On Tuesday night I watched new Frontline on PBS which had a documentary called Untouchables. This program pointed out that no CEO banker who was involved in the mortgage crisis was ever charged, prosecuted, or jailed! Not one! Certain congressmen tried to move the process along to no avail.
How can this be? England is sending another banker to jail soon. The U.S. seems to have looked the other way. I bet these banks, i.e. Citibank, JP Morgan Chase, etc. have an ethics training program. But what good does an ethics program, no matter how good it is, do if the CEOs and Senior Executives of these banks are not ethical, not that they would admit it. Does anyone really believe that compliance and ethics are the same thing? If they do, it’s more for convenience for their agendas than it is a reality.
What this program pointed is that nothing could be proven legally, where the buck stopped. Some CEOs were brought before Senate hearings, House hearings and grilled about their involvement in this scandal. Still, not one was charged, arrested or prosecuted.
Never mind the legal issues for those are serious enough,but what they did was unethical! Millions of people have/are suffering because of the greed at any price attitude. The CEO of Countryside had a license plate that said “FUNDIT”. No matter the credit score, or if one had a job,give ervyone a mortgage! How moral is this?
If morale filters down and not up………????
Where is the accountability for these actions?
The sad thing is, is that people have become increasingly lethargic regarding issues like this. It’s almost permission giving!
Watching this program was informative, frustrating , and calls into question where is ethics in all of this?
Watch this program for yourself. See what you think.