Empty docks: Wheels of justice are grinding awfully slow

September 4th, 2009  |  Source: Financial Times

How many financiers do you think ended up in jail after America’s Savings and Loans scandals? The answer can be found in a fascinating, old report from the US Department of Justice.

According to some of its records, between 1990 and 1995 no less than 1,852 S&L officials were prosecuted, and 1,072 placed behind bars. Another 2,558 bankers were also jailed, often for offenses, which were S&L-linked too.

Those are thought-provoking numbers. These days the Western world is reeling from another massive financial crisis that eclipses the S&L debacle in terms of wealth destruction.

Insight: A matter of retribution
By Gillian Tett Published: September 3 2009 on FT.com

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