Phil Angelides, former State Treasurer of California, was Chairman of the Financial Crisis Inquiry Commission, which conducted the nation’s official inquiry into the financial crisis. On the fifth anniversary of the report, he writes about the failure to hold the responsible parties accountable.
[S]tunningly, not one individual has been indicted or charged civilly for the conduct that resulted in these massive fines. If the banks engaged in such egregious misconduct so as to warrant tens of billions of dollars in fines, then certainly bankers were involved. DOJ must now conduct a thorough inquiry up the chain of command at each of the big banks to determine who specifically was responsible for the conduct that DOJ itself has said "sowed the seeds of the financial meltdown."
The conduct evidenced in the Clayton "trending reports" of January 2006 to June 2007 is still within the 10-year statute of limitations and still subject to prosecution. If DOJ moves swiftly in accordance with its new policies, the American people could finally get what they deserve — a full, fair and thorough investigation and a last chance for justice.