So yes, the ratings agencies may have been cheating, but they are not remotely 'bankers'.
And it's 'very easy to believe' why they did it - because ratings are their source of income. If they don't play nice, banks go elsewhere.
Similarly 'Gartner' and other such entities: you don't buy their reports, you may not get in the 'magic quadrant'. No 'collusion' is needed, just a brain.
But this misses the question again: what did these banking execs do that was illegal? What should they be prosecuted for?
There's just not much there.
The system relies on Credit - if one part of the system goes down, it can take the rest with it. It's not entirely irrational that one bank goes down - the risk of course is the collateral damage.
The 2008 crises was a systematic failure of lack of oversight, greed, stupidity and some bad actors, mostly not illegal activity.
And it's 'very easy to believe' why they did it - because ratings are their source of income. If they don't play nice, banks go elsewhere.
Similarly 'Gartner' and other such entities: you don't buy their reports, you may not get in the 'magic quadrant'. No 'collusion' is needed, just a brain.
But this misses the question again: what did these banking execs do that was illegal? What should they be prosecuted for?
There's just not much there.
The system relies on Credit - if one part of the system goes down, it can take the rest with it. It's not entirely irrational that one bank goes down - the risk of course is the collateral damage.
The 2008 crises was a systematic failure of lack of oversight, greed, stupidity and some bad actors, mostly not illegal activity.