analysis conducted by the GAO or General Accounting Office found that 7.8 Trillion went to the 4 largest US banks including $2.5 trillion to Citigroup; $2 trillion to Morgan Stanley; $1.9 trillion to Merrill Lynch; and $1.3 trillion to Bank of America. Homeowners on the other hand received just 22.6 Billion in bailout funds and one could argue that a lot of this ended up in bankster pockets indirectly as well through reduced foreclosures and bankruptcies. Put another way and the banksters received 345 Tax Dollars to every 1 Dollar given to homeowners, just a little lopsided but it fits with the social welfare bad, corporate welfare good theme. The total bailout for all the banksters both foreign and domestic was 16.1 Trillion Dollars. One of the banks on the list, Citigroup, is now a convicted felon. Despite all this the number of banksters that actually went to jail, compliments of this crisis, can be counted on two hands with fingers left over if memory serves. I can’t say as I know much about criminal justice, but I would think based on an educated guess that a felony conviction would involve at least some jail time for your average John or Jane Doe.
Registered Investment Adviser
216E Mount Hermon Road
Scotts Valley, CA 95066
Local: (831) 334-5318
After nearly 19 years of live radio it was time to move on to new projects. My daily economic update was changed to a video format in 2019 and moved to my Business Face Book Page. Or you can call my office 831-334-5318 and take advantage of my still “free” after 20+ years initial consultation. Usually about an hour, will have an opportunity to get to know each other better and address your specific concerns on a one to one basis.