Today’s chart requires very little explanation.
Criminal fraud prosecutions of financial institutions have been on the decline since 1999.
The Global Financial Crisis revealed piles of dirt under financial institutions’ rugs… No-doc ‘liar’ loans pushed by mortgage companies… securitized bundles of subprime mortgages (AAA-rated, somehow!) pushed by investment banks… Insider trading – among hedge fund managers, and members of Congress (maybe).
But instead of punishing institutions responsible for real, past transgressions… we merely heard tough talk aimed at future transgressors.
C-suite executives got grilled on Capital Hill. Ratings agencies were publically ridiculed. Congress policed itself through the STOCK Act.
Yet we saw no increase in criminal fraud prosecutions. Why?
Maybe it’s the size of the problem.
Is this a case of ‘too big to jail!?’
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World-renowned economist Harry Dent now says, “We’ll see an historic drop to 6,000… and when the dust settles – it’ll plummet to 3,300. Along the way, we’ll see another real estate collapse, gold will sink to $750 an ounce and unemployment will skyrocket… It’s going to get ugly.”
Considering his near-perfect track record of predicting economic events long before they occur, you need to take action to protect yourself now. Get the full details…