We live in a global kleptocracy/plutocracy.
Neil Barofsky, former special inspector-general of the Troubled Asset Relief Programme and author of Bailout, said: 'It seems some banks are still too big to jail."
In a an op-ed in the Financial Times last week, Barofsky added: "This forbearance will have potentially devastating long-term effects, as each settlement on favourable terms reinforces the perception that, for a select group of executives and institutions, crime pays. It is only rational. They know that they will get to keep all of the ill-gotten profits if they go undetected, and on the small chance that they're caught, most probably only the shareholders will pay – and only a relatively minor fine at that. The lack of meaningful consequences for those committing these frauds encourages future fraudulent conduct. Ultimately, the financial crisis was a game of incentives gone wild, and the lack of accountability in the aftermath of the crisis has only reinforced those bad incentives.