this post was submitted on 14 Aug 2024
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Remember in the late 2000s when it was discovered they were literally breaking a slew of lending regulations, giving mortgages to people unqualified for them, etc. etc. you can lookup the details but basically they were raping the country’s banks, and then when they were found out, they retired with multimillion dollar retirement packages plus bonuses. And the banks got the federal government to bail them out.
Biggest fucking grift in history and it was not long after the auto industry did the same fucking thing. Again and again this shit happens.
So don’t be under any delusion we could cause any kind of actual consequences to the ultra rich because they’ll just line us up and take the shirts off our backs before they pay a dime.
Afaik they weren't breaking any regulations at the time, we made the regulations in response to what happened. But several of them were lying about their losses, which was illegal.