— Matt Taibbi and Molly CrabappleYou can examine the Lehman collapse and the LIBOR scandal and see the same glaring enforcement problems in both narratives. Major regulators like the Fed and the SEC knew of frightening problems within both companies and elected (a) not to launch criminal investigations and (b) not to tell the investing public. You see the state making moves like warning other banks of problems within a firm like Lehman, or using public funds to help protect other banks from damage caused by Lehman’s collapse. But the public, in the end, gets nothing. No justice, and not even a bake sale.
Replicated under Fair Use from The Divide: American Injustice in the Age of the Wealth Gap by Matt Taibbi and Molly Crabapple. (Pg. 197)