The median civil penalty levied was a mere $61,000. Just 11 out of the 47 individuals charged made it to trial, of those 5 were actually convicted, or a little over 10% of the original 47. Of the 5 convicted one has been overturned on appeal to date. All things considered a pathetic level of prosecution and if anyone is still wondering why the banksters continue to behave with impunity to this day an almost complete lack of prosecution and punishments when levied amount to a gentle slap on the wrist are the primary reasons along with good old fashioned greed of course. Giant Corporations are many things but at the end of the day it’s about money plain and simple and they continue with the lie, cheat and steal thing because its profitable.
This is Caleb Lawrence Registered Investment Advisor Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202 or call me toll free at 888-RICH PIG / 888-742-4744.
You can catch me on the radio at noon each business day as well on California’s central coast. KPIG 107.5 FM in the Monterey Bay or KPYG 94.9 FM in San Luis Obispo.
Advisory services offered through Caleb Lawrence Registered Investment Adviser Inc.