Yeah, for whatever reason, they didn’t really think so.
In a House Financial Services Committee hearing meant to assess preparedness since the crisis, [Alexandria] Ocasio-Cortez expressed “concerns about how much things have really changed” since the recession. She noted fines and penalties in the interim, such as Bank of America’s $16.5 billion settlement in 2014 over misconduct related to mortgage-backed securities as well as a $20 million and another $720 million in consumer relief.
She questioned the bankers on whether the fines and penalties were viewed as “the cost of doing business” rather than something to be avoided.
“I represent kids that go to jail for jumping a turnstile because they can't afford a MetroCard,” Ocasio-Cortez told JP Morgan CEO Jamie Dimon. “Do you think that more folks should have gone to jail for their role in a financial crisis that led to 7.8 million foreclosures in the 10 years between 2007 and 2016?”
Of course, the CEOs of the nation’s largest banks, who were appearing before Congress as a group for the first time since 2009 (!), thought everything was pretty much hunky-dory. They’re safer and more responsible now. Honest. Nothing to see here.
And for the record, Dimon very magnanimously agreed that kids shouldn’t be arrested for jumping turnstiles. But he thought Ocasio-Cortez’s specific question about whether more bankers should have gone to jail should be deferred to “legal experts.” So problem solved, I guess.
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