TWO
Scenes from the Crash
THIS CHAPTER WILL NOT attempt a comprehensive review of the 2008 crash. Such reviews are available elsewhere.1 Instead, its goal is to sift through the evidence to find illustrations that show why the prosecutorial response to the crash was equivocal, inadequate, and possibly politically constrained. Unlike earlier market crashes, which produced waves of criminal prosecutions, the 2008 crash did not. Prosecutions were conspicuous by their absence. Those that occurred were generally of low-ranking employees, mortgage applicants, and a few unlucky persons who blundered their way into conviction. What explains this disparity? ...
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