Take today's comment by Alice Thomson, "A year on, the hard lessons are still unlearnt" at http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6848103.ece
It is a very well written piece with one major error, which is suggested at the very end; that the banks did not break the law.
They did break the law. They conspired a decade or so ago at Bilderberg and allowed the greed to run wild. Thomson herself even suggests a motive as to why a bank like Goldman Sachs (who supplied Paulson and Geithner among others to Bilderberg) would engage in such a conspiracy; there is now a lack of competition to Goldman Sachs. The survivors who were big before the crisis are now even bigger!! The classic is JP Morgan Chase (who Blair works for). It bought up several of its competitors under very dubious circumstances with bailout money supplied by David Rockefeller's Bilderberg buddy Hank Paulson.
Anyway, as argued previously one of the relevant laws is The Fraud Act 2006 Section 4 Fraud By Abuse of Position. The banks should create money for a stable and growing economy. Instead they deliberately created a massive housing bubble to create money so that they could gamble on derivatives, and when it all went inevitably wrong we, the muggins British public, paid the price in job losses, homelessness and a recession, and a public debt that will mean cuts in public services for decades to come and the spectre of euthanasia to save on health treatments and pensions, the two largest sectors of public spending.
And now the banks are upto their old tricks again.
In response to Thomson's article I recommended the following response, which is not quite true in that there has been an investigation of sorts by the Treasury Select Committee, but it was not a legal investigation with evidence given under oath and nobody stood on trial, but I agree with the comment in general;
Tom E wrote:
Actually, we don't know if they broke the law because there has never been an investigation.
The reason the guys at Enron got found out was that Enron was allowed to go bust, after which the guys at the top lost control of the evidence and the power of patronage - and at that point people who had lost their jobs blew the whistle on what the people at the top had been up to.
The banks were not allowed to go bust, the same group of people are in charge and there is no appetite to investigate what went on because we have so much money tied up in bank shares.
The bankers held the gun of debt based money to government's head and government gave them a get out of jail free card. Now they are up to their old tricks and next time even the state wont be able to bail them out.