Too big to jail (by Simon Johnson)

February 28, 2012

Simon Johnson, former chief economist of the IMF, and co-founder of a leading economics blog, BaselineScenario, a professor at MIT Sloan, and senior fellow at the Peterson Institute for International Economics published recently published “Too big to jail” on project-syndicate.

Though I highly recommend to read the whole article, the first paragraph sums it up quite nicely:

Among the fundamental principles of any functioning justice system is the following: Don’t lie to a judge or falsify documents submitted to a court, or you will go to jail. Breaking an oath to tell the truth is perjury, and lying in official documents is both perjury and fraud. These are serious criminal offenses, but apparently not if you are at the heart of America’s financial system. On the contrary, key individuals there appear to be well compensated for their crimes.

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