From USA TODAY:
Nearly a decade ago, responding to a raft of financial scandals at Enron, WorldCom and other companies, the Justice Department sent dozens of executives to prison and even put a major accounting firm out of business.
Now, after a far larger economic meltdown, it looks increasingly likely that no big name will be criminally prosecuted. This month, according to theLos Angeles Times, the Justice Department decided not to charge Angelo Mozilo, the former CEO of the former company known as Countrywide Financial Corp., someone long thought of as a prime potential target.
Should Americans be outraged that the meltdown moguls aren’t headed for the slammer? Perhaps. But, nearly three years after the financial crisis hit, a better way to look at the lack of high-level indictments is as an indictment of the entire financial system — a system that was rife with avarice, ignorance and double-dealing. How do prosecutors find the bad apples in a putrid landfill?
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