UK ex-PM Says Bankers Should be Jailed Or We Will Continue to See Large Scale Bank Fraud

“If bankers who act fraudulently are not put in jail with their bonuses returned, assets confiscated and banned from future practice, we will only give a green light to similar risk-laden behaviour in new forms,” Brown says.

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see Jail Bankers or Face the Consequences

The interesting takeaway from Prime Minister Gordon Brown’s comments is his use of the word “fraud.” And the use of that word is widely accepted by most people around the world who were affected by the financial “Crisis” ( would liken it more to an attack).

But virtually all law enforcement and all law makers refer to bank behavior as “risky,” not fraudulent. Even Obama made that mistake. Bank behavior was risky, in the same sense that if you are robbing a bank it is a risky venture. The risk is that you will get caught. Other than  that risk, which now appears to be absent, there was only profit, not risk.

Our affinity for the “sanctity of contract” has steamrolled over the rule of law. So much so that when the elements of contract are missing the courts are filling in the blanks.

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