I agree with the need for more responsibility assignment, but claiming that banks were given a pass as a somehow atrocious thing is just shouting for mob justice.
The way would have been through Congress, SEC, FTC and the other relevant bodies.
The DoJ did pursue investigations against banks, but ... guess what, they were very likely compliant with criminal law, thus there was not much to stand on, and you are right, that it's a joke, because despite this, the DoJ managed to secure billions on Deferred Prosecution Agreements.
Do I weep for poor banks? Fuck no, but I hate the arbitrariness of this "justice".
No, this was no justice - as everyone rightly feels, but the DoJ was not in the position to make things right, Congress was. They could have mandated simpler, safer, cheaper banking for everyone, they could have taxed the irresponsible lenders and borrowers, they could have empowered the SEC to be able to proactively act, but no, they did only regulate a few investment banking things (and created a new consumer protection bureau, that is being gutted by the current administration).
Furthermore, the lack of criminal convictions is of course a problem, but just that would not be enough to disincentivize fraud and other criminal behavior, like money laundering. Both (as in personal responsibility for branch managers and hefty fines for the whole corporation) are needed to keep things in check. And the DoJ does not go after persons, most likely because the enormous interference from the whole war on x, from the ATF, DEA, DoD, etc. at the affected regions.
The way would have been through Congress, SEC, FTC and the other relevant bodies.
The DoJ did pursue investigations against banks, but ... guess what, they were very likely compliant with criminal law, thus there was not much to stand on, and you are right, that it's a joke, because despite this, the DoJ managed to secure billions on Deferred Prosecution Agreements.
Do I weep for poor banks? Fuck no, but I hate the arbitrariness of this "justice".
No, this was no justice - as everyone rightly feels, but the DoJ was not in the position to make things right, Congress was. They could have mandated simpler, safer, cheaper banking for everyone, they could have taxed the irresponsible lenders and borrowers, they could have empowered the SEC to be able to proactively act, but no, they did only regulate a few investment banking things (and created a new consumer protection bureau, that is being gutted by the current administration).
Furthermore, the lack of criminal convictions is of course a problem, but just that would not be enough to disincentivize fraud and other criminal behavior, like money laundering. Both (as in personal responsibility for branch managers and hefty fines for the whole corporation) are needed to keep things in check. And the DoJ does not go after persons, most likely because the enormous interference from the whole war on x, from the ATF, DEA, DoD, etc. at the affected regions.